Millions Taken Out in Personal Loans for Cosmetic Surgery
Sainsbury’s Finance revealed figures yesterday which indicate that people took out a total of nearly £12 million in unsecured personal loans last year to pay for surgical procedures.
The finance company said that around 800 personal loans worth a total of £4.77 million were taken out for cosmetic surgery. By contrast, just under 1,000 loans were taken out to pay for medical surgery like hip replacements.
The British Association of Aesthetic Plastic Surgeons (BAAPS) said that its members carried out over 36,000 surgical operations last year, which represents a 67 per cent increase compared to 2008. Although the number of women having cosmetic surgery increased by 5.4 per cent during this time, male patients underwent the greatest increase, with a staggering 80 per cent rise in male breast reductions last year to 581.
Sainsbury’s Finance head of loans Steven Baillie commented: “Although the majority of personal loans are taken out for the usual domestic reasons such as home improvements and buying cars, a significant number, even in today’s economic climate, are used to fund more unusual expenditure such as cosmetic surgery. If you are planning on using a personal loan to pay for surgeries, often quite expensive procedures, it is important that you do your research as this could save you hundreds or thousands of pounds in repayments.”
Mr Baillie was referring to the unsecured personal loans available for Sainsbury’s shoppers who hold a Nectar card. These loans are generally considered to have the best rates of interest on the market, with a typical APR of 7.8 per cent for a loan of between £7,500 and £14,999.
However, there are also excellent value unsecured personal loans available online with a little searching, to suit every borrower – whether they want to undertake debt consolidation, buy a new car or have some cosmetic surgery.
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