Cosmetic surgery 'responsible for £5 million worth of personal loans'

29th November 2006

Approximately £5 million has been taken out as personal loans by consumers looking to finance plastic surgery, according to a personal finance provider.

Sainsbury's Bank claims that the average loan used for cosmetic surgery purposes amounts to around £6,500, while the cost of procedures can range from £250 for procedures like Botox or lip collagen enhancements, to £5,000 for "radical surgery" like facelifts.

Furthermore, men account for a fifth of personal loans taken out for cosmetic surgery reasons - and the trend appears to be becoming increasingly popular as procedures become "less taboo", the bank states.

Steven Bailie, loans manager at Sainsbury's Bank, remarked: "Mintel estimates a 240 per cent growth during the period 2001 - 2006 and predicts that by 2009 British adults will be making a trip to the cosmetic surgeon at least a million times a year."

He added that the expense of the operations and procedures can be very large, making it prudent to shop around for the best deals and lowest rates.

In 2005, 22,041 surgical procedures were performed by members of the British Association of Aesthetic Plastic Surgeons.

Breast augmentation and rhinoplasties were the most popular operations for women and men, respectively.