MoneyExpert: Sainsbury’s: Compare Loans For Best Rate

Consumers considering a personal loan are being advised to shop around for the best rate when using the money for purposes such as cosmetic surgery.

According to Sainsbury’s Bank, an estimated £1.8 million daily is spent on cosmetic procedures, with over £5 million in personal loans being borrowed annually to finance the operations.

But the bank warns that for potentially costly surgery, looking around for the best rate on a personal loan is important – as the average loan taken for procedures such as tummy tucks and liposuction is £6,500.

Prices can range from £250 to £5,000 and consumer research group Mintel estimates that by 2009, over one million trips to the cosmetic surgeon will be made by Britons.

“As it becomes less taboo for many people, a growing number of men and women may be looking to improve their looks and fund this with loans,” said Stephen Bailie, loans manager at Sainsbury’s Bank.

In addition to personal loans, Sainsbury’s Bank offers a number of financial services to customers including credit cards and insurance.

This article: © Moneyexpert Ltd.

2 thoughts on “MoneyExpert: Sainsbury’s: Compare Loans For Best Rate

  1. The classification of personal loans

    These loans are further classified into secured and unsecured loans according to their nature. The loans that are secured against any assets are called secured loans. It provides interest rates starting from 6.7%. Also there exist multiple choices in repayments and interest plans. According to the data available from the Bank of England, secured loans are becoming more popular these days with the secured borrowing reaching £ 14.5 billion in the last three months of 2006. Unsecured loans are usually preferred by those who do not have any collateral. It is known for providing competitive interest rates. Also it has fast approving and accessing process.

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