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 Â£1.8 million daily is spent on cosmetic procedures, with over Â£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 Â£6,500.
Prices can range from Â£250 to Â£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.
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