A large number of Britons are using personal loans to pay for cosmetic surgery, according to new research.
So far in 2007, UK residents have borrowed £5 million in personal loans to pay for procedures, a study by Sainsbury's bank has revealed.
The average size of these personal loans is £6,500.
Additionally, the figures show that one-fifth of these personal loans have been taken out by men, which the Bank claims is due to cosmetic enhancements becoming less "taboo".
Steven Bailie, loans manager at Sainsbury's Bank, commented: "A growing number of men and women may be looking to improve their looks and fund this with loans."
However, Mr Baillie urges those looking for personal loans to shop around for the best deal in order to secure a competitive rate of interest.
He also claims that receiving an instant decision on personal loans could be advantageous for customers.
Recently, head of personal finance at uSwitch Nick White claimed that fewer providers are offering personal loans with annual percentage rates below six per cent.
Brits using personal loans for nip n tuck
Brits using personal loans for nip n tuck
Wed, 29 Nov 2006
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