A fifth of loans for cosmetic surgery ‘taken out by men’

In the UK this year, over £5 million worth of personal loans will be taken out to pay for cosmetic surgery and around a fifth of these will go to men, according to Sainsbury’s Bank.

A study by the company finds that around £1.8 million is spent on cosmetic surgery every day, with the average loan size for this purpose around £6,500.

Steven Baillie, loans manager at Sainsbury’s Bank, said that a growing number of men and women may look to fund cosmetic surgery with loans as the issue becomes "less taboo" for many people.

"Mintel estimates a 240 per cent growth during the period 2001-06 and predicts that by 2009 British adults will be making a trip to the cosmetic surgeon at least a million times a year," Mr Baillie added.

"However these procedures can be costly and for those that take out a loan to pay for treatment, it is important to shop around for a competitive rate."

Costs for cosmetic work can start from £250 for treatments such as collagen lip enhancements and botox, but can escalate to over £5,000 for work such as facelifts or tummy tucks.

Sainsbury’s claims that it offers "some of the most competitive" loan rates available and also provides customers with an "instant decision" on their application.