Cosmetic Surgery Finance
Abbey Loans' latest survey reveals that our obsession with looks and plastic surgery is growing each year and many people are opting to take out personal loans to fund the operations. Just shy of 1 million Brits want to borrow money in order to pay for cosmetic surgery - the total amount comes close to £1.5 billion.
The most popular surgical procedures are for women and include boob jobs (breast augmentation) and tummy tucks (Abdominoplasty). About 66% of women reported that they wanted surgery to alter their bodies. Many of those opting for cosmetic surgery to change their looks were in the 18-34 age group.
Despite a large number of those asked who were looking to take out loans to finance the operations, many had also saved up for the procedure themselves. In fact of the 14 million people in the UK who have savings, about 1.6% are using their nest egg to pay for cosmetic surgery, the remainder are borrowing the money to get the finance.
Statistics show that cosmetic surgery is on the increase and is becoming the norm. Even loan companies say it is common now for the loan purpose to be for cosmetic surgery, in fact it's right up there alongside home improvements and purchasing a car.
A couple of years ago a similar survey was done by Lloyds TSB which reported these results. It showed that 90% of people wanted to change something about their looks and 1 out of every 10 of those, were willing to raise the finance by taking out a loan.
Those wanting to look and feel better about themselves aren't afraid to say what they want and go out and get it. Loan applications for medical reasons and plastic surgery are definitely on the increase.
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