Men spend loans on plastic surgery

An increasing number of men are taking out loans to fund plastic surgery, new figures reveal.

Sainsbury's Bank data shows one in five of all the loans taken out to pay for cosmetic surgery is now taken out by a man.

Overall, around £1.8 million is spent on plastic surgery every day in Britain.

And this year alone more than £5 million of this will be funded by debt, with the average size loan for a bit of nip and tuck standing at £6,500.

"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 Steven Bailie, Sainsbury’s Bank loans manager.

Estimates from Mintel predict a 240 per cent increase in the amount of money spent on cosmetic surgery between 2001 and 2006 - with a million operations a year forecast by 2009.

The most popular procedures include botox to remove wrinkles, face lifts, nose jobs, tummy tucks, vein zapping, and eye and ear operations.

More basic treatments such as collagen lip enhancements or botox injections are available from £250, with more radical alterations such as a facelifts and tummy tucks costing over £5,000 in some cases.

But choosing to pay by a loan could prove more draining on bank balances than needed unless consumers are careful.

"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," Mr Bailie noted.