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Who wants to go under the knife ?
Results from a survey by Abbey Loans suggest that just under 1,000,000 people are preparing to take out personal and unsecured loans to finance a form of cosmetic surgery. 918,000 individuals are planning to go under the knife with breast enlargements and reductions making up almost a third of the considered surgery. One quarter of consumers are looking to undergo ‘tummy-tuck’ procedures and 17% want to augment their noses through rhinoplastic operations.
Over half of those interviewed said that their main reason for undergoing cosmetic surgery was unhappiness with their appearance and a desire to boost their self-confidence. Almost a third cited medical reasons as their reason.
It seems that certain things have not changed where cosmetic surgery is concerned; one in five personal loans that are approved is for men, who borrow an average of £6,500 for their chosen procedures. Two-thirds of these individuals are women. The age of a potential patient also seems to be influential in making cosmetic decisions; two-thirds of all the operations planned are by people ranging in age from 18 – 34.
Although it is generally thought that going abroad to undergo surgery will bring the costs down, only 17% of those interviewed said they would be doing so. 6% of those are electing to travel to Eastern Europe, while 2% are deciding to travel to the United States to take advantage of the pond’s strength against the US dollar. However, Abbey’s findings suggest that Britain is the most popular place to undergo this form of surgery and 87% of consumers would rather pay the extra and trust to UK medical staff.
Abbey’s Head of Loans, Paul Morrish said “Whether striving for physical perfection or as part of a medical treatment, plastic surgery is getting more and more popular amongst Britons.”
A possible reason for this could be the low interest rates currently being offered by the major lenders. Banks like NatWest are offering loans with interest rates as low as 7.4% APR with variable repayment periods. Personal loans are also quicker to approve, with many institutions offering almost instant decisions. And with other organisations, such as supermarkets, entering the financial sector, competition for custom is meaning better conditions for consumers. ASDA, for instance, can approve unsecured loans instantly and then have the funds deposited within 48 hours.
Cosmetic surgery, especially amongst the male population, is becoming less of a taboo. Many in the public eye are openly confessing to ‘nips and tucks’ in an effort to maintain and sometimes improve their looks. With more and more financial institutions offering more competitive rates, consumers are shopping around more to take advantage of the best the marketplace has to offer.
As cosmetic surgery becomes a more desirable and attainable idea for the general population, many people are discovering that personal loans can be just the way to help them come away from the mirror feeling more confident and positive. New research also suggests that cosmetic surgery could be a reason why many people are now considering their 60’s as the ‘new middle age’.
Rates are correct at the time of writing (20/04/08) and may be changed at the discretion of the lender.
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