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Consumers 'using personal loans to fund surgery'
Personal loans are becoming increasingly popular with consumers who want to pay for surgery, new research has revealed.
The study by Sainsbury's Finance found that nearly £12 million was taken out in personal loans last year to help fund both cosmetic and other surgery including hip replacements.
It also revealed that an estimated 800 loans were taken out to cover cosmetic surgery during 2009, while 980 were used for other needs.
Steven Bailie, head of loans at Sainsbury's Finance, said the figures highlight how loans are often used to "fund more unusual expenditure".
He added: "If you are planning on using a personal loan to pay for surgeries, often quite expensive procedures, it is important that you do your research as this could save you hundreds or thousands of pounds in repayments."
Last week, Mr Bailie also urged those planning to use personal loans to buy cars to ensure they shop around for the best deals available to them.