New studies now show that personal loans are in the rise for something few people expect. Consumers are now borrowing money to pay for medical and cosmetic procedures.

Despite the recession and financial difficulties, the number of peole opting for cosmetic sugery is greatly on the rise. The BAAPS (British Association of Aesthetic Plastic Surgeons) has now released a figure that shows that there has been a 6.7% rise in plastic surgeries since 2008. The number of surgical procedures rose to over 36, 400 in the last year. The Harley Medical Group also released performance figures for the 2008-2009 financial year which showed a growth of 4% with 23% growth in abdominoplasty along with a rise in liposuction by 13%.

The Harley Medical Group declairs that, despite the economic recession, both surgical and procedures that do not require surgery have become even more popular.

Sainsbury’s Bank believes that many have been taking out personal loans so that they can have their cosmetic surgery. Sainsbury’s Bank figures show that Britons took out personal loans ammounting to 11.57 million pounds to pay for surgery just last year. Out of approximately 800 loans or 5 million pounds were borrowed by those planning cosmetic surgery, while the other 6.8 million pounds were taken out for other elective surgery plans which include things like hip replacement.

The head of loans at Sainsbury’s Finance, Steven Baillie, said that, while many people are taking out personal loans for things such as home improvements and buying cars, it has become obvious that a significant number are using loans for cosmetic surgery.

Baillie also said that those considering loans of money to pay for a surgical procedure should carefully compare personal loans before they fill out an applicate form. He warns that checking first could save hundreds or thousands of pounds in repayments.

Joint replacement surgery is available on the NHS but, due to a long and painful wait, many patients perfer to come up with the 7,000 to 9,000 pounds needed for a replacement performed in a private hospital.

It seems that, despite how bad the economy gets, the need for cosmetic surgery will never decline. 

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