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Loan purposes 'more diverse'

21 February 2006
There has been an increase in the number of people taking out loans for weddings and plastic surgery, according to new research.

January is traditionally a busy month for Britons taking out unsecured personal loans for debt consolidation and holidays.

However, research from Abbey reveals a 32 per cent increase in loan applications for weddings during the first two months of the year as well as more loans being taken out for a wider variety of purposes.

Most notably, the number of people taking out loans in order to have cosmetic surgery was up by 50 per cent on the month, making it the fourth most popular reason for borrowing.

There was also a ten per cent increase in the number of loans taken out to cover the costs of funerals.

"It's surprising just how many people are borrowing for different needs," said Paula Ickinger, head of personal loans marketing at Abbey.

"Only two or three years ago, the number of people borrowing for cosmetic surgery would have been very few and far between, but now it's become a regular occurrence."

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