Tuesday, July 28, 2009
Category:
Personal Finance Tips
Sainsbury’s Finance recently reported that approximately 6,900 personal loans have been taken out to wholly or partially pay for dental surgery since the start of 2007.
The 6,900 loans are estimated to be worth £60.2 million. 2,450 loans were taken out to pay for dental treatments in their entirety, whilst 4,450 were partly used to pay for dentistry.
When it comes to the size of loans taken in order to pay for dental treatments, on average this equates to £6,492. This is reported to be the cost for two implants, two crowns and tooth whitening.
It is estimated that £21.3 million of loans were taken out in 2007 to pay fully or partly for dental surgery. This went up to 32.2 million in 2008. It is reported that around £6.8 million has been borrowed in personal loans this year in order to pay for dental treatments.
Steven Baillie, Head of Loans at Sainsbury's said: "Some dental treatments can cost a lot more than many people have in readily available funds, which is why loans have for some time been a popular way to finance treatments and spread the cost. If you decide that a loan is the best way to pay for expensive dental procedures, make sure you shop around to get the best rate and payment term as it could save you a considerable amount in repayments."
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Homeowners who have personal loans as well as credit cards and store cards, and who would like to consolidate them, could consider a
secured loan. Secured loans are one of many options for debt consolidation and rather than having to make multiple monthly repayments on several different dates. If opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
