Lebanon has a booming cosmetic surgery market with many girls looking to go under the knife. Unfortunately, many women are unable to afford to go to the respected surgeries and, in an attempt to keep up with their peers, are going to surgeons promising results on the cheap, sometimes with catastrophic results.

Jumping on the bandwagon is Lebanon’s First National Bank, who have rolled out a new product which they claim is unique in the middle east, and possible even the world – a personal loan for cosmetic surgery. All stops have been pulled out with an aggressive campaign featuring a flawless blonde model displayed on over 1,000 hoardings across the country. The cosmetic surgery loan had been planned to launch last summer, but was pushed back to this year after the start of the war against the Hezbollah movement in Lebanon.

George Nasr is the head of the First National Bank’s marketing department. He is also the man behind the loan idea and he estimates that since 2000, the number of cosmetic surgery procedures has doubled. It is hard to find concrete figures in a country where there are a lot of backstreet surgeons, however Lebanon’s Commerce du Levant estimates that the cosmetic surgery industry is now worth between $25 million and $30 million with about 1,000 operations done a year.

The most common procedures are said to be carried out on the nose, lips and breasts, with about a third of all operations being performed on foreigners. It’s not just the women either – the number of men looking to cosmetic surgery is also on the increase – 1 in 5 operations are said to be performed on men.

The bank are aiming their loan product at those who aren’t that well off, as the wealthy should be able to pay for their surgery easily. The average salary in the country is about $600/month, and coincidentally, this is the minimum salary someone must be earning before they will be considered for the loan. The maximum sum that can be borrowed is $5,000, and no guarantors are needed for loans of $3,000 or less. Borrowing $3,000 over two years will leave repayments at around $175/month – a hefty chunk of most people’s salaries.

Mr Nasr believes the product will be a success because people can be embarrassed about cosmetic surgery, therefore are more likely to turn to a bank than their family or friends for a loan. He also explained that there was no need for a guarantee at the interest rate was set fairly low at 6% because many people who undergo cosmetic surgery procedures get ‘addicted’ and therefore become repeat customers, meaning they may want additional loans in the future. Offering a fair product will ensure that those who do go for additional surgery will return to the bank for their loans again.

Whether the loan is a good or a bad thing is debatable. On the one hand, it can be seen as an exploitation of vulnerable women. On the other hand, it increases the probability that these women will go with a reputable surgeon rather than a backstreet surgeon, ensuring that the surgery goes well. One thing is for certain – if the product is a success, expect other banks in the area to quickly follow suit and offer their own cosmetic surgery loans too.