This page tells you about personal loans and cancer.
Personal loans can be provided by banks, building societies and specialist financial companies. If you have or have had cancer, there are no absolute rules governing whether you can or cannot take out a personal loan. The financial services market is very competitive and terms and interest rates can vary widely. It is always worthwhile contacting a number of lenders to find the best deal.
Having cancer doesn't necessarily affect your ability to qualify for a loan. The possible difficulty here is more likely to be insurance that your lender may want you to buy to cover your repayments.
Personal loans are usually made for between 1 and 8 years. You do not have to tell the lender that you've had cancer, but the lender has to assess your ability to repay the loan. So they will need details of your income, regular outgoings, future plans and the reason you want the loan. Qualifying for a loan depends on your income, means and assets. So if you are self employed and do not own your own home, you are likely to find it more difficult to get a loan.
You or the lender may wish to arrange for loan payment protection. This is a type of insurance which can cover repayments if you become too ill to work or are made unemployed. Loan payment protection will also repay the loan in full if you die before it is paid off. As a general rule, to be eligible for loan payment protection you must be between 18 and 65 and be working at least 16 hours a week on the date that the loan is given. Insurance companies may not cover someone who has (or has had) cancer, so you should ask to see a copy of the policy before taking out the insurance.
If you already have a personal loan, then you may also have loan payment protection. If you are diagnosed with cancer and are off work, you should tell the lender so that payments can be arranged through the payment protection scheme.
Question about cancer? Contact our information nurse team