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Personal loans

You can usually still get a loan when you have had cancer. But you might not be able to get loan payment protection.

Banks, building societies and specialist financial companies can all provide personal loans. There are no firm rules about taking out a personal loan when you have or have had cancer.

The financial services market is very competitive. Terms and interest rates can vary widely. So it’s always worth contacting several lenders to find the best deal.

What you might have to tell the lender

Personal loans are usually made for between 1 and 8 years. You don’t have to tell the lender that you've had cancer, but the lender will want to know whether you’re able to repay the loan. So they will need details of your income, regular outgoings, future plans and the reason why you want the loan.

Qualifying for a loan depends on your income, means and assets. So if you’re self employed and do not own your own home, you’re likely to find it more difficult to get a loan.

Loan payment protection

You or the lender might want to arrange 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 you get the loan. Insurance companies might not cover someone who has (or has had) cancer, so ask to see a copy of the policy before taking out the insurance.

You may already have loan payment protection if you already have a personal loan. Tell the lender if you are diagnosed with cancer and off work, so that you can arrange payments through the payment protection scheme.

Getting financial advice

It is best to get financial advice when making decisions about money.