Medical Loans

What are medical loans?

A medical loan is a type of personal loan that's used to finance a medical procedure. You could use the proceeds to cover part or all of the costs for a whole range of private medical treatments, before repaying the balance over a flexible term. This is typically offered as a secured loan, which is held against a personal asset, or an unsecured loan where the rate is based on your credit history.

Why take out a medical loan?

Medical loans are a way to manage the costs of private healthcare. Companies providing private medical care often offer finance packages for treatment. By comparing loan rates, you can find and choose an option that best suits your financial situation.

How do medical loans work?

Like other types of loan, there are two main types of medical loan to choose from:

• Secured. Medical loans can be secured against an asset. For example, you might borrow against the value of your property if you’re a homeowner. You can often get lower interest rates, but if you don’t keep up with your repayments, your home will be at risk.
• Unsecured. Alternatively, the loan may be unsecured, which means assets aren’t involved in the agreement. This may alter the terms you’re offered, usually increasing the interest rates, as it’s considered a more risky arrangement for the lender.

Pros and cons of taking out a medical loan

Medical loans have many benefits. They help you cover important costs, and repayments can be made over a period that suits your financial situation. Choose from short-term loans to be paid off between one and five years or a long-term loan over 30 years. You can also choose between a secured or unsecured loan and benefit from a type that works for you.

If you are unable to meet repayments as agreed, you are at risk of harming your credit score. However, by talking to advisors and finding a loan that works for you, you are less likely to be at risk.

Our secured loan calculator can help you decide how much you could afford to borrow.

Commonly asked questions about medical loans

How much can I borrow?

Our medical loans range from £3,000 to £500,000.

How long are the repayment terms?

Loan terms can last from one to 30 years, so you’ll be able to find a comfortable repayment period.

What are the interest rates?

Interest rates are different depending on the loan you take out and your financial history. Rates for homeowners from 6.7%.

Are there any loan fees?

As a broker, rather than a bank, Norton Finance doesn’t charge upfront loan fees. Instead, a fee is added to the loan and we receive commission from the lender when a loan application is completed. On secured loans, we may charge a broker fee of a maximum 12.5% of the loan, to a capped limit of £3,995. We don’t charge broker fees on unsecured loans.

Applying for a medical loan

Applying for a medical loan couldn’t be easier with Norton Finance. We understand that when it comes to health, money worries shouldn’t be an issue.

When you apply, we search a comprehensive market of medical loans to match your personal circumstances.

What do I need to apply for a medical loan?

Applying for a medical loan is a simple process, which you can begin online by filling in a few details. We’ll also ask for some more details including:

• Your name and address
• Your employment status
• Details of your income

Am I eligible for a medical loan?

Medical loans are available no matter your financial history. If you have CCJs, are retired or unemployed, or have doubts about your credit history, your financial background is just one part of what lenders will consider.