ILLNESS LOAN SICKNESS LOAN FUNDING FOR LONG TERM ILL PERSON SICKNESS ILLNESS
An illness loan consists of a financing solution made available by a loan organization which gives access to a funding to a long term sick person who is facing health problems and being under medical treatment.
The sickness loan is part of financing solutions for a borrower who is the subject of medical problems due to poor health and who often encounters difficulties with banks to obtain approval for a credit application.
Funding a sick borrower can become a challenge to any lender has it must analyze the risks of non-repayment of a loan facility based on the ability of a loan applicant to meet his or her commitments, which in the case of illness a major risk in the context of any credit report.
A loan for a sick person will make the difference between the various diseases from which a loan applicant suffers, which can be either a limited in time disease or an immobilization due to an heavy accident or a chronic incurable disease.
An illness loan approval and assessment is mainly be based on the source of income which will be the driver of the repayment and this is what ultimately matters to the bank or the loan broker.
A bank that lends to a sick person cannot be aware of the disease unless it requests the borrower to provide with an insurance, which may then require filling out a health questionnaire or even requesting a medical assessment.