Medical Loans - multiple applications in a short time frame

elliervej

I've recently taken out a medical loan and have already started to make payments. I've been notified by the practice that due to the member of staff not being available they can no longer carry out my treatment so are having to refer me. Due to the insurance involved my finance has to be cancelled and I will have to reapply with the new practice. Will applying for a new loan this soon (around a month and a half) cause issues such as a rejection, I know it isn't the most sensible thing to make multiple credit applications over a short time frame. Will the existing loan being cancelled work in my favour as it will essentially no longer be active?

[Deleted User]

If the existing loan is marked as settled, then it won't generally be too detrimental. However, it depends on the lender.

elliervej

Deleted_User said:

If the existing loan is marked as settled, then it won't generally be too detrimental. However, it depends on the lender.

Thank you! I don't suppose you know if there would be a delay in it being settled and lenders being able to see it's settled. E.g. if it was settled now and I reapplied in a week would it show as an open loan?

[Deleted User]

It depends how quickly the lender reports to the CRAs.  It may be monthly - or could be much longer in current times. Once they do though, other lenders will see it in real time. 

Does it appear on one or more of your files?