Dr. Kenton Allen, co-founder of Doc2Doc, published a methodology to identify the best personal loans for physicians on the popular physician blog, KevinMD. By bringing in a doctor-specific perspective, potential borrowers can better understand and assess loan options. With better financial literacy, physicians can better appreciate when the pros outweigh the cons or vice versa.
For example, the most common reason physician’s take out personal loans is credit card debt consolidation. In this case, exchanging high-interest credit cards for an unsecured doctor loan is a great money-saving strategy.
Whether you’re looking for a credit card consolidation loan, a loan for moving to your next position or a personal loan for a wedding, there are three common areas that will generally be the determining factors as to whether personal loans for physicians may make sense:
- the immediate and future impact on cash flow,
- the total cost of the money borrowed over the entire term of the loan, and
- the degree of flexibility built into the terms of the product.
Loans for Medical Professionals: Life Stages
We have identified three career stages when personal loans for physicians and residents make the most sense:
- The School Years
- The Post-Graduate Training Years
- The Practicing Years
Each phase of life has a distinct need for cash though many similarities carry all the way through. Credit card debt consolidation is the most prevalent, with relocation, living and family expenses always creeping up at bad times. Additionally, investment opportunities always seem to crop up for physicians. For example, buying into a new practice can occur at any time in a physician’s career and one might not always have the cash on hand.
Doc2Doc Lending was created for these exact situations. We look forward to working with you and hearing about how a loan with no pre-payment penalties could transform your career!