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Doc2Doc Logo text and overlapping blue symbols
Doc2Doc Logo text and overlapping blue symbols

Personal LoansBack to FAQs

  • Is there a prepayment penalty?
    • There is no prepayment penalty. You can pay the loan off at any point and only pay the interest that accrued until that point. 
  • How does Interest work on the personal loan?
    • Our fixed interest rate personal loans offer simple interest rates. The interest rate is set at the time of origination, accrues daily, and does not change. Interest is charged only on the principal balance and unlike credits card interest is not charged on interest that is accrued.  
  • What is the difference between interest rate and annual percentage rate (APR)?
    • The interest is the cost of borrowing money expressed as a percentage, while the APR includes all the costs associated with borrowing, such as interest rate, fees, and other charges. That is why the APR is often higher than the interest rate. 
  • What is the difference between a Secured and Unsecured Personal Loan?
    • A secured personal loan requires collateral, such as a home or car, to back the loan. If the borrower defaults, the lender can seize the collateral to recover the debt. An unsecured personal loan does not require collateral and is based solely on the borrower's creditworthiness. As a result, unsecured personal loans typically have higher interest rates as they pose a higher risk to the lender. 
  • How is a Doc2Doc Personal Loan different than a credit card?
    • The Doc2Doc Personal Loan provides all your funds at once with fixed monthly payments over a set period and a Fixed Interest Rate while most credit cards have a Variable Interest Rate tied to the Prime Rate that changes when the Federal Reserve changes rates. Credit card payments vary based on the balance on your credit card. 
  • What are the most common reasons to borrow from Doc2Doc?

      • Credit Card Consolidation

      • Moving and Relocation

      • Home Improvements

      • Debt Refinancing

      • Living Expenses

      • Career Development

      • Weddings and Engagements

      • Unexpected Health Expenses

      • Family Planning

      • Business Expenses, Licensing Fees, Certifications and Tail coverage

      • Investments

  • Who can apply for a Doc2Doc Personal Loan?

      • Physicians, podiatrists, or dentists practicing in the United States.

      • S. citizen, permanent resident, or temporary resident holding a valid 0-1 or H-1B Visa.

      • Earned an MD, DO, DPM, MBBS, DDS, or DMD degree.

      • S. address except for residents of West Virginia where we do not offer personal loans.

      • J-1 Visa holders: In Training Doctors with at least 3 years of training left or In Practice doctors with a J-1 Visa Waiver

  • How much can I borrow for a Personal Loan?

      • In Practice Doctors can borrow up to $100,000.

      • In Training Doctors including Fellows, Residents, and Matched 4th-year medical students can borrow up to $25,000.

      • In Training Doctors transitioning to In Practice who anticipate graduating in 6 months and have an executed employment contract can borrow up to $50,000 with our Bridge Loan.

      • In Training J1 Visa holders can borrow up to $15,000

      • In Practice J1 Visa holders can borrow up to $30,000.

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Subject to credit approval, loans will be made by either Bank of Lake Mills or DR Bank (“Banks”). Banks may sell, assign, or transfer ownership of your loan to another party after the loan funds. The borrower will receive notification if the servicing of the loan changes because of any such sale, assignment, or transfer. Bank of Lake Mills and DR Bank. Each Member FDIC.

Want To Keep In Touch?

If you would like to learn more about how we save doctors
thousands of dollars in interest payments, sign up for our
newsletter here.

Subject to credit approval, loans will be made by either Bank of Lake Mills or DR Bank (“Banks”). Banks may sell, assign, or transfer ownership of your loan to another party after the loan funds. The borrower will receive notification if the servicing of the loan changes because of any such sale, assignment, or transfer. Bank of Lake Mills and DR Bank. Each Member FDIC.

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