Frequently Asked Questions for Doctor's Personal Loans
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We currently finance personal loans for the following medical & dental professionals. - Physician (MD, DO) and Dentist & Dental Specialties (DDS, DMD)
Yes, the max loan amount is $100,000.
The loans are personal, so you can use them for just about anything. The loan is restricted from being used for educational purposes, however. If there is a need for student loan refinancing, we have a loan for that. You can check it out here: https://findmyrate.medquity.com/step-two?load_type=SL
No worries! Life happens. You may save your work and return later.
Yes, there are a few options: variable vs. fixed, different lengths of repayment, etc. The fixed rate options will amortize over the selected term with fixed payments including principal and interest. The 5 yr variable rate option will provide the borrower with a line-of-credit that may be drawn and paid down as needed for 24 months. The payments due during this time will only be interest on the drawn balance. At the end of that time, the balance on the line-of-credit will then amortize with principal plus interest payments for the remaining 36 months at the variable rate.
Here are the things you'll need: copy of identification, proof of education and proof of income.
Yes, there will be a soft pull for pre-qualification and a hard pull for approval.
The personal loan will show up on your credit report as outstanding debt, which could impact your credit. As long as you have the loan, it will be added to any future loan’s debt-to-income calculation, similar to any other loan you may have.
A borrower can only have one personal loan through Medquity at a time. If you would like another loan, we would recommend you apply for a larger loan, using the new loan to pay off the previous loan.
You can get rates within minutes of completing the full application process. The full process of closing the loan and funds being put in to your account typically ranges from 3-5 business days.
No, there are no fees associated with the personal loan.
No, there are no penalties for paying your loan early.
Since there is no collateral (property) associated with the loan, these loans are considered unsecured.
Similar to our student loan, we finance personal loans throughout the United States with the exception of the following states: California, Maine, Maryland, Minnesota, New Jersey, New York, Virginia, and Washington
No, you do not need to have an account with us to qualify for the loan, but we do give a .25% rate discount if you auto draft the loan payments from an account with us and have the loan funds deposited in to that account.
If you choose one of the fixed rate term options, the full loan amount will be deposited in to your account with us, or another bank account of your choosing. If you choose the variable rate line-of-credit option, you will have access to the loan through our online banking platform and from there you will be able to make draws from the loan and transfer the funds to your checking account.
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