Medical Professional Loans
What are medical professional loans?Medical professional loans are loans provided to Doctors by banks and other lending institutions. The loan is used for any needs the Doctor may have within their medical practice such as update, renovations, payroll and so on. Interest rates for medical professional loans vary, typically starting as low as 2.5%. Medical professional loans can be secure or unsecured. Those with secured professional loans are using their practices assets as a form of collateral. Assets such as real estate, equipment, supplies and receivable invoices can be used. Unsecured professional loans are provided to Doctors with practices with a high monthly income, their financials is a form of security to be bank knowing that there will be the funds to meet the repayment obligations.
What are medical professional loans used for?Each Doctor or medical practice has their own financial needs, some include;
- Equipment updates
- Payroll and other payment obligations
How to get a medical professional loan
- Find a lender that offers medical professional loans
- Make sure you meet the lenders requirements
- Submit an application
- Negotiate the terms and conditions to the loan
- Sign the contract and set up a repayment schedule
Chris Fuller went to the University of South Florida and has worked in the financial sector for over 20 years. He has extensive experience in all aspects of personal and small business lending, from personal loans, equipment finance to cash flow based solutions for small mom and pop businesses, and large corporations.