Why Doctors Borrow

A doctor’s career can be segmented into three phases: school years; post-graduate training years; and practicing years. (And then, of course, retirement.) Borrowing may become necessary, for different reasons, in any or all of these phases.

These are the common stories we have heard and seen for each of the three phases of the doctor lifecycle:

The School Years

  • Relocation following graduation
  • Initial housing outlay – first month rent, last month rent and security deposits
  • Down payment on a home (when it beats renting)
  • Engagement and wedding expenses
  • Car purchase or repair costs

The Training Years

  • Childcare expenses
  • Moving expenses (when it can’t be negotiated in an initial employment agreement)
  • Refinancing of credit card debt
  • Oocyte cryopreservation

The Practicing Years

  • Unexpected emergency expenses (that exceed your personal emergency fund)
  • Home improvements (when saving beforehand is not possible)

Should I borrow?

The first question to ask when considering whether to borrow is: “Can I do what I need to do without additional debt?”

If the answer is “no”, then Doc2Doc can help you get to where you need to be. Applying for pre-approval through Doc2Doc will not impact your credit and will provide you with a preliminary interest rate. After receiving your pre-approval, you should have the information necessary to know if a Doc2Doc loan is right for you.