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 […]
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 […]
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. In training resident or fellow physicians, podiatrists, or dentists training in the United States. 4th-year medical and dental students who have successfully matched into a paid residency program. U.S. citizen, permanent resident, or temporary resident holding a valid 0-1 or H-1B […]
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 […]
