Loan Details
In-Practice Program
Borrower Eligibility: US-based in-practice physicians and dentists with MD, DO, or DDS degree. Must be a U.S Citizen, a permanent resident, or hold a valid O1 or H1B visa. Must reside in the District of Columbia or one of the 48 states we lend in (all but Iowa and West Virginia). Eligibility criteria list is not exhaustive and is subject to change without notice.
Loan Specifics | Principal & Interest |
---|---|
Interest Rate Ranges | 5.99% - 17.99% |
APR Ranges | 6.83% - 18.94% |
Repayment Terms | 5 years |
Loan Amounts | $5,000 - $75,000** |
Loan Type | Personal |
Minimum Monthly Payment | $75*** |
ACH Discount | 0.25%**** |
Type of Rate | Fixed |
Standard Loan: Principal + Interest
Term | 5 Years |
Origination Fee | $200 |
Fixed Interest Rate | 5.99% – 17.99% |
Fixed APR | 6.83% – 18.94% |
No. of Payments | 60 |
Monthly Payments | $193.28 – $253.88 |
Total payments | $11,596.89 – $15,232.79 |
In-Training Program
Borrower Eligibility: US-based in-training (resident) physicians and dentists with MD, DO, or DDS degree. 4th year US Medical and Dental Students who have successfully matched into a residency program. Must be a U.S Citizen, a permanent resident, or hold a valid O1 or H1B visa. Must reside in the District of Columbia or one of the 48 states we lend in (all but Iowa and West Virginia). Eligibility criteria list is not exhaustive and is subject to change without notice.
Loan Specifics | Principal | Hybrid |
---|---|---|
Interest Rate Ranges | 5.99 – 15.99% | 7.99 – 17.99% |
APR Ranges | 6.83 – 16.92% | 8.89% - 19.03% |
Repayment Terms | 5 years | 5 Years |
Loan Amounts | $5,000 – 25,000** | $5,000 – 25,000** |
Loan Type | Personal | Personal |
Minimum Monthly Payment | $75*** | $75*** |
ACH Discount | 0.25%**** | 0% |
Type of Rate | Fixed | Fixed |
Standard Loan: Principal + Interest
Traditional loans offer a fixed monthly payment for the entirety of the loan. Principal and Interest loan would have a fixed payment for each month of the term. A portion of each payment lowers the outstanding principal balance.
Hybrid Loan: Interest Only and Principal + Interest
Term | 5 Years |
Origination Fee | $200 |
Fixed Interest Rate | 5.99 – 15.99% |
Fixed APR | 6.83-16.92% |
No. of Payments | 60 |
Monthly Payments | $193.28 – $243.13 |
Total payments | $11,596.89 – $14,587.65 |
Term | First 30 months | Second 30 Months |
Origination Fee | $200 | $0 |
Fixed Interest Rate | 7.99 – 17.99% | 7.99 – 17.99% |
No. of Payments | 30 | 30 |
Monthly Payments | $75.00 – $149.92 | $368.84 – $416.34 |
Total payments | $2,250 – $4497.60 | $10,726.87 – $12,490.20 |
APR Over Life of the Loan: 8.89% – 19.03%
* The charts and descriptions describe each loan type and depict the range of loan options for interest rates, APR (annual percentage rate), number of payments, monthly payments, and total payments based on a hypothetical $10,000 loan amount. Your own interest rate will depend on the term you choose, the state you live in, as well as your financial and professional profile. Please note, that the full range of available rates varies by state, and that not all applicants will qualify for a loan or for the full amount.
** The minimum loan amount in MA is $7000.
*** Minimum Monthly Payment applies to Principal and Interest Loans and Hybrid Loans.
**** ACH discount is available only if you agree to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive a Doc2Doc program loan from the Bank of Lake Mills.
Rates, terms and product availability are subject to change.