A doctor’s career can be segmented into three phases:
- School years
- Post-graduate training year
- Practicing years
Borrowing money may become necessary, for different reasons, in any or all of these phases. These are the common stories we have heard and seen for why doctors borrow money in each of the three phases:
LEARN
Borrow Money in 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
GROW
Borrow Money in 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
WORK
Borrow Money in the Practicing Years
- Unexpected emergency expenses (that exceed your personal emergency fund)
- Home improvements (when saving beforehand is not possible)
- Credit card consolidation
- Career development
Should I borrow money?
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.
