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The “Physician Loan”

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  • The “Physician Loan”

    Today I received a letter in the mail from SunTrust physician loan telling me that I could borrow up to $50,000 to use towards consolidating high interest debt, paying personal expenses, planning for the future, or covering unexpected expenses... Rates begin at roughly 7%....

    These banks really do like to prey on physicians. They must have market research that tells them physicians eyes light up when they hear that there’s a specific loan just for us!

  • #2
    I actually get a lot of email asking about a program like that. Interviewing expenses is a commonly cited need.
    Helping those who wear the white coat get a fair shake on Wall Street since 2011

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    • #3
      Thank god for Airbnb

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      • #4
        .

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        • #5




          Today I received a letter in the mail from SunTrust physician loan telling me that I could borrow up to $50,000 to use towards consolidating high interest debt, paying personal expenses, planning for the future, or covering unexpected expenses… Rates begin at roughly 7%….

          These banks really do like to prey on physicians. They must have market research that tells them physicians eyes light up when they hear that there’s a specific loan just for us!
          Click to expand...


          They're not just preying on physicians.  I see some ridiculous offers through my local credit union all the time for things like "black friday personal loan" $10,000 or more at 5.88% and up. Go blow a wad of cash at Walmart and spend 5-10 years paying it off!

          They advertise that it's better than using a credit card, which is probably true as far as interest rates go, but I can't think of a worse thing to borrow money for.  No wonder Dave Ramsey gets so many ridiculous phone calls from people drowning in consumer loan debt

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          • #6
            I want this thread to meet this thread: https://www.whitecoatinvestor.com/forums/topic/personal-loan-during-residency/
            I’m in my last year of residency with a contract in hand for July 2018 (Approximately 450-500k/year salary). One of my siblings recently passed away after several months of illness. I’ve been helping financially (parents are deceased), but have exhausted my savings and used all my available credit on my credit cards. I recently attempted to apply for credit cards and personal loans (suntrust/lending club/laurel road) to help bridge the financial gap until July, but have been denied due to my low income to high debt ratio. I have 425k in student loans. Are there other options I’m not considering?

             
            Helping those who wear the white coat get a fair shake on Wall Street since 2011

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            • #7
              A clear situation where one needs a loan.

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