Personal Loan During Residency

[fiscallynaive]

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?

[jfoxcpacfp]

My sincere sympathies. Is there another family member who might be willing to make a family loan to you? Perhaps a co-resident with a spouse already in the workforce? No opportunity to do some IC work? Of course, I don't know what amount you are talking about and it may be out of the reach of most folks. I am so sorry you are dealing with this loss and stress at this point in your life. The next 8 months will soon be in your rear-view mirror - hang in there and we'll be here to support you when you're feeling the financial stress.

[hightower]

Very sorry to hear about your loss.  I hope you're doing okay.  Reach out to people if you're struggling.

Are you talking about medical expenses related to your sibling?   Were they married or did they have kids?  Just not sure what kind of expenses you are talking about.

Unfortunately I do not think there's much else you personally can do from a financial stand point.  If you're getting turned down for new credit it means you're way too leveraged already.

[Dreamgiver]

Sorry about your loss. Can't add much to what was said above, you are way too leveraged. Just a couple of heads-up:

-depending on your future employment situation, the money might not start trickling in until collections come in (2-3 month delay)

-do not underestimate moving expenses

-if you have your own family make sure they are taken care of first and foremost

-do not fall pray to loan sharks, there is a reason why legitimate channels are not loaning you any more money

[cgossage]

I'm sorry to hear about your situation.  There are some lenders that will lend to you if you have a contract in hand and a good credit score.  BBVA for instance will give a Personal Loan.  We used their Starline Credit line for 3 months when we were moving at the end of fellowship and were a little extended because of a down payment we had just put on a house.  It's worth a look.

https://www.bbvacompass.com/specialty-programs/professional-program.html