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Can you get a physician loan to pay off credit cards?

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  • Can you get a physician loan to pay off credit cards?

    With the interest rates being as low as 3%, it's in my best interest to settle my credit cards once and for all. However, I am unclear if the bank will give me a physician loan to pay off my credit cards. Is this a thing? I know I can just use a refinancing company but there's no way I'll get a rate that low. Has anyone ever done this?

  • #2
    Any rate is better than what the credit cards are giving you, I'm sure.

    Welcome!

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    • #3
      Hint: check out LightStream, they will give you money quickly, as in next day after approval, likely at 6-10% rate, depending on your numbers.

      I've used it before when I needed a sizable amount of cash in a short period of time.

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      • #4
        Are you looking for a personal loan or a mortgage loan? The rates on each of these two types of loans are quite different.

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        • #5
          Why not just day trade?

          All joking aside, there’s no reason to have debt on CC. Your name is Frugal MD - having enlightened CC debt that you need to consolidate it suggests quite the opposite. You need to budget and to cut up your CC.

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          • #6
            Welcome to the board.

            If the loan officer from the bank across from my office is correct, "doctor's loans" are purposed for the practice (expanding/new/acquisition). Prior to the loan they want to your gameplan. And would be entitled to periodic updates to ensure the funds were used as proposed. I'm sure each lender is different, but it seems any type of physician's/doctor's loan might be subject to this.

            Random thought... is your credit in decent shape? I'd suggest a zero % balance transfer offer to a new card. Destroy the paid off cards. Lock up the newly acquired card.
            Last edited by jfoxcpacfp; 03-14-2020, 07:51 PM. Reason: Changed Destroy the paid off “cars” to paid off “cards”
            "Oh look another bajillion point declin-Ooooh!!! A coupon for pizza!!!!" <--- This is what everyone's IPS should be. ✓✓✓

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            • #7
              Anyone have any experience with bankershealthcaregroup.com CEO Zachariah Raus? Background is that monthly we get pre-approved plastic cards for line of credit, doctor loans in summary. We've been getting these in the mail for years. I did some googling and it sounds like a loan sharking operation with 15% interest and no ability to pay it off for 48 months. Who takes these loans? I'm asking because the terms are insane. I'm asking are all US doctors getting this barrage of offers? I hope to get some replies to confirm it's across the board MDs and we're not on some super sucker list.

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              • #8
                A 3% loan is a loan backed up by collateral that the bank can repossess if you don't pay (your house). The reason that credit card rates are so high is because they are unsecured loans which many people end up not paying. I agree with transferring the credit card debt to another credit card to lower/eliminate the interest rate temporarily, but I would also caution against trying to solve a problem with debt by getting into more debt. I would suggest reading Dave Ramsey and see what you can do about getting out of debt. Getting out of debt usually isn't an interest or mathematical problem; if it were, you wouldn't be in debt in the first place. It's usually a behavioral problem that requires a change in behavior.

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                • #9
                  Originally posted by PhotonsRGR8 View Post
                  Anyone have any experience with bankershealthcaregroup.com CEO Zachariah Raus? Background is that monthly we get pre-approved plastic cards for line of credit, doctor loans in summary. We've been getting these in the mail for years. I did some googling and it sounds like a loan sharking operation with 15% interest and no ability to pay it off for 48 months. Who takes these loans? I'm asking because the terms are insane. I'm asking are all US doctors getting this barrage of offers? I hope to get some replies to confirm it's across the board MDs and we're not on some super sucker list.
                  My spouse has received unsolicited offers from these folks and others like them, despite us being on the credit pre-approval offer opt out list. Suffice it to say, the terms did not look appealing or reasonable.

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                  • #10
                    I’m not sure if you have access to this but some credit cards offer loans at 2 or 3%. Just gotta make sure you have 0 charges to them during the entire period and make sure you pay it off by the date due. Easy, peasy. I did this several times when I had loans. 20k chunks at a time. Discover and capital one spark offers it to me from time to time.

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