fbpx

Personal Loans For Dentists: A Better Financing Option

Personal loans for dentists could be a better option than using a credit card when money is tight. Learn more about how personal loans could help you here.

As a dentist, managing your finances can be a challenge, especially while in school or training. Your expenses can add up quickly, leaving you little money to save for unexpected financial challenges. 

For many consumers, a moment of financial strain often leads to using a credit card, but using a credit card for an expense you can’t pay off right away can be a slippery slope. The financial tool’s high, and often predatory, rates can quickly create toxic debt that you are unable to pay back.

Personal loans for dentists could be a better option than using a credit card when money is tight. Learn more about how personal loans could help you here.

What can dentists use personal loans for?

Dentists can use personal loans for many different kinds of expenses. Our customers often use these funds for things like:

  • Credit card consolidation
  • Moving expenses
  • Application or examination fees
  • Medical bills
  • Home/car repairs
  • And more!

Here are some ways our customers used their PRN personal loans:

Living expenses – “I’m graduating from dental school in June but I needed some extra finance for living expenses until licensed. I’m very pleased and grateful to Panacea Financial. All team members are professional, efficient and friendly. Definitely recommend.” – Dr. P

Credit card consolidation – “I’ve been struggling with credit card debt since college. I’ve applied to a myriad of companies for a loan to pay them off, and their response was I had too much revolving credit. “That’s why I need your help!” Panacea made this process so easy and effortless. I am so happy I came across Panacea!!” – Dr. N

Life transitions – “As a new physician, I’ve had nonstop expenses (interview travels, moving, licenses, board exam fees, etc.) that really took a toll on my credit score. I was losing hope in recovering from all this because no bank understood my situation until I decided to give Panacea a try. They’ve been super friendly and helpful through the whole process.” – Dr. C

Childcare – “I’m a resident with two kids. Cost of childcare and other expenses made it impossible to complete my residency without extra financial help. Moonlighting was not an option for me. I could not qualify for personal loans due to my debt-to-income ratio from student loans. Panacea was able to look past that and approved my loan. The entire process was seamless, quick, and transparent. Communication was prompt and personal with phone calls and emails. They respect my time and value as a physician.” – Dr. J

Benefits of PRN Personal Loans for Dentists

Panacea Financial was built for doctors, by doctors, and our PRN Personal Loans were built with the needs of dentists in mind. Many banks reject dentists’ financial needs, especially in training or early in practice, because of their high debt-to-income ratio.

We understand that you took on student and personal debt in pursuit of your degree and to serve others, so we don’t let these factors stop us from providing financing. Your high debt-to-income ratio or low credit school isn’t indicative of your financial future.

There are several benefits of personal loans for dentists, including:

  • No cosigner: Because of your debt-to-income ratio, many banks see you as a risk and ask for a cosigner on your loan. But, we know your professional progress is a better measurement of your creditworthiness, and we trust you to manage the loan payments yourself.
  • Flexibility: Personal loans are typically unsecured, meaning you don’t have to put up collateral to secure the loan. This can provide greater flexibility for dentists who may not have assets to use as collateral.
  • Lower interest rates: Personal loans typically have lower interest rates than credit cards, making them a more affordable financing option for dentists. Panacea’s PRN Loans have rates less than half of the average credit card rate.
  • Quick funding: Personal loans can be funded quickly, which can be beneficial for dentists who need financing in a hurry. 

Personal Loans Vs. Credit Cards

Personal loans typically have lower rates than the average credit card, but do you know how much money that lower interest rate saves you? Our new Credit Card vs. Personal Loan Calculator can show you just how much you can save by ditching the credit card and using a personal loan instead. Check it out here.

How to Choose a Personal Loan for Dentists

When choosing a personal loan, there are several things that dentists should consider, including:

  • Interest rates: Interest rates are one of the most important factors to consider when choosing a personal loan. Be sure to compare rates from multiple lenders to find the best deal.
  • Loan amounts: Consider the amount of money you need to borrow and whether the lender offers loan amounts that meet your needs.
  • Repayment terms: Look at the repayment terms, including the length of the loan and any fees or penalties for early repayment.

Applying for a Personal Loan

Personal loans can be a great financing option for dentists, dentists-in-training or dental students who are needing extra funds. Panacea Financial is ready to help you secure the money you need when you are ready. 

Our digital application takes as little as 8 minutes. Begin the process on our PRN Personal Loan page.

No matter what your needs are, we are here to help you succeed at every step of your career. 

Find more dentist-specific articles on our Resources page, or check out one of our curated picks here: 

Panacea Financial, a division of Primis. Member FDIC.

Contents

Subscribe

Sign up for notifications and stay up to date on the latest resources.

All Articles

 

Popular

Podcasts & Webinars

A Bank That Gets It

November 26, 2021

Life Stages

 

Financial Topics

 

Redirecting to Facebook

You are leaving Panacea Financial, and being directed to a third-party site that is not maintained, owned or operated by Panacea Financial.

Panacea Financial does not control and is not responsible for the site content or the privacy or security practices of third parties.

Please select "Continue" below!

You are leaving Panacea Financial, and being directed to a third-party site that is not maintained, owned or operated by Panacea Financial.

Panacea Financial does not control and is not responsible for the site content or the privacy or security practices of third parties.

Please select "Continue" below!

Redirecting to LinkedIn

You are leaving Panacea Financial, and being directed to a third-party site that is not maintained, owned or operated by Panacea Financial.

Panacea Financial does not control and is not responsible for the site content or the privacy or security practices of third parties.

Please select "Continue" below!

Redirecting to Instagram

You are leaving Panacea Financial, and being directed to a third-party site that is not maintained, owned or operated by Panacea Financial.

Panacea Financial does not control and is not responsible for the site content or the privacy or security practices of third parties.

Please select "Continue" below!

Redirecting to YouTube

You are leaving Panacea Financial, and being directed to a third-party site that is not maintained, owned or operated by Panacea Financial.

Panacea Financial does not control and is not responsible for the site content or the privacy or security practices of third parties.

Please select "Continue" below!