There are different ways to obtain loans. Getting one can sometimes be easy or hard, depending on the loan you want. Getting a loan for some can be easy, especially if you are a professional or a physician you need to borrow from money lenders. Follow these steps to help you increase your chances of getting the loan.
Have Some Source Of Income
Apply For A Job
What sets physician loans apart from other types of loans is their ability to pay-off the debt. Money lenders have a guarantee that they will be paid a moment’s notice because the profession of the borrower is highly profitable. Moreover, physician loans are highly enticing because you can obtain a significant loan, unlike others. Something to keep in mind, however, when applying for physician loan you should also start looking for a job.
One of the considerations some moneylender looks at is if you are already looking for a job, or if you already have one. Having a job may serve as the basis for you to qualify for a physician loan. Getting a job or applying for a job is a guarantee that you will be able to pay your debt through your income.
One of the differences between regular loans and Physician loans are the requirement. Standard loans have stricter requirements and qualifications. Among the conditions loans need is a proof of income. Depending on the credit you want, you should be able to show proof of income for a certain number of years. In Physician loans, you do not need proof of income for a certain amount of years.
Make sure when you are applying for a Physician loan you have at least six months of income. Your likelihood of getting a loan is higher compared to someone who has none at all. To reiterate, the best guarantee money lenders have from you is your ability to pay the loan from the profit of your profession.
Prepare For The Down Payment
Like other loans, Physician loan requires you to pay the down payment on the money you need. Do not worry because unlike other loan schemes, the rate you have to pay for a Physician loan is significantly lower than others. What this requirement calls for is that you make sure that at the time you obtain the loan, you already have the money with you. Without paying for the down payment, you would not be able to contract the loan at all.
This requirement is simple, and you only need proper planning. Make sure to plan when you get a Physician loan. Here are some initial steps for a proper preparation:
- When will you get the loan? Based on this question, you can make a timeline of the savings or plans you need to do.
- Where do you plan on getting the loan? First of all, make sure the loan is from licensed money lenders only. Now, determine what the down payment rates are from your choice of money lenders. Answering this question can help you decide how much down payment you need to pay at the time you contract the loan.
These questions are fundamental to anyone who will get a loan. Make sure to ask yourself these questions before contracting the loan.
Reduce Your Debt
Physician loans are easier to get for some professionals. Professionals, however, are not exempted from any background check. It is standard for some moneylender to look at the background of the borrower, such as previous debts and credit card payments. Background checks are especially crucial for them because it determines the borrower’s ability to pay.
Although the standards for getting a Physician loan are not as strict as other loans, it is still advisable that you start reducing your debt. You can do this by planning. Most plans involve the future, which is why you could already foresee your need at the time you reach a certain point. When you start planning to get a physician loan in the future, start reducing your debt by paying your creditors.
Most importantly, because you are taking in a considerable amount of loan, make sure that whatever debt you have from other sources is as little as possible. Having a significant amount of debt from other sources may turn off money lenders. They may also take it as a sign of your inability to pay.
Get A Good Credit Score
Getting a good credit score is almost similar to reducing your debt. Some overlook the importance of this, not realizing that credit scores put a standard on one’s ability to pay their debt. One of the things to watch out and prepare for when getting a Physician loan is to have a good to excellent credit. Getting good credit scores increases your likelihood of getting the Physician loan. Not only that, you may be given by the money lenders a favourable interest rate or discounts.
Knowing where you stand with your bank is hard to determine, which is why you have to be a bit more careful when it comes to this part. Consider some of these tips to reduce your credit score and increases your chances of getting Physician loan:
Plan Ahead Of Time
- Pay your loan on time. Paying on time is the most basic thing you have to remember when securing a load from anywhere.
- Stick to your credit limit. We all have credit cards to use and not abuse. Make sure that your loans or the money that you own the bank do not exceed your credit card limit.
A lot of good investments take a lot of planning, and your future is an investment. As early as now, and before you get your Physician loan, make sure you already have a plan. The tips given above are only some of the examples you could do to increase your chances of securing the loan. However, all those tips will be for nothing if you do not make a plan.
Some people make the mistake of creating short-term plans, which most often than not, does not work out. The money obtained from the loan may be used for purposes other than what it was intended for, or for other circumstances. As early as now, you can avoid this problem by having the right foresight and planning. Make sure that you do not make the same mistake.
Always have a plan on where you will spend the money. Having a plan eliminates the risk of wasting the money on unnecessary purchases and more for what you need.
Invest for the long term and not the short. It is a simple mistake for some to invest in the short-term, but people always overlook this. Make sure that you see yourself using the item or property for an extended period. Some people make the mistake of using their loan on a property they will sell a few years later.
Make sure to always secure your loan from someone who is a licensed money lender. Moreover, still be mindful of the payment schedule of your loans. You do not want to default on your loan. Always keep a positive image to the creditor.
International Guest Blog by Dona Dimaculangan of Moneylenders Singapore, the top provider of customer reviews of legal money lenders as well as comparisons of personal loan offers in Singapore. For more details, visit us at moneylenders-sg.com.