A Medical Practice Loan Might Be Just What the Doctor Ordered

Doctors are critical to a well-functioning society. They provide a public service by treating illness, responding to emergency situations, and keeping citizens healthy. Running a medical clinic, though, can be an expensive proposition. Medical equipment, wellness supplies, malpractice insurance, and other physician-related expenses can be crippling. If you are a doctor, veterinarian, chiropractor, dentist, or any other healthcare provider, you may be able to secure a medical practice loan to take your practice to the next level.

Consider Working with a Non-Traditional Lender

In the tight lending market, obtaining a loan from a traditional bank can be relentlessly difficult. Most conventional lenders require a long loan application, review business and personal credit, and delay processing physicians’ loans for months or longer. Any hardworking medical professional needs to concentrate on providing good healthcare, not gathering mountains of loan-related paperwork. If you need a medical practice loan, consider working with a non-traditional lending service like National Business Capital. For these non-traditional lenders, the application process is simple. And, unlike with traditional banks, shaky credit history does not immediately torpedo your chances of receiving financing.

Aim for the Best Terms Possible

When applying for a medical loan, it is important to try to secure the best loan repayment terms possible. Working with a non-traditional lender might make it possible to receive an unsecured loan. While traditional banks generally require collateral for financing, non-traditional lenders often provide unsecured lines of credit. When choosing the right loan for your practice, it is important to consider all your options. For this reason, working with a non-traditional lending organization can provide you with multiple physicians’ loan offers with only application. Typically, depending on the loan terms, you should plan to repay a medical practice loan quickly, generally in six or ten years.

Be Proactive

As a physician, you understand the importance of being proactive. This is particularly true when it comes to ensuring that your practice is sufficiently capitalized. Have a shortage of cash can really put your practice in a bind, severely restricting your ability to care for your patients. When planning to apply for a physicians’ loan, you might want to look for a lender that processes applications quickly. Traditional banks generally don’t. Because of their long applications processes and considerable bureaucratic red tape, banks can take a considerable amount of time to process loan applications. Even after waiting months for a bank to consider your loan application, you might receive a denial letter.

Waiting forever for funding isn’t practical for a busy medical practice. Conventional wisdom states that the best time to apply for a medical loan is before your practice needs the money. Inconveniently, though needs don’t become apparent until right before a medical practice requires financing. Fortunately, non-traditional lenders can process loan approvals very quickly. In most cases, a medical professional can expect loan approval within 48 hours.

Securing a physicians’ loan can be critical to ensuring that a medical practice can continue to treat its patients with the best possible care. For those requiring funding their medical practice, working with a non-traditional lender can get them the money they need quickly.

Taryn Johnson is an avid writer. She loves all things about electronics and marketing. In a perfect world, Taryn would be writing from the beaches of Hawaii all day long.