For an average U.S. doctor, a medical career typically involves multiple forms of debt that may last well into adulthood. According to the Education Data Initiative, an average medical school graduate owes a little over $250,000 in total student loans. The same publication shows dental school graduates owe over $293,000 — almost 10 times the average total student loan debt at graduation. Financing such astronomical debt can impact the financial trajectory of these vital members of the U.S. economy.
Most banks, credit unions and other traditional lenders focus on the inherent challenges of such large debt, also factoring in the financial past of the borrower which is clearly not an accurate indicator of the future earning potential of physicians and dentists. In short, traditional lending paths overestimate the risk of lending to doctors and dentists, offering them unfair loan rates or insufficient credit. Doctors seeking fast access to loans for relocation, practice startup costs and other life events are at the mercy of these lenders.
But it shouldn’t be that way. Doc2Doc addresses this issue by providing straightforward, efficient and quick loans to physicians and dentists at an excellent rate.
Founded in 2018 by physicians G. Kenton Allen and Zwade Marshall, Doc2Doc Lending is a peer-to-peer lending company headquartered in Atlanta, Georgia. The company provides reliable credit capital to physicians at a rate that accounts for the nuances of being a doctor or dentist. The platform leverages a proprietary algorithm to ensure doctors have easier access to personal and professional loans by looking beyond traditional lending barriers.
Benzinga reviews this lending platform to offer a deeper insight into its offerings and how the company might benefit you as you plan your future.
- Practicing doctors
- Practicing dentists
- In-training physicians
- Health professionals
- Excellent or low interest rates
- Speedy loan delivery
- Efficient customer services
- Highly simplified account opening and loan processing
- Innovative underwriting processes
- Adaptable and trustworthy platform
- Zero penalties for early repayment
- Relatively low maximum loan amount
Doc2Doc Lending Ratings at a Glance
Doc2Doc's core services involve helping physicians and dentists secure loans at incredible rates using soft credit pulls instead of hard credit inquiries that'll impact their credit score. These loan solutions are deployed in three primary offerings.
In-Practice Personal Loans
This loan caters to professional expenses like building or expanding a medical or dental practice. With this loan package, borrowers can take out up to $100,000, repayable within five years at a fixed rate. The minimum repayment per month is $75. To qualify for the In-Practice loan, borrowers must possess a valid O-1 or H-1B visa, be a citizen of the United States or be a permanent resident. The loan is available only to In-Practice physicians and dentists with M.D., D.O., DDS or DMD degrees.
In-Training Personal Loans
The In-Training personal loan targets medical practitioners (doctors and dentists) in training. The loan covers personal and professional expenses incurred during training. With this package, borrowers can take out a minimum of $5,000 and a maximum of $25,000. The loan rate is fixed with a monthly repayment amount of $75, a repayment term of 5 years and an origination fee of 2%, just like the In-Practice personal loan.
To qualify, you must possess a valid O-1 or H-1B visa, be a citizen of the United States or be a permanent resident. The loan is available to in-training (resident/fellow) physicians and dentists with M.D., D.O., DDS or DMD degrees. Fourth-year U.S. medical and dental students who have successfully matched into a residency program are also eligible for the loan.
J-1 Visa Personal Loans
Medical practitioners who are not U.S. citizens are not excluded from Doc2Doc product offerings. The J-1 visa personal loan caters to in-practice and in-training visiting or exchange learning practitioners with a valid J-1 visitor visa. The loan is available only to in-practice and in-training physicians and dentists with M.D., D.O., DDS or DMD degrees.
In-Practice borrowers can access between $5,000 to $30,000. In comparison, In-Training counterparts can access between $5,000 to $15,000. They must have at least three years left in training to qualify. Unlike the other loan types, the repayment term for this loan is three years. However, the minimum monthly payment and origination fees remain the same at $75 and 2%, respectively. The three primary loan offerings are available in 48 U.S. states plus Washington D.C. Iowa and West Virginia are the two exceptions.
Commercial Loans
Besides the three primary loan offerings, Doc2Doc offers various commercial loans allowing borrowers to access between $250,000 and $25 million to finance commercial endeavors. However, these loans' eligibility criteria are stricter than the primary loan type. For instance, with the business line of credit loan, borrowers can access a max of $250,000 for a 6- or 12-month loan term. However, to qualify, you must have been in business for a year with a minimum annual sales of about $240,000.
The start-up and buy-in loans comprise SBA 7(a) and SBA 504 loans (for fixed-asset equipment). The SBA 7(a) is a 10-year term loan ranging from $250,000 to 5M, while the SBA 504 is a 20- to 25-year term and ranges between $250,000 to $15 million. Loan fees and other charges apply.
There's also a commercial real estate loan which includes the conventional type (fixed term of 30 years and maximum amount of $2 million) and SBA type with a variable term of 25 years and maximum amount of $5 million. These real estate loans require high minimum credit scores, and repayment penalties may apply. Most of these commercial loans are unavailable in some states, so you should inquire from the company through its highly efficient customer service channels. That'll also help you ask other relevant questions about these loans.
Besides loans, Doc2Doc offers various insightful and educational resources tailored to borrowing, especially regarding physicians. These include blogs and videos contents, among others. Benzinga rates Doc2Doc lending 4.5 on product offerings.
Doc2Doc offers phone and email support. You can also make inquiries by filling out the online forms or contacting the company via social media platforms like Facebook, Twitter, LinkedIn and Instagram. There were overwhelmingly positive reviews across platforms, especially on Trustpilot, where the company was rated 4.8 out of 5 on customer service with close to 100 reviews.
Customers commend the brand for its straightforward platform that facilitates speedy and easy loan processing. Words like awesome, efficient, incomparable and excellent are used frequently to describe the company's customer service. These kinds of reviews indicate a high degree of customer satisfaction, which gives credence to the professionalism and effectiveness in overall service delivery. Benzinga rates the company 5 out of 5 on customer service.
Doc2Doc provides personal loans to doctors at interest rates as low as 8.74% (or 9.61% APR) with auto-pay discounts. Specifically, in-training and in-practice personal loans have APR rates ranging from 9.61% to 17.68%. J-1 visa personal loans range between 11.13% to 21.47% APR.
The minimum loan amount on all three primary Doc2Doc loan offerings is $5,000, with a 2% origination fee. Various fees or charges may apply for commercial loans. The actual interest you pay may depend on evaluating your creditworthiness, income verification, loan size and various other factors. The lowest rates may be reserved for the most creditworthy borrowers. Benzinga rates Doc2Doc 4.5 on pricing.
Doc2Doc makes for excellent and highly efficient ease of use. It takes about 5-10 minutes to set up an account. You can take a standard or hybrid loan, depending on your situation.
The standard loan takes the principal plus interest approach, involving a fixed payment for each loan term. The implication is that each payment portion significantly reduces the outstanding principal balance. In contrast, the hybrid loan splits repayment into two parts — the first involves interest-only payment, and the second involves principal plus interest payment. These loans return maximum value for those on a tight budget as they have a much lower monthly repayment during the interest-only portion.
Unlike competitors, Doc2Doc considers more than a credit score to determine creditworthiness. It uses a unique lending algorithm to comprehensively estimate creditworthiness without financial history bias. Benzinga rates Doc2doc 5 on user experience.
Doc2Doc vs. Competitors
Doc2Doc has a few similar competitors, like OneBlinc and Hippo Lending. Doc2Doc, OneBlinc and Hippo Lending are companies founded by doctors for doctors. But Hippo Lending leans towards servicing the healthcare sector as a whole. Doc2Doc and OneBlinc don't require a minimum FICO score to qualify. Hippo Lending has a form that requires borrowers to fill in their credit score.
Between Doc2Doc and Hippo Lending, Doc2Doc has the lowest rates. Doc2Doc offers a fixed payment term of up to 5 years with a maximum loan amount of up to $100,000 for its top primary loan offering. Hippo Lending provides flexible payment terms ranging from 3 to 10 years with a maximum loan of $350,000. OneBlinc terms can vary per person but are typically set at $49 to $128 in fixed installment payments and 5 to 20 months in length.
Doc2Doc facilitates one-of-a-kind low-rate loan options for medical practitioners. Its robust service options and loan offerings provide comprehensive coverage for doctors and dentists looking to take out loans for professional and personal use.
Despite lacking mobile applications, the company's web-based platform offers excellent usability. Reviews and ratings on Trustpilot show that the company has a competent and responsible customer service outlook. Based on all these, Benzinga rates Doc2Doc 4.5 overall out of 5.
Frequently Asked Questions
What documents are required for a loan?
The specific documents required for a loan can vary depending on the type of loan and the lender’s requirements. The standard documents often include loan forms, proof of income, credit reports, proof of identity and collateral documentation.
What should I look for when reviewing loan documents?
When reviewing your loan documents, check and double-check the interest rate, prepayment options, events of default, default terms, late payment fees, repayment terms and loan fees to ensure you understand the terms and conditions you’re undertaking.