resident needs loan ASAP

This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.
P

PM&Radam

Member
15+ Year Member
Joined
Oct 18, 2003
Messages
27
Reaction score
0
Members do not see this ad.
Hi

i already posted a similar thread in the financial aid forum but haven't gotten much of a response. i am in a little of a financial bind and need some quick feedback.

i am a first year resident with about 80K in med school debt, have been getting along fine so far, but now i am looking to actually borrow about 5K more now to cover some new one time expenses. Where should I look to borrow from? I need to get the money fairly quickly.

anybody ever borrow from this program before?

http://www.nari-assn.com/loans.html

I need about 5K. 10% APR. no penalty for prepayment which i hope to pay down quickly.

if you have any advice, please help. seems to me this route is better than letting it ride on my credit card, with those rates. also i rent, do not own my own home.

adam
 
try this place...http://www.northstar.org/

this is where I got all my med school loans and have consolidated with them as well.

They deal A LOT with various med schools and occassionally offer special lower-interest rate loans for students and residents...

The people there are also very easy to talk to.
 
why not put it on your credit card? many offer one-year 0% apr with a low rate after the first year.
 
doc05 said:
why not put it on your credit card? many offer one-year 0% apr with a low rate after the first year.
Click to expand...


i would need to take a cash advance out on my card, and you don't get 0%apr on that. you get double digit interest plus a straight percentage fee up front. at least it's that way on my visa and seems to be about the same with other cards i have checked out.
 
if your credit is ok, just get another credit card. I have MBNA physician master card and have a limit of something like $16000 (while still in medschool) plus the interest on their cash advance (current offer) is very low, like 4.7% (for like 6 month and then goes back upto 9.9. However, I can transfer to a different credit card if need be) I think, maybe lower. You are also correct that there is an origination fee (transaction fee) I think it is like 3.5% but not greater then $50.

YOur best bet is to get a different credit card then what you have
PM&Radam said:
i would need to take a cash advance out on my card, and you don't get 0%apr on that. you get double digit interest plus a straight percentage fee up front. at least it's that way on my visa and seems to be about the same with other cards i have checked out.
Click to expand...
 
Credit cards are the devil :scared:

just my point zero two though,
goose
 
Key bank offers travel relocation loans. I think you would qualify because you are a first year resident. The rank is 5% or something near there, and you can defer while in residency if you wish
 
PM&Radam said:
i would need to take a cash advance out on my card, and you don't get 0%apr on that. you get double digit interest plus a straight percentage fee up front. at least it's that way on my visa and seems to be about the same with other cards i have checked out.
Click to expand...

yes, but you might be able to get a new card with 0% APR on balance transfers. that would give you a year to pay off the debt with no interest.
 
You must log in or register to reply here.
Top