Loans for Doctors With Bad Credit

Posted by Frank Gogol

Disclosure: Stilt is a lending company. Nonetheless, we are committed to recommending the best loan products to our readers when their needs are outside Stilt’s loan offerings.

You never realize the importance of a good credit score until your loan application gets rejected. So does this mean doctors with bad credit cannot get a loan? And, are there any other ways to get personal loans for doctors?

Continue reading to find the answers to all of these questions in this article.

Causes of Bad Credit for Doctors

Your credit score is one important factor which, to a large extent, determines how much credit your loan provider is willing to grant.

There are various reasons why doctors might have a bad credit score. Some of these include:

Late Payments

Undoubtedly, doctors lead a busy life. Amid all the chaos, back-to-back surgeries, and appointments, they often forget to make their credit card payments on time.

As credit card history plays a large and important role in determining your credit score, having late credit card payments on your record typically leads to a relatively poor credit score.

Amount Owed

You might make all your payments on time but still have a bad credit score. This is because your score also depends on your credit utilization ratio which indicates how much debt you have compared to your credit limits.

Since doctors tend to invest heavily in building their clinics and hospitals and buying high-end technology tools, machines, and equipment, they often end up owing an appreciable amount when compared to their limits.

This can work against their favor and lead to a bad credit score.

New Credit

Your credit score is also affected by the number of new accounts you’ve opened. In addition to the number of new accounts you have applied for recently, the last time you opened a new account also plays a role in determining your credit score.

Can You Get a Loan With Bad Credit?

While there could be various reasons why you have bad credit, it should not interfere with your ability to get a loan.

Thus, avoid obsessing over your score too much to attain the figure you think your lender would like to see. Rather, try to manage your score more responsibly overall, and eventually, your credit score will begin to shine.

Are There Loans for Doctors With Bad Credit?

The simple answer is yes. There are loans for doctors with bad credit. While you might have to compromise a bit in terms of interest rates, these loans can definitely serve their purpose in times of need. Read on to understand some of the reasons why doctors with bad credit look to take out loans.

Reasons Doctors Take Out Loans

There might be various reasons why a doctor might need to take out a loan.

Refinance Medical School Loans

Doctors have to go through a long and rigorous educational experience before attaining the knowledge to practice medicine. If you are a young doctor, it is likely that you will be investing most of your time in learning. So taking out large sums of school loans to pay for this education is a very common practice among the medical community.

However, more often than not, these loans are costly and have to be paid back for years to come. Most doctors, after acquiring specialization in a field, choose to refinance their medical school loans at better terms that are more suitable to them.

Buy a Car

Like most people, some doctors may have personal goals such as owning a luxurious car. Since most doctors start earning a larger income later than most other professionals, they might meet this expense by taking out loans.

Expand Their Practice

Most doctors tend to practice individually. They could also start small and then gradually expand their practice to a partnership, a clinic, or similar other endeavors.

Needless to say, the high-end machinery, tools, and equipment required for scaling up need a high upfront investment. This is another reason why doctors might look to loans for meeting their financial needs.

How to Take Out a Loan With Stilt

Stilt is an equal opportunity lender, providing loans without even asking for a cosigner at the best interest rates.

However, to get a loan from Stilt, you must be physically present in the U.S. during the application process. Additionally, you must have a U.S. bank account, a U.S. address, and a legal visa to be eligible.

To obtain a loan with Stilt, all you need to do is submit an application. You will then receive an update within 24 hours. Stilt has to verify your details and documents, and (if there are no issues) will send you an offer. If you agree, the loan amount transfer will be initiated within 2-3 business days.

Some broad strokes on what Stilt looks at in a doctor’s loan application includes financial behavior, defaults/bankruptcies, and information accuracy.

Once the loan amount has been disbursed, you can make payments through your own bank account. Stilt also allows you to pay off your loan at any time without incurring any sort of penalty.

3 Simple Ways Doctors Can Improve Their Credit

Although it can be difficult, there are plenty of ways to repair your bad credit score. Repairing your credit can be similar losing weight—it will take time and there are no shortcuts. But with a few tips, you can easily manage to take your score to a decent level.

Take Out a Personal Loan

Taking a physician personal loan, and then repaying it on time, will definitely work in your favor. Not only will it help you if you’re stuck in a cash crunch, but it will also help in boosting your credit score.

Make Payments on Time

One easy way to boost your credit score is by making your credit card payments on time. You can do so by setting up a payment reminder through your online banking portal. This way, you will get an email or text message whenever your payment is due.

Alternatively, you can also choose to go for automatic payments through your credit card or bank account. That way the amount due is deducted from your account automatically.

Pay Down Your Debt

Paying down your debt is not only satisfying but will eventually boost your credit score. To do this, it is highly recommended to avoid using a credit card as much as possible.

Next, check your accounts to figure out how much amount you owe in each account. Come up with a payment plan while keeping your budget in mind, and work towards reducing the debt.

Personal Loans
 with Soft Credit Checks!

Check Loan Options

Loans for up to $35,000. No hard credit pull. No prepayment penalty.


Undoubtedly, bad credit is easier to get but hard to get rid of. We hope this article can help doctors maintain a good credit score and help them get a loan even if they have bad credit.

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