How to Choose the Best Medical Practice Loan?
With a virtually endless selection of medical practice loan offerings from countless lenders, choosing the right financial product can be challenging. Our financial experts have reviewed hundreds of products to round up some of the best business loans for doctors on the market. When ranking the loan products, they took a close look at the following factors:
- Loan features. Loan features include loan terms and conditions, maximum and minimum loan amounts, and repayment frequency.
- Application process. This includes what information and documents are required, how long the application process takes to complete, and whether the lender performs a hard or soft credit check.
- Interest rates and fees. This factor considers minimum and maximum interest rates offered, as well as any additional fees and charges.
- Qualification process. What are the qualification requirements for the loan? What is the minimum credit score, annual revenue, and time in operation? Is there a special loan product for medical practices?
- Customer support. This includes how accessible are live customer support representatives and whether the lender readily provides any additional tools and information.
- Online user reviews. What do previous customers say about the lender and its products on independent review sites like Trustpilot?
- Perks and bonuses. This factor includes any additional special offerings, such as advertising transparency, payment flexibility, and advanced technology.
Best Medical Practice Loans for 2022 - Full Overview
Below, our financial experts have ranked some of the best loans for physician practice available on the market.