Please help: Will I be eligible for a loan?

[drsab]

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I'm an IMG who became a US citizen a while ago and I'm applying for the Match this year. My question is and in case I Match in March 2016, will I be able to get an unsecured personal loan for 20k and start paying it off when I start residency in July. I got a secured credit card in Oct 2014 to help build my credit for the first time and I've been using it like I should ever since. I also don't have any debt, student loan or any dependents

Is a residency contract good enough reason for lenders to approve me for this loan considering that I never held a job in the US before?

All your input is appreciated.

 

[deleted480308]

There is a thing called a residency loan (~10k) for moving expenses.....call a bank

 

[drsab]

There is a thing called a residency loan (~10k) for moving expenses.....call a bank

Thank you for your reply but 10k is barely enough. I'm wondering whether I'm a good candidate for getting a loan from these physician lenders or not.

 

[deleted480308]

Thank you for your reply but 10k is barely enough. I'm wondering whether I'm a good candidate for getting a loan from these physician lenders or not.

Unsubsidized loans to pay off other unsubsidized loans with no collateral isn't really the norm. If you know you have enougn to pay the loan payments, why don't you just pay the credit card bills? (And have you considered jumping the debt to a mew card for those 0% interest on balance transfer deals)

 

[drsab]

Unsubsidized loans to pay off other unsubsidized loans with no collateral isn't really the norm. If you know you have enougn to pay the loan payments, why don't you just pay the credit card bills? (And have you considered jumping the debt to a mew card for those 0% interest on balance transfer deals)

I'm not using it to pay off any unsubsidized loans or anything but rather to attend to some personal matters. Unfortunately, I don't have this kind of money on me right now, that's why I'm waiting for the Match to be able to get this loan and start paying it off in July when I start residency.

 

[deleted480308]

What do you need $20k for? That's a lot on money

 

[drsab]

What do you need $20k for? That's a lot on money

I want it to pay off a debt I owe to a family member who helped me with residency expenses like externships, plane tickets, housing...etc because he is in dire need for his money right now, which is also why I'm looking for a part-time job. Yet, I can't see how this is in any way relevant to the lenders; I could borrow the money to throw a big party in Vegas and pay for all the hookers and booze for all they care ...

 

[deleted480308]

I want it to pay off a debt I owe to a family member who helped me with residency expenses like externships, plane tickets, housing...etc because he is in dire need for his money right now, which is also why I'm looking for a part-time job. Yet, I can't see how this is in any way relevant to the lenders; I could borrow the money to throw a big party in Vegas and pay for all the hookers and booze for all they care ...

point is that in your situation (no job, no verifiable method of getting money, and you with no credit) You could in theory, sign up for some credit cards and cash advance, it's a bad idea financially but as a med student someone will give you a credit card. You can also do that resident/moving loan (which sallie mae says goes up to 20k) https://www.salliemae.com/student-loans/medical-residency-loan/

 

[drsab]

point is that in your situation (no job, no verifiable method of getting money, and you with no credit) You could in theory, sign up for some credit cards and cash advance, it's a bad idea financially but as a med student someone will give you a credit card. You can also do that resident/moving loan (which sallie mae says goes up to 20k) https://www.salliemae.com/student-loans/medical-residency-loan/

I appreciate your help. I also found about about these lenders:

http://www.medstudent.ucla.edu/offices/fao/residents/residents/hstaffloans.html

for anyone who might benefit in the future.