Residency Relocation Loan

[vanasme]

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Depending on my match outcome, I may need to take out a private loan to pay for moving expenses (I'm likely moving across the country). My credit card debt is higher than I'd like it to be (thanks to residency interviews/application) and the interest rate sucks. I'd rather take out a lower interest rate residency relocation loan than max out my credit cards. Unfortunately, there's no one in my family that has any extra money to loan me and I'd likely need about $6-7k.

I searched, but couldn't find anything recent.

Who's taken out one of these loans in the last year or so? Which lender did you use? What credit score was needed? (My FICO is around 730, but I have massive student debt... who doesn't...). I will not have a co-signer. Any recent experiences?

 

[JustPlainBill]

I used Wells Fargo -- have no idea on the particulars -- you may also want to consider BBVA Compass -- they've got physician/resident loan programs that recognize your student debt....again, no idea on the particulars.

 

[freudianslip908]

Are any of these residency/relocation loans available to graduated US IMG's?

 

[AMEHigh]

Depending on my match outcome, I may need to take out a private loan to pay for moving expenses (I'm likely moving across the country). My credit card debt is higher than I'd like it to be (thanks to residency interviews/application) and the interest rate sucks. I'd rather take out a lower interest rate residency relocation loan than max out my credit cards. Unfortunately, there's no one in my family that has any extra money to loan me and I'd likely need about $6-7k.

I searched, but couldn't find anything recent.

Who's taken out one of these loans in the last year or so? Which lender did you use? What credit score was needed? (My FICO is around 730, but I have massive student debt... who doesn't...). I will not have a co-signer. Any recent experiences?

Mine is with Sallie Mae. I went with them because you don't have to pay it back for 3 years (or maybe it's 4 years? I can't remember) and the interest was lower than my 9% interest on my cc. I plan to start paying it back next month, but liked the cushion of not having to pay it back if something unexpectedly came up since I was moving to a new area with a much higher cost of living. My credit score was right around yours.

 

[Driftinglily11]

.

 

[mvenus929]

Search for residency relocation loans. Discover is one of the more common ones and sent me a million messages before I graduated from med school.

Generally, these loans are only available to current students, so you have to get the loan prior to graduation.

 

[Igor4sugry]

Depending on my match outcome, I may need to take out a private loan to pay for moving expenses (I'm likely moving across the country). My credit card debt is higher than I'd like it to be (thanks to residency interviews/application) and the interest rate sucks. I'd rather take out a lower interest rate residency relocation loan than max out my credit cards. Unfortunately, there's no one in my family that has any extra money to loan me and I'd likely need about $6-7k.

I searched, but couldn't find anything recent.

Who's taken out one of these loans in the last year or so? Which lender did you use? What credit score was needed? (My FICO is around 730, but I have massive student debt... who doesn't...). I will not have a co-signer. Any recent experiences?

Have you looked into 0% credit cards?
City Simplicity and City Diamond prefered given 0% for 21months. As a resident you can pay off the balance.
https://www.nerdwallet.com/low-inte...&sort_key=true_interest_cost&time_with_card=2

 

[vanasme]

Thanks for all the help everyone. Very useful. I was approved for a loan through Sallie Mae. Waiting until Match Day to see how much of the funds to accept.