Dr. Erkeda DeRouen talks to Dr. Kenton Allen, the Co-Founder of Doc2Doc Lending. He also serves as the vice chairman of the Department of Anesthesiology at Wentworth-Douglass Hospital in Dover. They talk about financial situation of physicians and 4th year medical students, and how Doc2Doc Lending can help.
The Financial Struggles of an Early Physician
During residency, Dr. Allen was under a lot of financial stress. The cost of living was expensive in Boston, and he struggled to make ends meet. At the time, he was also paying off his student debt.
To supplement his income, he wanted to get a loan but traditional lending institutions would either reject his application or offer predatory interest rates. Despite Dr. Allen’s promising career trajectory, banks would deem him a risky borrower due to his high debt and low income.
After talking to his peers, Dr. Allen found that this experience was common among early physicians. This was the catalyst for him to found Doc2Doc Lending.
Doc2Doc Lending Programs
Doc2Doc Lending is a lending platform that caters exclusively to doctors and dentists. They recognize that the physician population is less risky, even though banks would disagree. The underwriting is done with a prospective view rather than a retrospective one. Although primarily for professionals, Doc2Doc Lending also helps students transition from medical school to residency through their Match Day personal loan program.
This lending service was made by doctors for doctors, to help ease the burdens of financial stress through easier access to capital and favorable interest rates.
Financial Tips and Learning Resources
Financial literacy starts with good habits. Have a savings goal as early as now to build wealth. Start thinking about your retirement plan and how you can protect yourself from unexpected events. It’s also a good idea to monitor your credit score, as this will dictate interest rates for loans and mortgages. To learn more about financial literacy, the White Coat Investor is a good resource that you can start with.
To learn more about how MedSchoolCoach can help you along your medical school journey, visit us at Prospective Doctor. You can also reach us through our social media:
Dr. Erkeda’s Instagram: https://www.instagram.com/doctordgram/