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Best Medical Practice Loans & Financing Options

Medical practice loans can help expedite the launch or growth of your business. However, it’s important to make an educated choice when selecting a lender to set yourself up for success. PrimeRates.com can simplify the shopping and application process for medical practice loans. You can receive personalized loan offers through PrimeRates’ quick and simple pre-application online process. Below, we have compared some of the top lending options for medical practice loans.

What is a medical practice loan?

A medical practice loan can help doctors who own their own practice secure funding. Most doctors can qualify for a medical practice loan due to their solid net worth, high earning potential, and consistent revenue. Doctors can avoid hefty amounts of paperwork and save time using alternative lenders. 

How much does it cost to start a medical practice?

Starting a medical practice can be expensive. Let’s take a look at some of the costs…

Dentistry

The average total cost for new dental startups can range from $350,000 to $500,000.

General Medicine

Starting a small general medicine practice can range from $70,000 to $100,000 plus. 

And More Practices

No matter what kind of private practice you intend to open, initial startup costs can range from $20,000 to $30,000. 

Pros and Cons of financing your medical practice

Pros

  • Launch or grow your business faster
  • Build business credit 

Cons

  • Taking on debt
  • Interest and fees

What credit score is needed to apply for a medical small business loan?

Minimum credit scores can vary from lender to lender. A credit score of 680 or better can increase your chances of approval. If you have bad credit you should consider peer-to-peer lending. 

How fast can a healthcare business loan be funded?

Alternative lenders can fund medical practice loans as soon as one business day.

Best Medical Small Business Loan Options

Online Term Loans

Online terms loans can secure your business a lump sum upfront that you must repay over a set period of time. 

Pros 

  • Borrow large amounts
  • Long repayment terms
  • Quick approval and funding
  • Requirements may be looser

Cons

  • Payments begin immediately after funding
  • Collateral may be required
  • Shorter term loans may have 

OnDeck

Originally founded in 2017, OnDeck is one of the largest online small business lenders that can provide quick funding. 

Pros

  • Transparent terms
  • Access to loans through business debit cards feature coming soon
  • Funds available quickly

Cons

  • Higher APRs
  • Origination fee
  • No factoring offered (all funding options incur debt)
Loan Amounts$5,000 to $500,000
APR RangeAs low as 9.99%
Repayment TermsTerm loans up to 3 years
Time to FundingAs fast as 1 day
Click “Check Rates” to apply to OnDeck

» MORE: OnDeck Business Loans Review

StreetShares

StreetShares is an online lender that can provide lines of credit, installment loans, and contract financing for medical practices. It was originally founded by veterans for veterans, but can serve non-veterans as well. 

Pros 

  • Relaxed borrower qualification
  • Competitive rates
  • No prepayment penalties
  • Outstanding customer service

Cons

  • Not the best option for larger businesses
  • Must have 1 year in business or $100,000 in revenue

Term Loan
Loan Amounts$2,000 to $250,000
APR Range24.00% to 99.00%%
Repayment TermsUp to 3 years
Time to FundingTypically 1 – 5 days
Click “Check Rates” to apply to StreetShares

» MORE: StreetShares Business Loans Review

LendingClub

LendingClub offers peer-to-peer lending options with fast approval and reasonable interest rates. Peer-to-peer lending connects people with money to people who need to borrow money. 

Pros

  • Clear terms outlined prior to signing up for a loan
  • Well established pattern of service
  • 36- or 60-month terms
  • Information easily accessible on their website
  • Receive pre-approved offer in minutes
  • Easily apply online
  • Loans usually funded in less than 10 days
  • Competitive interest rates between 6 to 30 percent
  • Nationwide availability for most types of credit

Cons

  • Application process may require copies of tax documentation
  • Passes accounts into collection quickly after missed payment
  • Unsecured loans only
Loan Amount:$5,000 – $300,000
APR Range:9.8% – 35.7%
Time To Fund:As quick as 2 days
Loan Term:One to five years
How To Qualify:600+ Personal Credit Score
$75,000 Annual Revenue
Great Option For:Good Personal Credit
Works With All Entities Including Sole Proprietors
Click “Check Rates” to apply to LendingClub

» MORE: LendingClub Business Loans Review

QuarterSpot

Founded in 2013, QuarterSpot is an online lender that can provide short term loan products for medical practices. 

Pros 

  • Minimum credit score 550
  • Prepayment discount
  • Transparent terms and fees

Cons

  • Additional fees may apply
  • High origination fee
  • Moderate factor rate
Loan Amounts$5,000 to $250,000
APR Range30.00% to 70.00%
Repayment TermsUp to 18 months
Time to FundingAs fast as 1 day
Click “Check Rates” to apply to QuarterSpot

» MORE: QuarterSpot Business Loan Review

SBA 7(a) Loans

The Small Business Administration (SBA) is a government resource created to encourage the growth of small businesses. The SBA may be a more affordable and more accessible option for medical practices that need funding. 

Pros 

  • Easier to secure than traditional loans
  • Lower interest rates
  • Down payments as low as 10%

Cons

  • Personal collateral may be required
  • Long application process
  • Lenders have more discretion in setting loan terms 

SmartBiz

SmartBiz is an online lender that can provide financing for medical practices. 

Pros

  • Low APRs
  • Repayment terms up to 10 years
  • Easy application and approval process

Cons

  • Variable APR
  • Longer loan term can increase the cost of the loan
  • Strict requirements on how money is spent
  • High fees
Loan Amount:$30,000 – $350,000
APR Range:9.7% – 11.04%
Time To Fund:Typically take several weeks to fund, but can fund as quickly as within seven days.
Loan Term:Maximum loan term is 10 years.
Origination Fee:4.00%
How To Qualify:675+ Personal credit score
$50,000+ Annual revenue
Great Option For:Borrowers with good credit
SBA loans
Funding real estate purchases
Refinancing debt
Credit Check?Soft credit check and hard pull
Co-Applicants Accepted?No cosigners
Direct Pay-Off To Creditors?No
Click “Check Rates” to apply to SmartBiz

» MORE: SmartBiz SBA Loan Review

Business Lines of Credit

A business line of credit can be compared to a business credit card. However, with a business line of credit you can withdraw cash if necessary. 

Pros 

  • Helps balance cash flow
  • Only pay for what you use
  • Take advantage of more opportunities

Cons

  • Charges and fees
  • Difficult to qualify for
  • Low borrowing limits

BlueVine

BlueVine can provide capital for small to medium sized B2B and B2G businesses. This fintech company is known for invoice factoring and servicing funding requests faster than most of its competitors. 

Pros 

  • Fast and easy application process
  • Funding decisions typically made within 24 hours
  • 80% of production is from repeat customers
  • No hard credit checks

Cons

  • No funding for B2C companies
  • Prefers personal FICO scores above 600
  • Factoring transactions are full recourse

Line Of Credit
Loan Amounts$5,000 to $250,000
APR Range15% to 78%
Repayment Terms6 or 12 months
Time to FundingAs fast as 24 hours
Click “Check Rates” to apply to Blue Vine

» MORE: BlueVine Business Loan Review

EasyFunding

EasyFunding is an online lender that can work with bad credit borrowers and finance medical practices. 

Pros

  • High approval rates
  • Works with bad credit
  • Flexible payments
  • Quick funding

 Cons

  • Higher interest rates

Traditional Banks

Traditional bank loans may have lower interest rates but can be harder to qualify for. 

Pros 

  • Low fixed interest rates
  • Available for many uses
  • Predictable monthly payments

Cons

  • Difficult to qualify for
  • Longer wait time
  • Collateral may be required

Conclusion

Using an online lender can be an efficient way to secure funding for a medical practice loan. PrimeRates.com provides a secure online platform for you to shop and compare offers. 

Three steps to get started with PrimeRates:

#1. Apply online in minutes

#2. Select your personalized loan offer 

#3. Receive funds quickly 

Set yourself up for success and apply online today!

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The offers that appear on this site are from third party advertisers from which PrimeRates receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). PrimeRates strives to provide a wide array of offers, but our offers do not represent all financial services companies or products.

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