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Medical and Dental Loan FAQs

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Medical and Dental Loan FAQs

What time does it take to get funds?

Approval for loans will take anything from a day to several months depending on the lender you approach. Lenders such as banks will take about 2 weeks to send funds following approval of a loan application. Online lenders have fast loan approval times usually taking just a few days.

Can a medical practice with bad credit get a business loan?

Yes, the medical practice with bad credit can still get a loan. Bad credit lenders will provide financing to such businesses at poor rates. These lenders will not necessarily turn down an applicant but will always evaluate cases on an individual basis.

How big a business loan can a medical practice get?

There is a wide range of business loans for medical and dental practices. Attractive borrowers can receive hundreds of thousands of dollars in funding in a matter of days. Profitable practices that have a high credit score will receive higher amounts as per the needs of the business.

Can you use a business loan to acquire/purchase an existing medical or dental practice?

It is possible to purchase an existing medical or dental practice using business loans. Take note that you must get a loan that covers the entire cost of the purchase. 

The majority of lenders including banks normally see dentists and doctors as low-risk borrowers. As long as you do not have bad credit, a history of bankruptcies, or poor profitability, you will get the necessary financing to purchase an existing medical practice.