For most people, their University years are the most fiscally difficult of their life. This is particularly true for Medical students, due to the amount of years required for completion and the rigour of the course requirements leaving little opportunity for casual employment to top up the coffers. Those medical students in their final years of study will have likely found a comfortable equilibrium across the income generated through the Parental Bank/ Centrelink and the outgoings accrued on a Wednesday night at the Royal Exchange. However, a quick glance over the horizon will show some looming one off expenses which will need to be paid for. These might include an elective overseas, the infamous Yacht Week or the urgent repair or replacement of your vehicle.
Whilst a flashy credit card might seem an appealing and easy fix for cash flow issues, it will likely be a far more expensive way to provide funding. Another option for covering some of these larger expenses is to utilise a Student Loan. A Student Loan is typically an Unsecured Loan at a variable rate that is provided with Capitalising (Compound) Interest and no repayments required until after employment is commenced. Capitalising Interest effectively means that the interest which accrues over the period of the loan will simply be added onto the Principal (Balance). The fact that no repayments or interest are required until the deferred period is complete provides the individual with greater cash flow. This is extremely important for a student who is still at least 6 months away from a regular income.
As part of our commitment to Medical Students and Junior Doctors in Queensland we are now providing the Promed Student Loan to students in their penultimate and Final years of medical degrees. Here how it works: ~
- you get an unsecured loan of up to $10,000 with an extremely competitive interest rate*
- there are absolutely no fees or charges, and no hidden expenses
- your loan is not due to be repaid until September 30th of your internship year
This loan is at an extremely competitive interest rate, which is currently superior to any of it’s direct competitors. This loan is currently only available exclusively through Walshs in Queensland. As a business we do not receive any financial incentives to provide this Loan, our reward is being able to provide a financial solution to future Doctors at a time when they need it most.
To find out more about the loan and our other services, please contact Matt Gellweiler at our office on 07 3221 5677 or visit our website www.walshs.com.au. For more information on eligibility and terms for the Promed loan please visit their website www.promedfinance.com.au