Panacea Financial, a division of Primis Bank, deposit products:
FDIC-Insured – Backed by the full faith and credit of the U.S. Government

PERSONAL LOANS

For Military Doctors

Get up to $50,000 at rates less than half the average credit card rate. Special discounts just for servicemembers.

Submit Your Application In Just 10 Minutes

No hard credit check required.

As Seen On

CNBC
Business Insider
Investopedia

500+

5-Star Reviews

4,000+

Customers

$350M+

Funded

3,000+

Loans Approved

500+

5-Star Reviews

4,000+

Customers

$350M+

Funded

3,000+

Loans Approved

Real Results

What Is A Military PRN Personal Loan?

As a military physician, dentist or veterinarian, you selflessly serve our country. You deserve banking options built just for you. That’s why we created the Military PRN Personal Loan, to do more for those who protect our freedom.

Take Control Of Your Finances

No hard credit check required.

Quick
Funding

No
Cosigner

Reduced
Payments

No Prepayment Penalty

In School

  • No payments for 1 year
  • Reduced payments in residency₂
  • No cosigner required
  • Perfect for interviews and residency transition!

Borrow up to:

$10,000

Details & Requirements

In Training

  • Reduced interest-only payments during years 1 & 2 of loan₃
  • No cosigner required
  • Perfect for board exams or surprise life events!

Borrow up to:

$20,000

Details & Requirements

In Practice

  • Interest-only payments during first 6 months of loan₄
  • No cosigner required
  • Perfect for moving, life, whatever you need it for!

Borrow up to:

$50,000

Details & Requirements
Apply Now

No hard credit check required.

How Can A PRN Personal Loan Help?

We get it. We are doctors too. And we know that doctors deserve better than being forced to use high-interest debt. With rates less than half of a credit card and quick funding, a PRN Personal Loan can help you with:

  • Home improvements
  • Credit card consolidation
  • Unplanned life events
  • Relocation

Michael Jerkins, MD, M.Ed. & Ned Palmer, MD, MPH

Co-Founders

FAQs

Who’s eligible for a Military PRN Loan?

To be eligible for a Military PRN Loan, you must be U.S. citizen or permanent resident and a current or former U.S. servicemember:

  • If an active servicemember, we’ll ask you to show us an active DoD ID.
  • If a former servicemember, we’ll ask you to show us proof of prior service - inactive DoD ID, duty papers, etc.

AND one of the following:

  • A 4th-year student (In-School PRN) in an accredited U.S. based medical, dental, or veterinary school OR
  • A resident, fellow, or graduate student (In-Training PRN) after graduation with a MD, DO, DDS, DMD, DVM, VMD, or DPM degree OR
  • An independent practicing physician, dentist, or veterinarian (In-Practice PRN) with an active healthcare license.

What can I use a Military Personal Loan for?

A PRN Personal Loan* is exactly what it means — your money, as needed. Our PRN Loan can be used for whatever personal expenses may arise. We designed this personal loan product with the mindset that it can help pay for, but not be limited to, interviews, relocation, board examination fees, or to consolidate high interest rate credit card debt.

* PRN Personal Loans cannot be used to pay existing or future educational debt

Why don’t I need a cosigner for a Military PRN Loan?

We don’t require a cosigner for a Military PRN Personal Loan because we know you are trustworthy and deserve to be treated like an adult. Traditional banks don’t understand the financial lifecycle of doctors, which is why they can ask for co-signers in order to get access to their loans.

When does my repayment start?

If you are not a student, your first payment will be due 30 days after receiving your loan. You can tell us what day of the month you’d like to make payments on. Every PRN Personal Loan comes with a period of low or no payments.

​​Can I apply for a Military PRN Loan if I already have a personal loan?

Yes! We set maximum borrower amounts based on your current status: In-School, In-Training, or In-Practice. You can borrow up to the maximum amount for your status. For students that’s $10,000, for residents/trainees, it’s $20,000, and for practicing doctors it’s $50,000. If you take out less than this amount, and find you need more later, your Primary Care Banker will help you re-apply.

Quick Funding - Apply Now

No hard credit check required.

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Panacea Financial Holdings partners with Primis Bank, Member FDIC, to deliver banking services through its Panacea Financial Division.

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External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by Panacea Financial. Links are provided for informational purposes and should not be viewed as an endorsement
Fine Print

1. All personal loans have a $100 origination fee. To obtain a new loan with Panacea Financial, you must also have a Panacea checking account; there is no fee to open the account, a minimum deposit of $25 required, and there is no minimum balance. Other fees and charges may apply, see this link for full terms and conditions. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. All APRs assume a 0.50% discount with auto-pay from a Panacea Checking account. We offer a 0.25% discount with auto-pay from a non-Panacea checking account.  To check the rates and terms you qualify for, click “Apply Today” and Panacea will conduct a soft credit pull to determine your possible rate and will not affect your credit score. Not all applicants qualify for the lowest rate or maximum loan amount; subject to credit approval.  Total borrower maximum varies by stage of career and with credit score: In School maximum is between $1,000 – $10,000; In Training maximum is between $1,000 – $20,000; In Practice maximum is between $1,000 – $50,000.

2. No payments during the first year. For a 5-year term, you make reduced payments in years 2 and 3 of the interest accrued in the first year, added to the monthly interest. Full amortization years 4 and 5. For a 7-year term, you make reduced payments in years 2 and 3 of the interest accrued in the first year, added to the monthly interest. Full amortization over years 4, 5, 6, and 7.

3. For a 3-year term, you make interest-only payments in years 1 and 2. Full amortization in year 3. For a 5-year term, you make interest-only payments in years 1, 2, and 3. Full amortization in years 4, and 5. For a 7-year term, you make interest-only payments in years 1, 2, 3, and 4. Full amortization in years 5, 6, and 7.

4. Interest-only payments during first 6 months of loan. Full amortization over remainder of loan.

5. Adverse Credit Event: two or more payments more than 30 days late, totaling more than $500, within the prior 6 months; accounts with a total outstanding balance greater than $1,000 that are 90 or more days delinquent as of the date of the credit report, or that have been placed in collection or charged off during the two years preceding the date of the credit report; default determination during the five years preceding the date of the credit report; bankruptcy discharge during the five years preceding the date of the credit report; repossession during the five years preceding the date of the credit report; foreclosure during the five years preceding the date of the credit report; charge-off/write-off of a federal student aid debt during the five years preceding the date of the credit report; wage garnishment during the five years preceding the date of the credit report; tax lien during the five years preceding the date of the credit report; consumer credit counseling within five years preceding the date of the credit report.

6. Panacea utilizes the Equifax credit bureau, with a FICO score minimum of 660 to qualify for a personal loan.

7. PRN Loans have no prepayment penalty or prepayment fee and may be repaid at any time after loan closing. The minimum and maximum term varies by employment status. In-Practice and In-Training PRN Personal Loans have repayment periods of 3, 5, or 7 years. In-School PRN Personal Loans have repayment periods of 5 or 7 years.

Details & Requirements

  • Copy of most recent Transcript, and
  • Picture of medical / podiatry school or hospital ID badge, and
  • No adverse credit events⁵
  • Minimum loan amount: $1,000; maximum: $10,000
  • US citizenship or permanent residency
  • Attending accredited US-based allopathic or osteopathic medical school, or podiatry school

Details & Requirements

  • Most recent pay stub, or if you have not been paid yet your Medical or Podiatry School Diploma, and
  • Copy of residency / fellowship contract, and
  • Active medical or podiatry trainee license in good standing, and
  • No adverse credit event⁵
  • Minimum loan amount: $1,000; maximum $20,000
  • US citizenship or permanent residency

Details & Requirements

  • Proof of income as a physician
  • W2 or 1099 or Personal Tax Returns or equivalent
  • Active medical or podiatry license in good standing
  • No adverse credit events⁵
  • Minimum loan amount: $1,000; maximum: $50,000
  • US citizenship or permanent residency
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