PRN Personal Loan For Physicians

Fair, affordable personal loans for doctors and trainees to use as needed.
Fixed rates as low as 6.75% APR.¹

PRN Personal Loans For Physicians

Fair, affordable personal loans for doctors and trainees to use as needed. Fixed rates as low as 6.75% APR

Learn more about PRN
personal loans for:

M4 Medical Students
Residents & Fellows
Attendings
Michael Jerkins, MD M.Ed.

“Doctor’s need money wherever they are in their career. As a resident I felt this acutely as I needed funds to cover unexpected life costs and was forced to use credit cards or find a co-signer.

We deserve better, and that is why the PRN Personal Loan was created: to give medical students, residents, and attendings money, as needed.”

Michael Jerkins, MD, M.Ed.
Co-founder and President

fast funding icon
Funding in as little as 24 Hours
No Cosigner
Reduced Payments
No Hidden Fees
fast funding icon
Funding in as Little as 24 Hours
No Cosigner
No Hidden Fees
Reduced Payments

What is a PRN Loan?

A PRN Personal loan gives you access to money when you need it most. Just as the name suggests, a PRN loan – pro re nata or “as needed” – is designed specifically to give medical students and doctors access to money as needed.

Why Take out a PRN Physician Personal Loan?

The cost of residency application, board examination fees, life events, and relocation – how can you expect to pay for everything?

Physicians deserve a better option than being forced to use credit cards or ask family or friends for help.

And whether your a medical student or attending you can have a period of reduced payments.

How Can You Get a PRN Physician Personal Loan?

Our digital application can take as little as 8 minutes to complete and you do not need a cosigner. Then you can get funds in as little as 24 hours and it’s your money as needed.

A PRN Personal loan gives you access to money when you need it most. Just as the name suggests, a PRN loan – pro re nata or “as needed” – is designed specifically to give medical students and doctors access to money as needed.

The cost of residency application, board examination fees, life events, and relocation – how can you expect to pay for everything?

Physicians deserve a better option than being forced to use credit cards or ask family or friends for help.

And whether your a medical student or attending you can have a period of reduced payments.

Our digital application can take as little as 8 minutes to complete and you do not need a cosigner. Then you can get funds in as little as 24 hours and it’s your money as needed.

4th Year Medical Students

Borrow Up to $15,000
5-Year PRN Loan

7.30% fixed APR

7-Year PRN Loan

8.04% fixed APR

Residents & Fellows

Borrow Up to $30,000
3-Year PRN Loan

6.75% fixed APR

5-Year PRN Loan

7.50% fixed APR

7-Year PRN Loan

8.25% fixed APR

Attendings

Borrow Up to $75,000
3-Year PRN Loan

6.75% fixed APR

5-Year PRN Loan

7.50% fixed APR

7-Year PRN Loan

8.25% fixed APR

FAQs

U.S Citizens or Permanent residents who are:

      • Enrolled full time in a U.S-based accredited medical school in their fourth year
      • Working in a U.S. medical residency or fellowship
      • Working as an attending physician with an active license in good standing
  • Yes you can. You can even have multiple PRN Personal loans with Panacea. We set maximum borrower amounts based on your current status: fourth-year student, in residency/fellowship, or attending physician. You can borrow up to the maximum amount for your status. For students that’s $15,000, for residents/fellows, it’s $30,000, and for attendings it’s $75,000. 

For any number of reasons! Many use our PRN Personal loan for doctors to refinance toxic credit cards, pay for moving expenses, home renovations, or any unexpected life cost like healthcare bills!  It's PRN - your money, as needed. No one should borrow more than they need but doctors should have a healthier option of debt instead of depending on credit cards or borrowing from friends or family.

  • We don’t require a cosigner for a PRN physician personal loan because we know you are trustworthy and deserve to be treated like an adult. Traditional banks don’t understand that which is why they can ask for co-signers in order to offer their lowest rates.
  • The application process takes less than eight minutes online. And if you choose a Panacea Checking account, you can get your funds in as little as 24 hours.
  • As a medical student, you don't have to make payments for one full year! Then you'll pay interest only while in residency.
  • As a resident or fellow, you'll only pay the interest on your loan for the first few years, depending on your term.
  • As an attending, you'll only have to pay the interest for the first 6 months, then your full payments will start.
  • 1. 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.
  • 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: accounts with a total outstanding balance greater than $2,085 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.
  • PRN Loan Example Scenario Disclosure –
    M4 5 year term, 7.30% fixed APR, $15,000 loan – No monthly payments in year 1. Reduced monthly payments of $140.75 in years 2-3. Fixed monthly payments of $675.12 in years 4-5.
    M4 7 year term, 8.04% fixed APR, $15,000 loan – No monthly payments in year 1. Reduced monthly payments of $154.83 in years 2-3. Fixed monthly payments of $368 in years 4-7.
    Resident 3 year term, 6.75% fixed APR, $30,000 loan – interest only monthly payments of $171.99 in years 1-2. Fixed monthly payments of $2,592.25 in year 3.
    Resident 5 year term, 7.50% fixed APR, $30,000 loan – interest-only monthly payments of $191.10 in years 1-3. Fixed monthly payments of $1,350.24 in years 4-5.
    Resident 7 year term, 8.25% fixed APR, $30,000 loan – interest-only monthly payments of $210.21 in years 1-4. Fixed monthly payments of $943.52 in years 5-7
    Attending 3 year term, 6.75% fixed APR, $75,000 loan – interest-only monthly payments of $429.97 for first 6 months. Fixed monthly payments of $2,724.03 for remaining 30 months.
    Attending 5 year term, 7.50% fixed APR, $75,000 loan – interest-only monthly payments of $477.74 for first 6 months. Fixed monthly payments of $1,640.99 for remaining 54 months.
    Attending 7 year term, 8.25% fixed APR, $75,000 loan – interest-only monthly payments of $525.51 for first 6months. Fixed monthly payments of $1,245.74 for remaining 78 months.

Here’s to better financial solutions for doctors

Funding in as Little as 24 Hours

You deserve quick service. As a digital bank with automated systems we can get you up to $75,000 in as little as 24 hours.

No Cosigner

As doctors we know what it is like to be entrusted with the lives of others. You deserve trust which is why you don’t need a cosigner for our loans.

Reduced Payments

  • Medical Students have 1 year of no payments
  • Residents/Fellows have up to 4 years of reduced payments
  • Attendings receive up to 6 months of reduced payments

No Hidden Fees

We value transparency and have no hidden fees including origination fees.

Details & Requirements

Example Scenario: Fourth-Year Medical Student

Example Scenario: Fourth-Year Medical Student

Details & Requirements

Example Scenario: Resident / Fellow

Example Scenario: Resident / Fellow

Example Scenario: Resident / Fellow

Details & Requirements

Example Scenario: Attending

Example Scenario: Attending

Example Scenario: Attending