PERSONAL LOANS

For Physicians. Made Easy.

Get up to $50,000 at rates less than half the average of a credit card!

Submit Your Application in Just 10 Minutes
Get Started Today

No hard credit check required.

Quick
Funding

No
Cosigner

Reduced
Payments

No Prepayment
Penalties

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 for Physicians can help you with:

Home Improvements
Credit Card Consolidation
Unexpected Life Events

Relocation

Take Control Of Your Finances

No hard credit check required.

Home Improvements
Credit Card Consolidation
Unexpected Life Events

Relocation

Dr. T

Tennessee – Internal Medicine

I used Panacea’s PRN Loan to pay off my credit cards and help prepare for the birth of our baby. My credit score increased from 662 to 746 after paying off all of my credit cards after just 2 months.

Get To What Matters Faster & Easier

4th Year Medical & Podiatry Students

  • No payments for 1 year
  • Reduced payments during training²
  • No cosigner required
  • No prepayment penalty
  • Perfect for Match fees, interviews, or moving costs!

Borrow up to:

$10,000

Details & Requirements

Residents & Fellows

  • Reduced interest-only payments while in training ³
  • No cosigner required
  • No prepayment penalty
  • Perfect for board exams, career transitions, or life events!

Borrow up to:

$20,000

Details & Requirements

Attendings

  • Interest-only payments during first 6 months of loan⁴
  • No cosigner required
  • No prepayment penalty
  • Perfect for moving, career transitions,  interruptions in practice!

Borrow up to:

$50,000

Details & Requirements
Start Your Application

No hard credit check required.

See How Much You Can Save

Using a lower-rate personal loan can save you thousands when compared to a credit card. Don’t take our word for it. Run the numbers yourself with our Personal Loan Vs. Credit Card Calculator.

Calculate Your Savings Instantly

No hard credit check required.

FAQs

What can I use a PRN 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 PRN Loan?

We don’t require a cosigner for a 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.

Who’s eligible for PRN Personal Loans?

To be eligible for a PRN Loan, you must be U.S. citizen or permanent resident 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.
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 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.

Get Funding Quickly

No hard credit check required.

Trustpilot

4.9 out of 5.0 stars | 500+ reviews

Dr. G Florida
Read More
Panacea makes it easy for Medical students/Residents/Fellows/Attending physicians obtain funding. The loan application process was straight forward and easy to understand. Their fixed interest rates and term structures are innovative and tailored to medical professionals in a way that makes their clients feel like they are truly being taken care of. Highly recommended, from one physician to another!
Dr. WLouisiana
Read More
Prompt, professional, no gimmicks, and excellent rates. I was approved and funded in one day. I highly recommend Panacea Financial. Glad I found these guys! Thank you.
Student Doctor TFlorida
Read More
I am a medical student about to graduate. I wanted to pay off some credit card debt. After applying, I received excellent customer service, and can confirm this is a reputable company. Employees were quick to respond and professional. I got my loan quickly at a competitive rate. Overall, I’d highly recommend!
Dr. B New York
Read More
My personal experience with Panacea is phenomenal! As a financial institution, it is by far the best. I literally mean the best financial institution I have ever dealt with. I have had unexpected expenses and I needed a professional and yet generous lender. The whole process took literally less than 72 hours, very professional, friendly and on spot team.
Dr. HRhode Island
Read More
As a seasoned physician of 34 years in practice, I have dealt with banks and financing companies since the start of my practice. It was refreshing to deal with Alex K. and the professionalism that he exhibited. The process was smooth, including the signing of my loan documents, and fund distribution. I would urge physicians of all stages to contact Panacea Financial for their financing needs.
Dr. A Florida
Read More
Panacea Financial is unlike any other financial institution I’ve encountered. The online interface is very user friendly and the staff are very responsive and helpful. I truly feel like I’ve joined a family. I would highly recommend their services.
Dr. G Missouri
Read More
I paid for most of my living expenses with credit cards while going to school in one of the most expensive cities in the world. The PRN loan is providing me the option to unburden myself of that 20ish% interest and actually have a shot at getting rid of that debt in a reasonable amount of time. Next step - student loans. Excellent company. Easy process. Great communication. I’ll be back.
Dr. HFlorida
Read More
Great experience thus far. We had a complicated financial situation coming out of medical school, worsened by my child's health-related issues, an already financial difficult time was made extraordinary difficult. The PRN loan was able to help us out significantly and they were able to help us out and understand our context of future earning with situation in training.
Dr. BMassachusetts
Read More
I used Panacea to finance ownership in a surgery center. Multiple banks had various ridiculous options for rates or collateral. But Panacea was quick, reliable and fair. I am glad I was referred to them.
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    Ashland, VA 23005
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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. Quoted APR assumes the following: For the In-Practice PRN Loan at 10.59% APR – $75,000 principal, with 10.49% interest rate, $100 origination fee, and 3-year term; For the In-Training PRN Loan at 13.19% APR – $30,000 principal, 13.00% interest rate, $100 origination fee, and 3-year term; For the In-School PRN Loan at 13.57% APR – $15,000 principal, 14.00% interest rate, $100 origination fee, and 5-year term. 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. Rates are current as of 5/5/23 and are subject to change without notice. Not all applicants qualify for the lowest rate. 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. 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.

PRN Loan Example Scenario Disclosure –

  • In-School – 5 year term, 13.46% fixed APR, $15,000 loan. APR includes $100 origination fee. Repayment is no monthly payments in year 1. Interest only payments of $262.74 in years 2-3. Fixed monthly payments of $727.09 in years 4-5 (11 payments in year 5) , one final payment of $727.13.
  • In-School – 7 year term, 14.00% fixed APR, $15,000 loan. APR includes $100 origination fee. Repayment is no monthly payments in year 1. Interest only payments of $272.13 in years 2-3. Fixed monthly payments of $417.72 in years 4-7 (11 payments in year 7) , one final payment of $417.95.
  • In-Training/Resident/Fellow – 3 year term, 13.67% fixed APR, $30,000 loan. APR includes $100 origination fee. Repayment is interest only monthly payments of $311.72 in years 1-2. Fixed monthly payments of $2,695.65 in year 3 for 11 months starting in year 3. 1 final fixed payment of $2695.69.
  • In-Training/Resident/Fellow – 5 year term, 14.12% fixed APR, $30,000 loan. APR includes $100 origination fee. Repayment is interest only monthly payments varying from $323.27 to $357.90 in years 1-3. Fixed monthly payments of $1,445.39 in years 4 -5 (11 payments year 5), one final fixed payment of $1445.31.
  • In-Training/Resident/Fellow – 7 year term, 14.60% fixed APR, $30,000 loan. APR includes $100 origination fee. Repayment is interest only monthly payments of $334.81 to $370.68 in years 1-4. Fixed monthly payments of $1,036.45 in years 5-7 (11 payments in year 7), one final payment of $1036.66.
  • In-Practice/Attending – 3 year term, 12.60% fixed APR, $75,000 loan. APR includes $100 origination fee. Repayment is interest-only monthly payments of $771.58 to $797.29 for first 6 months. Fixed monthly payments of $2,927.23 for 29 months, one final payment of $2927.38.
  • In-Practice/Attending – 5 year term, 14.07% fixed APR, $75,000 loan. APR includes $100 origination fee. Repayment is interest-only monthly payments of $864.16 to $892.97 for first 6 months. Fixed monthly payments of $1,882.10 for 53 months, one final payment of $1881.73.
  • In-Practice/Attending – 7 year term, 14.56% fixed APR, $75,000 loan. APR includes $100 origination fee. Repayment is interest-only monthly payments of $895.03 to $924.86 for first 6 months. Fixed monthly payments of $1,492.10 for 77 months, one final payment of $1491.60.

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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