FAQs
To be eligible for a PRN Loan, you must be a 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
- A resident, fellow, or graduate student (In-Training PRN) after graduation with an MD, DO, DDS, DMD, DVM, VMD, or DPM degree
- An independent practicing physician, dentist, or veterinarian (In-Practice PRN) with an active healthcare license
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 credit card debt.
* PRN Personal Loans cannot be used to pay existing or future educational debt
Panacea Practice Solutions is Panacea Financial’s practice financing division. Led by industry experts with decades of experience, PPS provides loans for many practice-related needs, including acquisition, startup, equipment, expansion, commercial real estate, and more.
All of our products and services were designed with doctors in mind. As a result, we take a common sense approach to lending, and our customer service is clear and accessible during your hours. We also move faster because we have a streamlined digital application and funding process, getting you funds for your practice quickly.
Some doctors are offered to “buy-in” and become a partner in an existing practice. Panacea offers a partnership “buy-in” loan that does not require a lien on the existing practice, real estate, or equipment (which existing partners appreciate).
Yes, Panacea will verify that you are a current AMA member in good standing in order to confirm eligibility for member discounts.
Panacea Financial Holdings partners with Primis Bank, Member FDIC, to deliver banking services through its Panacea Financial Division.
Products
Field
Resources
About
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
- APR = Annual Percentage Rate. All personal loans have an origination fee equal to 1% of the loan amount. 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 minimum APR is 8.49% (with all discounts) and the maximum APR is 17.850% (with no discounts). 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. We offer a 0.50% discount with auto-pay from a Panacea checking account and a 0.25% discount with auto-pay from a non-Panacea checking account. To check the rates and terms you qualify for, click “Get Started” 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. PRN Loans have no prepayment penalty or prepayment fee and may be repaid at any time after loan closing. The minimum repayment period is immediately after 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. Example scenario of PRN In Training 5-year term loan: 14.176% fixed APR, $20,000 loan. APR includes origination fee. Repayment is interest only monthly payments varying from $215.87 to $239.00 in years 1-3, fixed monthly payments of $965.22 in years 4 -5 (11 payments year 5), and one final fixed payment of $965.29. Total finance charges: $11,615.15. Panacea utilizes the Equifax credit bureau, with a FICO score minimum of 661 to qualify for a personal loan.
- No cosigner is required for qualified applicants. Panacea uses co-signer and co-borrower interchangeably in its marketing materials. For the purposes of our consumer lending, an approved co-applicant would be added to the loan as a co-borrower. Applicants may choose to apply with a co-borrower. Adding a qualified co-borrower may improve the likelihood of approval, increase the loan amount you may qualify for, or help you obtain a lower interest rate.
- In-School Loans: For a 5-year term, you make reduced payments in years 1, 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 1, 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. In-Training Loans: 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. In- Practice Loans: Interest-only payments during first 6 months of loan. Full amortization over remainder of loan.
- 0.25% rate discount for PRN personal loan and 0.25% discount and $0 origination fees on practice loans: Terms and conditions apply. Offer good for new customers only and subject to lender approval. To receive the offer, you must: (1) complete a loan application with Panacea Financial within 30 days of your application submit date, (2) meet Panacea Financial underwriting criteria, and (3) be an AMA member. Once these conditions are met and the loan is approved, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount as a Panacea Financial benefit available to AMA members at the time of loan origination. Offer good for new customers only. Cannot be combined with other rate discounts, with the exception of the 0.50% AutoPay rate discount. Panacea Financial reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice. Offer subject to change.
What Our Customers Are Saying
Panacea Financial, a division of Primis Bank, deposit products:
FDIC-Insured – Backed by the full faith and credit of the U.S. Government
“
I'm a transitional year resident and needed extra money to help finance relocation and Step 3. Other financial institutions wanted interest rates double what Panacea offered and without the personal touch of staff being there step by step. This is what banking should feel like, and no matter what stage you are in your career as a physician, I'd recommend choosing Panacea.
Zachary Gallo, MD
Medical resident, Southern Regional AHEC
Banking Built For Doctors
AMA Preferred Provider
Doctors are underserved by the financial industry. From training through practice ownership, physicians simply do not fit traditional banking models.
Panacea was built to meet that reality. We are solely focused on making doctors’ financial lives easy. When you bank with Panacea, you can not only get faster decisions, higher limits, and better terms, but a team committed to your long-term success.
Owner of Apex Retina Institute
“
Panacea Financial went above and beyond to grasp my practice’s financial requirements and helped me secure the funding needed for my next phase of growth. They guided me through every step with competence and care, demonstrating a deep understanding of the needs of a developing medical practice.
Darren Knight, MD
FOR DOCTORS,
BY DOCTORS
7,000+
DOCTORS TRUST
PANACEA
$1B+
IN DOCTOR
LOANS FUNDED
40+
NATIONAL & STATE
ASSOCIATION PARTNERS
Exclusive Discounts For AMA Members
0.25%
Practice Loan Interest Rate Discount
4
0.25%
PRN Personal Loan Interest Rate Discount
4
Panacea is built for the full arc of a medical career, from managing unexpected expenses during training to navigating the financial complexity of practice ownership.
As your career evolves, so do your financial needs. We're here to support you through those changes with the financial expertise, personalized guidance, and solutions designed specifically for doctors.
One Platform For Every Stage Of Your Career
Whether you are buying your first practice or expanding to your next location, the Panacea Practice Solutions team offers financing built specifically for doctors.
We understand the weight of educational debt you carry into practice ownership, the cash flow pressures that come from reimbursement timing and shifting payor mix – and we structure our lending around that reality.
We don't just approve your loan. We help you build a practice that lasts.
Start, Build, And Grow Your Practice With Confidence
Whether relocating for residency, financing a home or car repair, or dealing with an unexpected expense, PRN Personal Loans give you quick access to up to $50,000.1 Borrow what you need when you need it most, with no cosigner required,2 no prepayment penalties, and reduced payments while in training.3
Get Up To $50K When
You Need It Most
Exclusive Discounts For
AAO Members
One Platform For Every
Stage Of Your Career
$0
Practice Loan Origination Fee