PRN Personal Loans
Fair, affordable personal loans for doctors and trainees to use as needed.
Fixed rates that vary with term – as low as 6.75% APR.1
Learn more about PRN
personal loans for:
M4 Medical Students
Residents & Fellows
Attendings
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“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
Funding in as little as 24 Hours
No Cosigner
100% Digital
No Hidden Fees
Funding in as Little as 24 Hours
No Cosigner
100% Digital
No Hidden Fees
Wherever you are in your career, you need money. That’s true whether you need a personal loan to interview, relocate for your next position, or start your own practice.
Whatever you need, Panacea Financial helps you get loans fast. It’s your money, as needed.
We know our borrowers extremely well, and more importantly, we know you’re more than a credit score. Furthermore, we trust you – your loans will not need a cosigner, ever.
The result?
Once we’ve received your complete application and approved the loan, we can distribute funds in as little as 24 hours.
4th Year Medical Students
- No payments for 1 year
- Reduced payments during training 2
- No cosigner required
- No minimum credit score
- No fees
- We complete a soft credit check that won’t impact your credit score
Borrow Up to $15,000
Residents & Fellows
- Reduced interest-only payments during years 1 & 2 of loan 3
- No cosigner required
- No minimum credit score
- No fees
- We complete a soft credit check that won’t impact your credit score
Borrow Up to $30,000
Attendings
- Interest-only payments during first 6 months of loan4
- No cosigner required
- No fees
- We complete a soft credit check that won’t impact your credit score
Borrow Up to $75,000
- 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.
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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.
