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PERSONAL LOANS

For Physicians. Made Easy.

Physicians can get up to $50,000 at rates less than half the average credit card rate! Panacea has supported doctors with over half a billion dollars in financing to date.

Get Started In Under 10 Minutes
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No hard credit check required.

Not ready? Click to speak with a banker about your financial needs.

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 the average credit card rate 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

Real Results

Get To What Matters Faster & Easier

4th Year Medical & Podiatry Students

  • 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

  • No cosigner required
  • No prepayment penalty
  • Interest-only payments during first 6 months of loan for recent grads or an interruption in practice⁴
  • Perfect for moving, career transitions,  interruptions in practice!

Borrow up to:

$50,000

Details & Requirements
Start Your Application
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Get Started Today
Schedule A Call

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

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?

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 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.

Articles & Resources

Explore our collection of advice and tools to help doctors better position themselves for career and financial success.

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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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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

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 minimum APR is 10.638% (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 $100 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. 

2. 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.

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 661 to qualify for a personal loan.

7. Banking services are provided by Panacea Financial, a division of Primis Bank, Member FDIC. Deposits at Panacea Financial, Primis Bank, and any of its divisions, brands or affiliates are aggregated to determine FDIC insurance coverage.

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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