Frequently Asked Questions
Find answers to common questions, and learn more about loans and banking with Panacea Financial.
About Panacea Financial
At our core, we are a financial services company, formed out of passion for improving the lives of medical professionals. Panacea Financial is a challenger bank offering founded by physicians providing a full suite of banking services. Our founding partners and advisory board have decades of experience as practicing physicians and within the finance industry and as a result, we recognize the unique challenges medical providers have with traditional lenders. We are a division of Sonabank, one of the largest banks in Virginia, and a publicly traded and state chartered member of the FDIC.
We offer competitive, fixed interest rates because we believe being a medical student or physician is the most important thing about your financial maturity, not a credit score. Unlike the competition, you do not need a cosigner. We do not base our pricing off of your credit score or debt-to-income ratio. We choose to have fixed rates because we want you to have predictable payments to minimize your financial stress.
PRN Personal Loans
A PRN 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 high interest rate credit cards.
* PRN Loans cannot be used to pay existing or future educational debt
No, Panacea Financial conducts a soft credit pull that will not affect your credit score.
The application process takes less than nine minutes online. And if you choose a Panacea Checking account, we are able to give you access to your funds in as little as 24 hours after receiving a completed application.
After receiving your completed application, you can have access to your funds in as little as 24 hours. After being approved you will receive loan documentation and a call from your Primary Care Banker to answer any questions you may have.
Each payment towards your loan will apply directly to both principal and interest. Early in the loan, the majority of each payment goes towards interest. Later in the loan, the majority of the payment goes towards principal.
PO Box 2076
Ashland, VA 23006
Student Loan Refi
For those with publicly serviced student loans, the federal government has extended a Forbearance until January 31, 2021 under the CARES Act. What this means is that you are not obligated to pay your loans, and they are not accruing interest. If you are eligible for Public Service Loan Forgiveness (PSLF), these months will count towards your 120 qualifying payments. Please visit studentaid.gov for more information.
We are not offering loan forbearance due to COVID-19 at this time. If you are having hardship making payments please contact us to discuss options.
If you are refinancing any federal student loans with Panacea Financial, you will no longer be able to take advantage of federal income driven repayment (IDR) programs or student loan forgiveness, including Public Service Loan Forgiveness (PSLF). For more information about these federal programs and other federal student loan programs, please see studentaid.gov.
Yes, we refinance both federal and private loans, and will consolidate multiple loans into one – so you’ll only have to make one payment a month.
Right now, we have refinance for Attending Physicians. We are building a loan refinance specifically for residents and expect to launch that in Spring 2021.
No! We use a soft-credit check so it will not affect your score.
The minimum loan amount is $25,000. There is NOT a limit on the amount of student loans you can refinance – we know how expensive medical school can be!
No! We do not require a co-signer.
You choose! Our interest rates are transparent and fixed. You pick the term that fits best with your preferred payoff schedule. See what your rate could be on our Student Loan Refi page.
No. We do not charge fees for studentloan refinances, such as application fees, origination fees, or prepayment penalties. Other fees, such as late fees may apply.
Yes, you may make additional payments at any time without penalty. Additional payments are applied to your principal balance after outstanding interest is paid.
Yes, student loan refinance is considered a student loan for federal and state tax consideration. You will still receive a 1098-E for your interest payments. Note, that you may not be eligible for interest deduction depending on your individual tax situation. Please consult a tax advisor for more information.
No, we service your loan in-house and we have 24/7 concierge service to help you with any needs.
Yes, we offer a 0.50% discount for auto-pay from a Panacea checking account, and 0.25% discount from a non-Panacea Financial account.
Panacea offers a full suite of account options ranging from checking and savings accounts for individuals, as well as business checking accounts and treasury management services for physician practices.
With no ATM fees nationwide, you can withdraw cash at any ATM, bank, or federal credit union in the U.S. that uses the Visa© network.
Yes, your deposits are FDIC insured up to $250,000. We are a division of Sonabank, a state chartered and publicly traded institution. Member FDIC.
Our routing number is 051409278. Use this with your account number to set up direct deposits, bank transfers, and more.
Financial Services for the Medical Community
Whether you need a personal loan to start your own practice, cover unexpected expenses, or relocate for your next position, we can help – and fast.