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 Primis, 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.

Yes! We offer fully digital checking available nationwide without any service fees or ATM fees.
Yes! Physicians and physicians-in-training have unique needs and time constraints. That is why each physician or physician-in-training deposit or loan customer has access to their very own “Primary Care Banker” who knows your financial needs and goals. They are only a phone call, text, or email away and can give you personalized and timely service.

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.

To be eligible for a PRN loan, you must be a 4th year medical student, current resident/fellow or attending physician with an active healthcare license and live in the U.S including Puerto Rico. You must have a valid U.S Social Security number and a valid I.D., and be a U.S Citizen or Permanent Resident.

A PRN loan is unsecured and does not require up front collateral, such as real estate or other personal items.
With a Panacea PRN Loan, the minimum amount you can borrow is $1,000. For a 4th year Medical student the max loan amount is $15,000, for a Resident/Fellow the maximum loan amount is $30,000, and if you are an attending physician the maximum loan amount is $75,000.
There are no pre-payment or origination fees. Any pre-payments will go towards the principal balance.
The average credit card interest rate is close to 20% and all of our PRN loans have a fixed interest rate less than half of a credit card. Also, a PRN loan is based on simple interest while a credit card operates off of compound interest. With compound interest, you are paying interest on principal and the interest accrued from previous periods. With a PRN loan, your interest rate will never change and you will have an end date.
Yes! If you auto-debit your loan payment from a Panacea Financial checking account you will receive a .50% discount on your rate. If you auto-debit from a non-Panacea Financial bank account you will receive a .25% discount on your rate. Enrolling in autopay is not required to receive a PRN loan from Panacea Financial.

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.

Yes, we have a mobile app where you can apply for loans, check your balances, and manage your payments. You can download our mobile apps for iOS or Android.

If a payment is seven days late or more, the borrower will be charged 5.00% of the unpaid portion of the regular scheduled payment. If you think you will not be able to make a payment, please contact your Primary Care Banker for assistance.
You can make payments through the Panacea Financial app or you can also login to the online banking center to make payments online. We also accept traditional forms of payments like mailed checks.
Your first payment will be due 30 days after receiving your loan.
No, you will have a fixed monthly payment. Any additional payments will lower the overall amount you pay back in interest. This will reduce the number of payments you need to make over the life of the loan.
Funds are disbursed either to a Panacea checking account, non-Panacea checking account, or via mailed check.

You can access your loan documents by logging on to your account on panaceafinancial.com. Once you log on to your account it will be updated with your signed documents, from there you can download a copy of your loan agreement. Your Primary Care banker will also provide you with copies of these loan documents.

Yes! We set maximum borrower amounts based on your current status: medical student, resident/fellow, or attending. You can borrow up to the maximum amount for your status. For medical students that’s $15,000, for residents/fellows it’s $30,000, and for attendings it’s $75,000. If you take out less than this amount, and find you need more later, your Primary Care Banker will help you re-apply.
Currently we are not allowing co-applicants. We offer great products without a cosigner, unlike the competition.

We will not sell your loan or transfer you to another servicer. We believe in the trusted relationship you have formed with us and truly think we’re in this together. We are a division of Primis and we will retain, service, and be here to answer any questions you have about your loan.

Student Loan Refi

For those with publicly serviced student loans, the federal government has extended a Forbearance until September 30, 2021 under executive orders extending 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!

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.

Deposit Accounts

No. None. Nope. Nada. With a Panacea Checking account, your account is completely free including being reimbursed on all ATM fees nationwide.
Our deposit accounts are free to have and come with an array of benefits including: 24/7 concierge customer support, free checks, custom debit card, free ATM use nationwide, free incoming wires & check images, free notary services, free cashier’s checks & stop payments, and free check images.

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.

Through our mobile app or online banking, you can easily transfer funds at any time! We also offer free mobile deposits through our app.

Yes, you are able to transfer money directly into the account of family or friends through our Mobile Banking App or Zelle.

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, if you’d like checks, just let us know and we will send you free checks.
You can pay bills online or through your mobile device for free.
Great question. Our data storage and encryption exceeds the standard set in all 50 states. We use state of the art security protocols, and our digital security team is constantly monitoring for suspicious activity.

Yes, your deposits are FDIC insured up to $250,000. We are a division of Primis, a state chartered and publicly traded institution. Member FDIC.

Yes, you can. Foreign ATM transactions will be refunded within five business days after the statement cycle.
We use a combination of public records, identification verification, credit-reporting service, physician databases and artificial intelligence. When communicating with you we will verify your identity before discussing any personal information.

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

Our mission is to help you achieve financial freedom, while protecting your valuable time and increasing access and opportunity along the way. See how we help:

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