Frequently Asked Questions
Find answers to common questions, and learn more about loans and banking with Panacea Financial.
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 founded by two doctors, formed out of passion for improving the lives of doctors and doctors in training. Panacea Financial is a nationwide digital bank providing a full suite of banking services. Our founding partners and advisory board have decades of experience as doctors and within the finance industry. As a result, we recognize the unique challenges physicians, dentists, and veterinarians have with traditional lenders. We operate as a division of Primis, one of the largest banks in Virginia, and a publicly traded and state chartered member of the FDIC.
We built our products with the belief that being a student or trainee in medicine, dentistry, or veterinary medicine is the most important thing about your financial maturity, not a credit score. Unlike the competition, you will not need a cosigner, ever.
About Panacea Financial
At our core, we are a financial services company founded by two doctors, formed out of passion for improving the lives of doctors and doctors in training. Panacea Financial is a nationwide digital bank providing a full suite of banking services. Our founding partners and advisory board have decades of experience as doctors and within the finance industry. As a result, we recognize the unique challenges physicians, dentists, and veterinarians have with traditional lenders. We operate as a division of Primis, one of the largest banks in Virginia, and a publicly traded and state chartered member of the FDIC.
We built our products with the belief that being a student or trainee in medicine, dentistry, or veterinary medicine is the most important thing about your financial maturity, not a credit score. Unlike the competition, you will not need a cosigner, ever.
General Consumer Banking
No, Panacea Financial conducts a soft credit pull that will not affect your credit score.
The application process takes less than eight minutes to complete.
Funds are disbursed either to a Panacea checking account, non-Panacea account, or via mailed check.
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 but encourage digital payments.
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.
Your Primary Care Banker will provide you with copies of your loan documents.
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 Personal Loan or Student Loan Refinance Loan from Panacea Financial.
Currently we are not allowing co-applicants. We offer great products without a cosigner, unlike the competition.
General Consumer Banking
No, Panacea Financial conducts a soft credit pull that will not affect your credit score.
The application process takes less than eight minutes to complete.
Funds are disbursed either to a Panacea checking account, non-Panacea account, or via mailed check.
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 but encourage digital payments.
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.
Your Primary Care Banker will provide you with copies of your loan documents.
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 Personal Loan or Student Loan Refinance Loan from Panacea Financial.
Currently we are not allowing co-applicants. We offer great products without a cosigner, unlike the competition.
PRN Personal Loans
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
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.
With a Panacea PRN Loan, the minimum amount you can borrow is $1,000.
- A 4th year student (In-School PRN) can borrow up to $15,000
- A resident, graduate student, or fellow (In-Training PRN) can borrow up to $30,000
- A practicing doctor (In-Practice PRN) can borrow up to $75,000
There are no pre-payment or origination fees. Any pre-payments will go towards the principal balance.
A PRN Loan is unsecured and does not require collateral, such as real estate or other personal items.
The average credit card interest rate is close to 20%. 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 a fixed end date.
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.
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 PRN Personal Loan page.
The application process takes less than eight minutes to complete. 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.
Your promissory note will have the specific details of your late payments, depending on what state you live in. If you think you will not be able to make a payment, please contact your Primary Care Banker for assistance.
If you are not a student, 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 or no payments.
Yes!
- If you are a fourth year student in medical, dental, or veterinary school your first payment on your PRN Personal Loan is one year after loan origination.
- For those with a MD, DO, DDS, DMD, VMD, DVM, or DPM degree and advancing their training through a graduate program, residency, or fellowship there is a period where you only pay interest.
- As an in-practice doctor, you’ll only have to pay the interest-only for the first 6 months, then your full payments will start.
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 $15,000, for residents/trainees, it’s $30,000, and for practicing doctors 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.
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.
PRN Personal Loans
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 Loans cannot be used to pay existing or future educational debt
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.
With a Panacea PRN Loan, the minimum amount you can borrow is $1,000.
- A 4th year student (In-School PRN) can borrow up to $15,000
- A resident, graduate student, or fellow (In-Training PRN) can borrow up to $30,000
- A practicing doctor (In-Practice PRN) can borrow up to $75,000
There are no pre-payment or origination fees. Any pre-payments will go towards the principal balance.
A PRN Loan is unsecured and does not require collateral, such as real estate or other personal items.
The average credit card interest rate is close to 20%. 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 a fixed end date.
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.
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 PRN Personal Loan page.
The application process takes less than eight minutes to complete. 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.
Your promissory note will have the specific details of your late payments depending on what state you live in. If you think you will not be able to make a payment, please contact your Primary Care Banker for assistance.
If you are not a student, 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 or no payments.
Yes!
- If you are a fourth year student in medical, dental, or veterinary school your first payment on your PRN Personal Loan is one year after loan origination.
- For those with a MD, DO, DDS, DMD, VMD, DVM, or DPM degree and advancing their training through a graduate program, residency, or fellowship there is a period where you only pay interest.
- As an in-practice doctor, you’ll only have to pay the interest-only for the first 6 months, then your full payments will start.
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 $15,000, for residents/trainees, it’s $30,000, and for practicing doctors 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.
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.
Student Loan Refinance
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.
Yes you can! You can refinance while in training as a medical resident or fellow, dental resident or grad student, or a veterinary resident.
You pay $100 per month while you are in training.*
When you refinance your school loans in training, you get three years of $100/month payments. If you are pursuing more training, you can extend the period of reduced payments with proof of training. Also note that your years in lowered payment count towards your total length of repayment term.
No! We use a soft credit check, so it will not affect your score.
The minimum loan amount is $15,000. There is NOT a limit on the amount of student loans you can refinance – we know how expensive medical, dental, and veterinary school can be!
No! Unlike many of our competitors, we do not require a cosigner.
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 student loan refinancing. You will not pay 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.
For those with publicly serviced student loans, the federal government has extended a forbearance until mid-2023 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.
Student Loan Refinance
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.
Yes you can! You can refinance while in training as a medical resident or fellow, dental resident or grad student, or a veterinary resident.
You pay $100 per month while you are in training.*
When you refinance your school loans in training, you get three years of $100/month payments. If you are pursuing more training, you can extend the period of reduced payments with proof of training. Also note that your years in lowered payment count towards your total length of repayment term.
No! We use a soft credit check, so it will not affect your score.
The minimum loan amount is $15,000. There is NOT a limit on the amount of student loans you can refinance – we know how expensive medical, dental, and veterinary school can be!
No! Unlike many of our competitors, we do not require a cosigner.
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 student loan refinancing. You will not pay 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.
For those with publicly serviced student loans, the federal government has extended a forbearance until mid-2023 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.
Practice Lending
It is Panacea Financial’s division that helps doctors with any commercial banking and lending needs. It is led by industry experts with decades of experience lending to doctors, for anything from real estate for your practice to buying-in as a partner.
All of our products and services were designed with the doctor at the center. As a result, we are easier to work with because our products understand you, and our customer service is clear and accessible on your hours. We also move faster because we have a streamlined digital application and funding process, getting you money quickly.
We take into consideration many factors with all of our applicants, including years of practice, cash flows, and previous credit history. For some, it may not be the right time for a loan but we are happy to discuss and lead you on the best path going forward.
If approved for a loan, time to funding can depend on your need but with our streamlined process and doctor-centric customer service we can typically get you funds in days-to-weeks, not months-to-years.
Yes we can! Click here to start your account application.
Practice Lending
It is Panacea Financial’s division that helps doctors with any commercial banking and lending needs. It is led by industry experts with decades of experience lending to doctors, for anything from real estate for your practice to buying-in as a partner.
All of our products and services were designed with the doctor at the center. As a result, we are easier to work with because our products understand you, and our customer service is clear and accessible on your hours. We also move faster because we have a streamlined digital application and funding process, getting you money quickly.
We take into consideration many factors with all of our applicants, including years of practice, cash flows, and previous credit history. For some, it may not be the right time for a loan but we are happy to discuss and lead you on the best path going forward.
If approved for a loan, time to funding can depend on your need but with our streamlined process and doctor-centric customer service we can typically get you funds in days-to-weeks, not months-to-years.
Yes we can! Click here to start your account application.
Deposit Accounts
Panacea offers a full suite of account options ranging from checking and high-yield savings accounts for individuals, as well as business checking accounts and treasury management services for practices.
No. None. Nada. With a Panacea Checking Account, your account is completely free, including being reimbursed on all ATM fees incurred on non-Panacea ATMs nationwide.
Our deposit accounts are totally free and come with an array of benefits including: free ATM use nationwide, 24/7 concierge customer support, free checks, a custom debit card, free domestic wires, and free cashier’s checks & stop payments.
Through our mobile app or online banking, you can easily transfer funds at any time! We also offer free mobile deposits through our app, allowing you to deposit checks in the palm of your hand.
Yes, you are able to transfer money directly into the account of family or friends through our mobile banking app or Zelle. Our accounts also link to many popular money sharing apps like Venmo, CashApp, and many more.
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.
ATM refunds of fee from non-Panacea ATMs will be refunded within five business days after the statement cycle ends.
We have an entire bill pay module in your online banking portal. Through the portal you can find common bill recipients (like utility companies), set up recurring payments, and notifications. You can use this to pay bills online or through your mobile device for free.
Yes, your deposits are FDIC insured up to $250,000, per depositor, per ownership category. 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.
Deposit Accounts
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 practices.
No. None. Nada. With a Panacea Checking Account, your account is completely free, including being reimbursed on all ATM fees incurred on non-Panacea ATMs nationwide.
Our deposit accounts are totally free and come with an array of benefits including: free ATM use nationwide, 24/7 concierge customer support, free checks, a custom debit card, free domestic wires, and free cashier’s checks & stop payments.
Through our mobile app or online banking, you can easily transfer funds at any time! We also offer free mobile deposits through our app, allowing you to deposit checks in the palm of your hand.
Yes, you are able to transfer money directly into the account of family or friends through our mobile banking app or Zelle. Our accounts also link to many popular money sharing apps like Venmo, CashApp, and many more.
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.
ATM refunds of fee from non-Panacea ATMs will be refunded within five business days after the statement cycle ends.
We have an entire bill pay module in your online banking portal. Through the portal you can find common bill recipients (like utility companies), set up recurring payments, and notifications. You can use this to pay bills online or through your mobile device for free.
Yes, your deposits are FDIC insured up to $250,000, per depositor, per ownership category. 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.
Account Security
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.
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.
Account Security
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.
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.
General Bank Information
Our routing number is 051409278. Use this with your account number to set up direct deposits, wire transfers, ACH transfers, and more.
Please mail to the below address, including your loan number on the check:
Primis
Panacea Financial
PO Box 2075
Ashland, VA 23005
General Bank Information
Our routing number is 051409278. Use this with your account number to set up direct deposits, wire transfers, ACH transfers, and more.
Please mail to the below address, including your loan number on the check:
Primis
Panacea Financial
PO Box 2075
Ashland, VA 23005