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 founded by physicians offering 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, to ensure the highest standards of regulatory compliance.

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 underwriting 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 appear on your personal credit report nor adversely 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.
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 SonaBank and we will retain, service, and be here to answer any questions you have about your loan.

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 per deposit account. We are a division of Sonabank, 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:

PRN Loans

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.

Featured Resources

Here’s to better financial solutions for MDs & DOs