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.
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.
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
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 per deposit account. 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.