PERSONAL LOANS FOR PHYSICIANS
Up to $50,000 with Fast Approval
Panacea has provided $500+ million in financing to doctors to date.
No hard credit check required.
Credit Card Consolidation
Relocation
No hard credit check required.
Get To What Matters Faster & Easier
Using a lower-rate personal loan can save you thousands when compared to a credit card. Don’t take our word for it. Run the numbers yourself with our Personal Loan Vs. Credit Card Calculator.
Home Improvements
Unexpected Life Events
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The most important thing is building a relationship with your lender. Panacea Financial has really been there to help.
Dr. Adam Moeser, DVM, DACVIM
Owner of Wisconsin Veterinary Neurology & Surgical Center
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Dr. Jamaine Ifedi, DDS, MBA
Owner of Empire Dental Group
Being able to call and get answers is the difference between a deal happening or not happening. Panacea Financial understands the needs and career lifecycle of dentists.
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Dr. Janie Yang, MD
Co-owner of The Endoscopy Center of New York
Find a lender who understands you. Panacea Financial respected my time, explained my loan clearly, and got me what I needed.
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Zachary Gallo, MD
St. George's University School of Medicine | Carthage, NC
This is what banking should feel like, and no matter what stage you are in your career as a physician, if you’re needing some financial assistance, I’d recommend choosing Panacea.
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Juan Manuel Martinez Diaz Granados
St. George's University | Miami, FL
Unlike other financial institutions supposedly for medical professionals, they truly grasp our unique circumstances and are flexible in their approach.
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Lloyd Taylor
Universidad Autónoma de Guadalajara | Austin, TX
The Panacea team is efficient and easy to work with. I recommend Panacea to anyone that’s thinking about changing financial institutions or applying for loans.
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University of Kansas Medical Center | Fishers, IN
I wouldn’t have been able to transition from my 4th year to intern year without their help.
Jacob Hamilton, DO
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Shine Pediatric Dentistry and Orthodontics | Nashville, TN
Panacea understood the unique requirements of our non-traditional setup and made the entire process smooth from start to finish.
Michael Seelig, DMD, MS
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University of Rochester Medical Center | Rochester, NY
They were easy and quick to work with, which greatly reduced the stress of moving and furnishing for residency.
Max Finch, DO
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Apex Retina Institute Incorporated | Long Beach, CA
They guided me through every step with competence and care, demonstrating a deep understanding of the needs of a developing medical practice.
Darren Knight, MD
See How Much You Can Save
FAQs
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
We don’t require a cosigner10 for most PRN Personal Loan applicants 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 ask for cosigners in order to get access to their loans.
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.
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 payments.
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 $10,000, for residents/trainees, it’s $20,000, and for practicing doctors it’s $50,000. If you take out less than this amount, and find you need more later, your Primary Care Banker will help you re-apply.
No hard credit check required.
Panacea Financial Holdings partners with Primis Bank, Member FDIC, to deliver banking services through its Panacea Financial Division.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by Panacea Financial. Links are provided for informational purposes and should not be viewed as an endorsement
Fine Print
1. APR = Annual Percentage Rate. All personal loans have an origination fee equal to 1% of the loan amount. To obtain a new loan with Panacea Financial, you must also have a Panacea checking account; there is no fee to open the account, a minimum deposit of $25 required, and there is no minimum balance. Other fees and charges may apply, see this link for full terms and conditions. The minimum APR is 8.49% (with all discounts) and the maximum APR is 17.850% (with no discounts). The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. We offer a 0.50% discount with auto-pay from a Panacea checking account and a 0.25% discount with auto-pay from a non-Panacea checking account. To check the rates and terms you qualify for, click “Get Started” and Panacea will conduct a soft credit pull to determine your possible rate and will not affect your credit score. Not all applicants qualify for the lowest rate or maximum loan amount; subject to credit approval. Total borrower maximum varies by stage of career and with credit score: In School maximum is between $1,000 – $10,000; In Training maximum is between $1,000 – $20,000; In Practice maximum is between $1,000 – $50,000. PRN Loans have no prepayment penalty or prepayment fee and may be repaid at any time after loan closing. The minimum repayment period is immediately after closing. The minimum and maximum term varies by employment status. In Practice and In Training PRN Personal Loans have repayment periods of 3, 5, or 7 years. In School PRN Personal Loans have repayment periods of 5 or 7 years. Example scenario of PRN In Training 5-year term loan: 14.176% fixed APR, $20,000 loan. APR includes origination fee. Repayment is interest only monthly payments varying from $215.87 to $239.00 in years 1-3, fixed monthly payments of $965.22 in years 4 -5 (11 payments year 5), and one final fixed payment of $965.29. Total finance charges: $11,615.15. Panacea utilizes the Equifax credit bureau, with a FICO score minimum of 661 to qualify for a personal loan.
2. For a 5-year term, you make reduced payments in years 1, 2, and 3 of the interest accrued in the first year, added to the monthly interest. Full amortization years 4 and 5. For a 7-year term, you make reduced payments in years 1, 2, and 3 of the interest accrued in the first year, added to the monthly interest. Full amortization over years 4, 5, 6, and 7.
3. For a 3-year term, you make interest-only payments in years 1 and 2. Full amortization in year 3. For a 5-year term, you make interest-only payments in years 1, 2, and 3. Full amortization in years 4, and 5. For a 7-year term, you make interest-only payments in years 1, 2, 3, and 4. Full amortization in years 5, 6, and 7.
4. Interest-only payments during first 6 months of loan. Full amortization over remainder of loan.
5. Adverse Credit Event: two or more payments more than 30 days late, totaling more than $500, within the prior 6 months; accounts with a total outstanding balance greater than $1,000 that are 90 or more days delinquent as of the date of the credit report, or that have been placed in collection or charged off during the two years preceding the date of the credit report; default determination during the five years preceding the date of the credit report; bankruptcy discharge during the five years preceding the date of the credit report; repossession during the five years preceding the date of the credit report; foreclosure during the five years preceding the date of the credit report; charge-off/write-off of a federal student aid debt during the five years preceding the date of the credit report; wage garnishment during the five years preceding the date of the credit report; tax lien during the five years preceding the date of the credit report; consumer credit counseling within five years preceding the date of the credit report.
6. Panacea Financial utilizes the Equifax credit bureau, with a FICO score minimum of 661 to qualify for a personal loan. Applicants with a credit score below the minimum may apply with a co-borrower and the higher of the two credit scores will be used for qualification.
7. Banking services are provided by Panacea Financial, a division of Primis Bank, Member FDIC. Deposits at Panacea Financial, Primis Bank, and any of its divisions, brands or affiliates are aggregated to determine FDIC insurance coverage.
8. Direct Deposit Interest Rate Discount: New PRN Personal Loan and Student Loan Refinancing borrowers may be eligible for a 0.50% interest rate reduction if borrower maintains a direct deposit into a Panacea checking account. To qualify, borrower must receive direct deposits totaling at least $1000 per calendar month, beginning within 60 days of account opening. The Direct Deposit Discount will remain in effect only during periods in which the borrower maintains eligible direct deposits each month. If direct deposit eligibility is not met, the discount will be suspended. Offer may not be combined with the $100 cash back offer for customers who open a deposit account.
9. No cosigner is required for qualified applicants. Panacea uses co-signer and co-borrower interchangeably in its marketing materials. For the purposes of our consumer lending, an approved co-applicant would be added to the loan as a co-borrower. Applicants may choose to apply with a co-borrower. Adding a qualified co-borrower may improve the likelihood of approval, increase the loan amount you may qualify for, or help you obtain a lower interest rate.
How Can A PRN Personal Loan Help?
Real Results
How Can A PRN Personal Loan Help?
Real Results
Get To What Matters Faster & Easier
See How Much You Can Save
FAQs
Panacea Financial, a division of Primis Bank, deposit products:
FDIC-Insured – Backed by the full faith and credit of the U.S. Government
No Cosigner Required9
Reduced Payments While In Training
Quick Funding
4th Year Medical & Podiatry Students
Borrow up to:
$10,000
Details & Requirements
Reduced payments during training2
No cosigner required9
No prepayment penalty
Perfect for Match fees, interviews, or moving costs!
Residents & Fellows
Borrow up to:
$20,000
Details & Requirements
Reduced interest-only payments while in training3
No cosigner required9
No prepayment penalty
Perfect for board exams, career transitions, or life events!
Attendings
Borrow up to:
$50,000
Details & Requirements
Interest-only payments during first 6 months of loan for recent grads or an interruption in practice4
No cosigner required9
No prepayment penalty
Perfect for moving, career transitions, and practice changes!
