Despite the future earning potential of medical students, residents, and fellows—traditional banks and lenders still evaluate these applicants on traditional factors such as current income and debt. As someone who falls into at least one of the above categories—balancing 60-80+ hour low-or-unpaid work weeks and student loan debt—you know how unattainable bank qualification standards can be.
Panacea Financial was created to fix this—and other lending challenges—faced by medical students and practicing physicians here in the United States.
American Banker recently published a new article titled, “To lend to doctors, banks get an assist from fintechs.” In it, writer Miriam Cross explores the complexity of lending to medical students, residents and attendings, and shares FinTech companies that are helping make a difference—including Panacea Financial.
Cross was quick to point out that while other FinTech lenders focus on applicants later in their careers, Panacea tailors its products and services to those in earlier stages: medical students, residents, fellows, and early attending physicians. Panacea co-founder, Dr. Michael Jerkins, provided an explanation in the article as to why: “When physicians-in-training are done with residency or fellowship, every bank wants their business.”
To American Banker, this is where Panacea stands out from the rest:
One of the ideas driving Panacea is that these customers are low risk, and by offering them affordable credit and deposit accounts now, they are likely to keep their business with Panacea as they progress in their careers
In her article, Cross goes on to cite the following benefits of securing a physician loan from Panacea:
- Applicants can qualify for a fixed-rate, PRN Personal Loan with just a medical license and no adverse credit events.
- Customer service designed around physician needs, including:
- 24-hour concierge support
- A dedicated ‘primary care banker’ that customers can call, text or email.
Cross concluded her article by sharing Panacea’s plans to add property and casualty insurance, medical malpractice insurance, and other exciting new products in 2021 and beyond.
You can read the full article on American Banker.