With examination fees, residency relocation costs and credit card debt, becoming a doctor can be expensive. Additionally, being a doctor does not mean you are immune to large expenses like medical bills or home renovations. 

Credit cards are one option for dealing with these larger — and often unexpected — expenses, but they are likely accompanied by high interest rates that can quickly put you even deeper in debt. A personal loan could be a great alternative for money when you need it.

Keep reading to learn what a personal loan is, how it can help you and what makes Panacea Financial unique from real customers just like you.

What is a personal loan? 

Personal loans can be great options for those in need of extra funds for life expenses. Panacea Financial offers a PRN Personal Loan specifically for doctors. 

Just as the name suggests, a PRN loan – pro re nata or “as needed” – offers physicians, dentists and veterinarians money when they need it most. 

Whether in your final year of school, in residency or fellowship, or attending, Panacea offers loans that are designed for your unique circumstances.

What can doctors use personal loans for?

Personal loans for doctors are flexible, meaning you can use them for what you need, but many customers use these funds for things like: 

• Credit card consolidation
• Application or examination fees
• Relocation
• Life events 

Here are some ways our recent customers used their PRN personal loans:

Financial support in residency: “Panacea Financial has provided invaluable assistance with residency loans. Their consistent support and reliability throughout the entire process, and even after, have been remarkable. I am grateful to Panacea for assisting me in this crucial and financially challenging stage in my career.” – Dr. Zuleyka Sanchez

Unexpected expenses: “After 14 years of school and training, I was finally finishing up and found myself in a financial bind. Completing my program in June, I planned a brief break before starting my first attending job in September. Despite working some moonlighting shifts and saving up, unexpected expenses like COBRA insurance and relocation fees arose. A friend recommended Panacea, so I applied. The service was excellent, and my banker was incredibly attentive, knowledgeable, and helpful. The entire process was seamless and stress-free, with funds deposited in less than 48 hours. Panacea significantly improved my situation, relieving my stress and allowing me to enjoy my two-month break between training and work. I’ve since opened accounts with Panacea due to the exceptional support they provide. Thank you, Panacea.” – Dr. Cynthia Anunobi

What are the benefits of Panacea Financial’s PRN Personal Loan? 

Panacea Financial was built for doctors, by doctors, so we understand your unique needs and struggles. 

Especially in training or early in practice, banks are quick to reject doctors’ financial needs because of high debt and low income. We don’t let that stop us from providing the financing you need, because we know those numbers are not indicative of your financial future.

Other notable benefits include: 

• No cosigner – Because of your debt-to-income ratio, many banks see you as a risk, but we know your professional progress is a better measurement of your creditworthiness.
• Low, fixed interest rates – Our rates are generally much lower than the average credit card rate, which means less interest and a shorter payment period. We also use fixed rates so you know your payments for the life of the loan. 

Here are some other aspects of the PRN personal loan that customers appreciate:

Clear communication: “Right from the beginning, Panacea made everything a breeze. Together we developed a plan that aligned with my life and budget. They walked me through each step of the refinancing process with patience and clarity. Even after the deal was done, they continued to touch base over the years. There are no fines or hidden fees, just a straightforward approach.” – Dr. Maye Mohamed

Timely service: “Panacea was great to work with! They always followed up in a timely manner, provided detailed information to ensure everything was understood, and made the process easy and seamless.” – Medical student Shaemion McBride

How do I apply for a personal loan? 

If you have decided a personal loan from Panacea Financial is the right choice for you, it’s time to apply! Our digital application can take as little as 8 minutes, and you can receive the funds in as little as 24 hours. Begin the process on our PRN Personal Loan page.

No matter what your needs are, we are here to help you succeed at every step of your career. Explore our other Resources for more tips and information you should know. 

Panacea Financial, a division of Primis. Member FDIC.