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APY vs. Interest Rate: What is the difference?

When looking at deposit services, like savings accounts and certificates of deposits, you are likely seeing terms like Annual Percentage Yield (APY) and interest rate...

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How Can You Reduce Your Total Student Loan Cost?

Physicians, dentists and veterinarians take on hundreds of thousands of dollars of debt to pay their way through school. Once in residency or practice, it’s...

How To Improve Your Credit Score For Doctors

How To Improve Your Credit Score For Doctors

Despite high earning potential, many doctors find themselves with less-than-ideal credit scores due to substantial student loan debt and the financial strain of school and...

Nine Steps to Successfully Buying a Medical Practice

Nine Steps to Successfully Buying a Medical Practice

Medical practice ownership can be an exciting, but challenging step in a physician’s career. Buying a medical practice will give you a running start to...

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When Is Match Day? – Important Residency Match Dates

Match Day is a momentous occasion in the lives of medical students and aspiring doctors around the world. This eagerly anticipated event marks the culmination...

Personal Financial Statement

How To Create A Personal Financial Statement (With Template)

When applying for credit or a loan, many lenders will ask to review your personal financial statement. If you’ve never created one before, it can...

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Podcasts

A Bank That Gets It

November 26, 2021

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Webinars

Exploring Trainees’ Experience During Residency and Fellowship

July 16, 2024

Avoiding Financial Pitfalls and Investing for the Future

January 23, 2024

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Guides & Assets

Infographic: How stressed are residents & fellows about their finances?

June 20, 2024

A Dentist’s Guide to Acquiring a Practice

June 11, 2024

Infographic: Medical Residents’ & Fellows’ Compensation

April 25, 2024

Salary Guide for Dentists 2024

April 10, 2024

Salary Guide for Medical Residents 2024

April 10, 2024

Salary Guide for Family Medicine 2024

April 10, 2024

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Calculators

Credit Card Vs. Personal Loan Calculator

March 6, 2023

High-Yield Savings Calculator

February 17, 2023

Doctor Life Insurance Calculator

February 28, 2022

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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
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1. All personal loans have a $100 origination fee. 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 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. All APRs assume a 0.50% discount with auto-pay from a Panacea Checking account. We offer a 0.25% discount with auto-pay from a non-Panacea checking account.  To check the rates and terms you qualify for, click “Apply Today” 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.

2. No payments during the first year. For a 5-year term, you make reduced payments in years 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 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.

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