[PYMNTS] Meet the Neobank That Counts Only Doctors as Customers

January 30, 2024

Press

Picture this: a 28-year-old $400,000 in debt who has never held a job.

Would you give them a loan? Chances are, probably not. And that’s the thought taken by most banks, too.

But, just like most banks, you probably weren’t picturing a doctor — or someone who might be one in a few years.

And while the lending profile of many medical students, residents, fellows and even attending physicians can be a turn off for traditional financial institutions, their lifetime career earning potential shouldn’t be.

“Most banks and financial institutions don’t quite know how to properly engage with doctors and doctors in training,” Michael Jerkins, M.D., president and co-founder at Panacea Financial, told PYMNTS.

“In our opinion, your standard bank mis-assesses the risk of a doctor and a doctor’s practice. And part of that is because, generally speaking, doctors — when they start to make money — have lots of personal debt,” Jerkins said.

And as a doctor himself, just like his co-founder, he has had a front row seat to the round-hole-square-peg dynamic between the financial struggles of physicians and the banking products of traditional banks and financial institutions.

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Here’s to better financial solutions for physicians, dentists and veterinarians.

Panacea Financial Holdings partners with Primis Bank, Member FDIC, to deliver banking services through its Panacea Financial Division.

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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. Panacea utilizes the Equifax credit bureau, with a FICO score minimum of 660 to qualify for a personal loan.

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