Personal Loans For Doctors: What You Need To Know

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:

Credit card consolidation – “I have gotten into some debt during residency. I met with a financial planner to get out of debt. This loan helped me pay off my credit cards and consolidate my debt. Everyone was so helpful and quick to respond. The customer service is incredible. I had the loan in my bank account in no time and am on the way to being debt free.” – Dr. L

Relocation after residency – “I am a resident physician transitioning from the end of residency to becoming an attending. I needed a loan to help with moving and relocation expenses and Panacea was able to help. The qualification process was effortless and I got my loan approved and funds disbursed in a little over a week.” – Dr. S

Childcare – “I’m a resident with two kids. Cost of childcare and other expenses made it impossible to complete my residency without extra financial help. Moonlighting was not an option for me. I could not qualify for personal loans due to my debt-to-income ratio from student loans. Panacea was able to look past that and approved my loan. The entire process was seamless, quick, and transparent. Communication was prompt and personal with phone calls and emails. They respect my time and value as a physician.” – Dr. J

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.
• No credit score requirements – Having a low or nonexistent credit score can prevent approval for certain personal loans, but we only use your credit score to assess the amount you can borrow, not your approval. 
• 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. 
• Reduced payments – Students do not have any payments for the first year of their loans and reduced payments in training. Residents and fellows have interest-only payments for the first two years of their loans. Attendings have interest-only payments during the first six months of their loans.

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

Securing a low interest rate – “I had incurred some credit card debt while in residency and wanted to consolidate the debt into one loan. I got multiple pre-approvals from other banks, but none of them were even close when it came to interest rate. Panacea offered me a loan with interest rate that was less than half of the lowest interest rate I got elsewhere with even longer term (more time to payoff the loan and thus lower monthly payment), and they didn’t even do a hard pull on my credit, it was just a soft inquiry and thus does not affect your credit score.” – Dr. N

Prioritizing communication – “As a 4th year medical student who just matched, I was frantic about the costs of relocating for residency. Panacea has a quick and easy application and approved me for a PRN loan when many other services denied me, not understanding the struggles of graduating medical students. I was provided with an amazing primary care banker who reached out to me via phone call and explained each step of the loan approval process. She continued to reach out each day letting me know where we were in the process and if there was anything else I needed to provide.” – Dr. C

Quick financing – “Needed a personal loan for some debt consolidation and house repairs. I applied at 11pm on a Thursday and had full funds in my account the following afternoon, less than 24hrs. Everything was very fast and easy. The banker called to confirm funds were delivered and to give his cell in case there was any issue. I’ve never worked with a bank who responded so quickly or moved so fast.” – Dr. R

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.