Laurel Road Personal Loan Review
NMLS#1136
Read more about how we rated Laurel Road.Laurel Road was founded as a student loan refinancing fintech, which has since been acquired by KeyBank. It offers a variety of loan and banking products on the platform, including personal loans.
- Low APR: Laurel Road offers competitive interest rates on its personal loans, though it won’t let you borrow as much as some competitors. Borrowers may need good credit to be approved, but the terms might be appealing.
- Auto-pay discount: By setting up automatic payments from a checking account, you could earn a 0.25% discount on your APR and save some money over the lifetime of the loan.*
- Smaller loan size: The maximum possible loan for debt consolidation or home improvements is $45,000, while the maximum for auto purchases or moving expenses is $35,000.
- Fewer term options: Laurel Road only lets you choose from terms of 36 months, 48 months or 60 months. Other lenders have shorter and longer loan terms available.
- Unclear eligibility criteria: Laurel Road’s website doesn’t provide much detail on loan eligibility — for example, it doesn’t specify a minimum credit score or other criteria. However, you can check your eligibility with Laurel Road using a soft credit check that won’t hurt your credit score.
- Best for borrowers who prequalify and shop for rates: Laurel Road lets you check conditional terms without a hard credit check so you can shop around for the best APR at no risk.
Laurel Road pros and cons
Laurel Road’s loan terms may differ based on what you intend to use the funds for, but there are a broad set of use guidelines for its loans.
| Pros | Cons |
|---|---|
APR range (9.49% - 24.25%) is competitive Fast funding timeline after approval No origination fees or other hidden costs | Laurel Road doesn’t disclose eligibility criteria May only be available to borrowers with good credit Maximum funding amounts are low compared with other lenders |
Depending on your financial needs, Laurel Road might have great terms: Its loans are as low as 9.49% APR, and there are no origination fees. You can also check your rate with several companies to see if you’re eligible for a Laurel Road loan or whether it has the best possible rate.
But, if you need a bigger loan or don’t have a strong credit history, you might not be able to get funding. Laurel Road only lends up to $35,000 for certain kinds of expenses, and by offering lower rates, the lender will be more selective about who it approves.
Depending on your existing debt, income and credit score, you may not be eligible. However, Laurel Road does allow cosigners on loan applications, which may improve your odds of getting approved.
Laurel Road requirements
U.S. citizens and I-551 card holders can apply for a Laurel Road loan. While the lender says that “loan eligibility also depends on your credit history and financial profile,” it doesn’t specify a minimum income or credit score. Laurel Road loans also may not be used for educational expenses, though the lender offers specialized small loan products for physicians, dentists and those in training.
| Laurel Road loans CAN be used for… | Laurel Road loans CANNOT be used for… |
|---|---|
|
|
If Laurel Road’s loan options won’t work for your borrowing needs, shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a loan with Laurel Road
Laurel Road has a straightforward prequalification and personal loan application process:
Prequalify for a loan
You’ll provide basic information, including your employment history, and authorize a soft credit pull to receive conditional interest rates on a possible loan.
Verify your information
After prequalification, you must upload some supporting documents and finish your application. You’ll take a hard credit check, and Laurel Road will give you specific loan rates and terms.
Sign for your loan
You can choose your loan, then e-sign any disclosures and the promissory note. According to Laurel Road, “most approved loans are funded in about seven business days,” but a bank transfer will take about 24 hours after approval and a scheduled disbursement.
If you’re unable to get approval for a personal loan, Laurel Road allows cosigners on its loan applications — a cosigner with great credit could help your chances of getting approved.
How Laurel Road compares to other personal loan companies
Even though Laurel Road has competitive terms, you should compare other lenders and find the best rates. Here’s how Laurel Road stacks up against similar lenders.
| Laurel Road | Discover | LightStream | |
|---|---|---|---|
| LendingTree’s rating | 4.3/5 | 4.5/5 (Read review) | 4.5/5 (Read review) |
| Minimum credit score | Not disclosed | 720 | Not disclosed |
| APRs | 9.49% - 24.25% | 7.99% - 24.99% | 7.49% - 25.49% |
| Loan amounts | $5,000 to $45,000 | $2,500 to $40,000 | $5,000 to $100,000 |
| Repayment terms | 36 to 60 months | 36 to 84 months | 24 to 144 months |
| Origination fee | None | None | None |
| Funding timeline | Receive funds as soon as the next day | Receive funds as soon as the next day | Receive funds as soon as the same day |
| Bottom line | Laurel Road has a competitive APR | Discover lets you borrow the least | LightStream has a wider range of loan terms and amounts |
How we rated Laurel Road
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but also competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
Frequently asked questions
Direct pay is required for debt consolidation in some cases, but it isn’t required for all customers.
No, Laurel Road doesn’t charge origination fees for personal loans.
Yes, doctors and residents may be able to borrow higher amounts and for different terms than other people with Laurel Road personal loans.