Laurel Road Personal Loan Review

Laurel Road personal loan rates aren’t the lowest.

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Laurel Road is a relatively new personal lender, as it started out in the student loan business in 2013. It was acquired by KeyBank in 2019 and now offers personal loans and mortgages in addition to student loans. It specializes in personal loans for new physicians and dentists, and offers a few other loan products that are unique compared with other online personal loan lenders, like funds to start a business or buy a car without having any assets tied to the loan.

  • APR Range 7.50%-24.25% for 3-year loans; 8.00%-24.35% for 4-year loans; 8.50%-24.75% for 5-year loans. More favorable rates apply for new physician and dentist borrowers.
  • Recommended Minimum Credit Score 700
  • Loan Amounts $5,000-$45,000; Physicians and dentists can borrow up to $80,000
  • Loan Terms 3, 4, or 5 years
  • Pros and Cons
  • Fees
Pros and Cons
  • Relationship discounts

  • Good customer service support

  • Ability to change payment due date

  • Special options for physicians and dentists

  • Slow funding time

  • Rates aren’t the lowest

  • Good credit score recommended


Laurel Road charges zero origination fees or prepayment penalties. 

Pros of Laurel Road Loans

  • Relationship discounts: If you have a student loan from Laurel Road, you can get cheaper rates on a personal loan, too.
  • Good customer service support: Laurel Road’s call centers and online chat support are available six days a week, for 12 hours per day. What’s more, you don’t have to be a customer to access chat support, so it’s easier to ask real-time questions online if you’re still deciding on Laurel Road. 
  • Ability to change payment due date: Did your employer change your payday? Or just prefer a different payment date? No worries; you can change the day your payment is due by calling or emailing the company.
  • Special options for physicians and dentists: Residents and fellows can get access to personal loans with special payment plans of $25 per month while you finish school and during training. If you’re already a fully fledged medical professional or close to it, you can get access to higher-than-normal loan amounts of $80,000 (versus the $35,000-$45,000 maximum for other borrowers).

Cons of Laurel Road Loans

  • Slow funding time: Laurel Road says it funds most loans within seven business days, although it could take longer in some cases. By contrast, some other lenders can get you the cash as soon as the same day, if you’re in a pinch.
  • Lowest rates aren’t the best: Laurel Road’s lowest APRs for three- to five-year loans range from 7.5% to 8.5%. Those aren’t bad rates, but if you’re a true low-rate-seeker, you may want to look elsewhere.
  • Good credit score recommended: To qualify for a personal loan from Laurel Road, you’ll need a good credit score (at least 700). If you don’t have that, you may be able to get a loan if you have a credit score of at least 660 and a co-signer for the loan with a score of 700 or greater.

Loan Rates & Terms

Laurel Road offers personal loans for a wide range of uses, although some of the exact details depend on what you’re using the money for.

  • APR range: 7.50%-24.75% for 3-year loans, 8.00%-24.75% for 4-year loans, or 8.50%-24.75% for 5-year loans.
  • Loan term length: 3, 4, or 5 years.
  • APR range for residents and fellows: 8.25%-23.50% for 5-year loans or 9.25%-24.75% for 7-year loans.
  • APR range for physicians and dentists: 6.20%-20.75% for 3-year loans, 7.50%-22.50% for 5-year loans, or 8.50%-24.25% for 7-year loans.

Laurel Road does not charge an application fee for personal loans. 

Loan Amounts

For most purposes, you can borrow $5,000-$45,000. 

Special Loan Terms for Doctors and Dentists

If you’re a doctor or a dentist (or getting close to finishing schooling to be one), Laurel Road has some special options for you. 

  • Loan amounts for physicians and dentists: If you’re a practicing professional (or have a contract to join a practice), you can borrow up to $80,000. 
  • Loan amounts for training: If you’re in training but don’t yet have a contract to practice, you can borrow between $30,000 and $45,000, depending on what year you’re at in your training.
  • Loan amounts for residency interviews: If you’re a fourth-year medical student, you can take out a special “Residency Interview” loan from $5,000-$15,000 to pay for interview-related expenses.

Students and residents qualify for a reduced payment plan of $25 per month until they’ve completed their schooling and/or training.

Loan Fees

Laurel Road doesn’t charge any origination fees or prepayment penalties. 

How to Apply

Laurel Road’s personal loan application procedure is pretty much the same as you’ll find with most lenders. The only difference is that the company can be a bit slower to make deposits than other lenders, with an average funding time of seven days.

You also have three options for how your Laurel Road personal loan is paid out. You can get the money deposited directly into your bank account, you can have it sent directly to your existing creditor (for debt consolidation loans), or a mix of the two.

Final Verdict

Laurel Road’s lowest personal loan rates aren’t the best out there for people without a Laurel Road student loan, but there are some reasons you might consider them if you’re looking to borrow money. Doctors and dentists may be particularly interested in the company’s special loans, especially students and residents whose money might be a bit thin during training.

In addition, Laurel Road allows unsecured loans for things that traditionally need to be secured, specifically auto loans and business loans. There are a lot of pros and cons of unsecured loans for these types of financing; however, so make sure you weigh your options carefully before you apply.

Article Sources

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  1. Laurel Road. "Contact Us." Accessed July 17, 2020.

  2. Laurel Road. "Dental & Physician Personal Loans." Accessed July 17, 2020.

  3. Laurel Road. "Personal Loans." Accessed September 9, 2020.

  4. Laurel Road. "Personal Loan for Medical Residents." Accessed July 17, 2020.

  5. Laurel Road. "Personal Loan Archives." Accessed July 17, 2020.