Laurel Road Personal Loan Review
Laurel Road personal loan rates aren’t the lowest.
Laurel Road is a relatively new 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.
Who Is a Laurel Road Personal Loan Best For?
Most lenders allow you wide freedom to use your funds for almost anything you want. Laurel Road is no different, but it also offers a few other loan products that are unique offerings compared to other online personal loan lenders. For example, you can use the loan to start a business or buy a car without having any assets tied to the loan. Laurel Road has special loans for you if you’re a doctor or a dentist, too.
You might consider a personal loan from Laurel Road if you meet these criteria:
- You want to use an unsecured loan to buy a car.
- You want customer service that’s easy to contact.
- You want the freedom to choose your own payment date.
- You’re a fourth-year medical student and need an affordable loan to attend job interviews.
Good customer service support
Ability to change payment due date
Special options for physicians and dentists
Slow funding time
Rates aren’t the lowest
Need a good credit score
- 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).
- 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 8.01% to 10.11%. Those aren’t bad rates, per se, but if you’re a true low-rate-seeker, you’ll want to look elsewhere.
- Need a good credit score: 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.
Laurel Road Personal 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: 8.01%-20.06% for 3-year loans, 9.16%-21.46% for 4-year loans, or 10.11%-22.56% for 5-year loans.
- Loan term length: 3, 4, or 5 years.
- APR range for residents and fellows: 8.24%-9.12% for 5-year loans or 8.74%-9.99% for 7-year loans.
- APR range for physicians and dentists: 5.50%-7.99% for 3-year loans, 6.50%-8.99% for 5-year loans, or 7.50%-9.99% for 7-year loans.
Laurel Road does not charge an application fee for personal loans.
How Much You Can Borrow With Laurel Road
For most purposes you can borrow $5,000-$35,000. For debt consolidation loans, home improvement loans, and certain other large purchases, the maximum loan size is $45,000.
Special Loan Terms for Doctors and Dentists
If you’re a doctor or a dentist (or getting close to finishing schooling to do these things), 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.
Laurel Road Personal Loan Fees
Laurel Road doesn’t charge any origination fees or prepayment penalties.
How to Get a Personal Loan From Laurel Road
Laurel Road’s personal loan application procedure is pretty much the same that you’ll find with most lenders. The only difference is that the company can be a bit slower 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.
The Bottom Line
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 wallet might be a bit on the thin side during training.
In addition, Laurel Road does allow 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 assets, however, so make sure you weigh your options carefully before you apply.
Laurel Road. "Contact Us." Accessed May 29, 2020.
Laurel Road. "Dental & Physician Personal Loans." Accessed May 29, 2020.
Laurel Road. "Personal Loans." Accessed May 29, 2020.
Laurel Road. "Personal Loan for Medical Residents." Accessed May 29, 2020.
Laurel Road. "Personal Loan Archives." Accessed May 29, 2020.