Laurel Road Personal Loans: 2022 Review

Laurel Road offers medium to large online loans with an autopay discount, minimal fees and special terms for health care professionals.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Our Take


NerdWallet rating 

The bottom line:

Laurel Road’s personal loans are a strong fit for good-credit borrowers who qualify for a low rate or fair-credit borrowers who can add a co-signer.

Laurel Road Personal Loan
Est. APR
Loan amount
Min. credit score
See my rates

on NerdWallet's secure website

Pros & Cons


  • Option to include a co-signer or co-borrower.
  • No origination fee.
  • Offers a .25 percentage point rate discount for setting up autopay.
  • Offers direct payment to creditors for debt consolidation loans.


  • High minimum credit score requirement.
  • Two- to four-day funding time is longer than most lenders.
  • Borrowers can choose from only three repayment terms.

Compare to Other Lenders

Lending Club
NerdWallet rating 
NerdWallet rating 
Est. APR


Est. APR


Loan term

3 to 5 years

Loan term

2 to 7 years

Loan amount


Loan amount


Min. credit score


Min. credit score


Compare estimated rates from multiple lenders

Compare Rates

Get more smart money moves — straight to your inbox

Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love.

Full Review of Laurel Road Personal Loan

Laurel Road provides online personal loans to good-credit borrowers with annual percentage rates that can include an autopay discount.

The maximum borrowing amount is $45,000 on loans for debt consolidation, major purchases and home improvements. For other purposes, like moving expenses, it’s $35,000.

Laurel Road is best for borrowers who:

  • Have good credit (at least 700 FICO).

  • Want to add a co-signer or co-borrower to their application.

  • Are health care professionals looking for additional financing options.

Laurel Road at a glance


  • No origination or prepayment fees.

  • Rate discount for autopayments.


  • Performs soft credit check to pre-qualify.

  • Reports payments to three credit bureaus.

  • Discloses rates and terms on website.

  • Offers comprehensive FAQ that answers borrower questions.

Loan flexibility

  • Offers direct payment to creditors for debt consolidation loans.

  • Funds loans within a week.

  • Only offers three repayment terms.

  • Only allows changes to payment date once.

  • Available in all 50 states and Washington, D.C., and Puerto Rico.

Customer experience

  • Offers multiple customer contact channels and seven-day support.

  • Offers financial education.

  • Doesn't offer a mobile app to manage loan.

Key terms to know about personal loans

Annual percentage rate

Annual percentage rate is the interest rate on your loan plus all fees, calculated on an annual basis and expressed as a percentage. Use the APR to compare loan costs from multiple lenders.

Origination fee

An origination fee is a one-time, upfront fee that some lenders charge for processing a loan. The fee can range from 1% to 10% of the loan amount, and lenders typically deduct it from your loan proceeds.

Debt-to-income ratio

The debt-to-income ratio divides your total monthly debt payments by your gross monthly income, giving you a percentage. Lenders use DTI — along with credit history and other factors — to evaluate a borrower's financial ability to repay a loan.

Soft credit check

Lenders that offer pre-qualification typically do so using a soft credit check, which allows you to see rates and terms you qualify for without affecting your credit score. If you accept the loan offer, the lender will perform a hard check to confirm your information. Hard checks knock a few points off your credit score.

Where Laurel Road stands out

Option to add a co-signer or co-borrower: Borrowers can add a co-signer or co-borrower to their loan application, which could increase their chances of getting approved or getting a lower rate. Co-borrowers have access to loan proceeds, and both co-signers and co-borrowers can be responsible for any missed payments or fees.

Direct payments to creditors: Laurel Road can send your loan proceeds directly to creditors when you consolidate debts with its loan, so you don’t have to keep track of those repayments.

Autopay discount: Laurel Road offers a rate discount of 0.25 percentage points for setting up autopay. This discount incentivizes borrowers to make payments on time.

Loans tailored to health care professionals: Practicing physicians and dentists, or those within one year of completing their training and have a signed employment contract, can borrow up to $80,000 on a personal loan. This is separate from Laurel Road’s student loan refinancing option.

Full-time interns, residents, fellows or other postgraduate trainees are eligible to make reduced $25 monthly payments on their loan. Any unpaid interest will be added to the loan principal, and regular monthly payments resume once the borrower has finished training, or after 48 months.

Medical professionals with a Laurel Road personal loan can also take advantage of discounts on various subscriptions and services like online therapy and home fitness.

Where Laurel Road falls short

Slow funding time: Upon approval of the loan application, funding can take between two to four days, which is longer than other comparable lenders.

Limited flexibility on payment date: Laurel Road lets you choose your payment date before signing the loan agreement, but you can only change it once after signing. Other lenders allow you to change it multiple times, which is helpful if you get a new job or your payday shifts.

Limited loan terms: Borrowers can choose from three repayment options — three, four or five years. Though not uncommon, other lenders offer longer repayment terms, which could make your monthly loan payment more affordable.

A seven-year term is available for health professionals.

How to qualify for a Laurel Road loan

  • Minimum credit score: 700, or 660 with a qualified co-signer.

  • Have not filed for bankruptcy within the last four years.

  • Must be a U.S. citizen or permanent resident.

  • Maximum debt-to-income ratio: 43% (including mortgage).

  • Must be employed.

Loan example: A five-year, $25,000 loan with a 15.5% APR would cost $601 in monthly payments. You’d pay $11,080 in total interest on that loan.

How to get a loan from Laurel Road

Apply on Laurel Road

You can fill out an application on Laurel Road's website. After entering some personal information, you’ll be presented with loan options for which you pre-qualify.

Pre-qualify on NerdWallet

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify on NerdWallet. You may receive personalized rates from multiple lenders that partner with us. Pre-qualifying will not impact your credit.

See my rates

on NerdWallet's secure website


NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.