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.
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.
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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
Key terms to know about personal loans
» COMPARE: Best online lenders
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.
» MORE: Personal loans with a co-signer
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.
» MORE: Best good-credit personal loans
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.
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