The bottom line: Laurel Road is a good-credit lender that stands out for no origination fees and a competitive rate-beat discount.
Laurel Road Personal Loan
Min. Credit Score
8.01 - 22.81%
$1,000 - $45,000
Pros & Cons
No origination or prepayment fees.
Charges late fees.
Lacks flexible payment options.
Compare to Other Lenders
Compare estimated rates from multiple lenders
To review Laurel Road, NerdWallet collected more than 30 data points from the lender, interviewed company executives and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.
Laurel Road provides online personal loans with annual percentage rates that can include a 0.25 percentage point discount for automatic bank payments. There are no origination fees or prepayment penalties.
Laurel Road’s maximum borrowing amount for personal loans toward debt consolidation, major purchases and home improvements is $45,000. For all other purposes, the maximum is $35,000. The company says its average loan size is $26,000, and 65% of its borrowers use their loans for debt consolidation.
» MORE: Compare debt consolidation loans
Co-sign loans: Laurel Road allows applicants to apply with a co-signer, which can improve your odds of loan approval and get you more favorable loan terms.
Rate-beat discount: Applicants who pre-qualify for a Laurel Road personal loan and get a lower rate offer from a competitor can submit the competing offer to Laurel Road. The company says it will beat the interest rate on that offer by one-quarter of a percentage point.
The competing offer must be a comparable personal loan product, and applicants must be eligible for Laurel Road financing to qualify for this discount, which includes meeting the lender’s 660 credit score minimum.
Direct payment to creditors: If you’re consolidating debt, you can ask Laurel Road to send your loan proceeds to your creditors, eliminating the step for you and simplifying the debt consolidation process.
Late fees: 5% or $28, whichever is less.
How to qualify:
Minimum credit score: 660.
Minimum income: None specified.
Debt-to-income ratio: Not disclosed.
Loan example: For a borrower with excellent credit (720 to 850), a $30,000 personal loan with a repayment term of five years at an annual percentage rate of 10.94% carries monthly payments of $651, according to NerdWallet’s personal loan calculator.
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Apply on Laurel Road
You can pre-qualify for a personal loan and get a quote with no impact to your credit score at Laurel Road. The entire application process can be completed online, and a customer service representative is available to help via phone, email, in-app messaging or live chat.
Personal Loans Rating Methodology
NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.