Laurel Road Personal Loans: 2020 Review

Laurel Road is an option for borrowers with strong credit who want to consolidate debt and avoid fees. Loans start at $1,000.

Steve NicastroJanuary 3, 2020

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Our Take


NerdWallet rating 

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

Laurel Road Personal Loan

Min. Credit Score


Est. APR

8.01 - 22.81%

Loan Amount

$1,000 - $45,000

Pros & Cons


  • No origination or prepayment fees.

  • Co-sign option.

  • Autopay discounts.


  • Charges late fees.

  • Lacks flexible payment options.

Compare to Other Lenders

Est. APR

3.99 - 16.99%

Est. APR

5.99 - 18.53%

Loan Term

2 to 7 years

Loan Term

2 to 7 years

Loan Amount

$5,000 - $100,000

Loan Amount

$5,000 - $100,000

Min. Credit Score


Min. Credit Score


Compare estimated rates from multiple lenders

Compare Rates

Full Review

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.

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.

Loans for students, medical professionals: Laurel road also offers student loan refinancing as well as medical loans for health care professionals.


  • Late fees: 5% or $28, whichever is less.

How to qualify:

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.

Before you shop for a personal loan

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, including Laurel Road. Pre-qualifying will not impact your credit.

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.