Laurel Road Personal Loans: 2021 Review

To review Laurel Road's personal loans, NerdWallet collected more than 40 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 to good-credit borrowers with annual percentage rates that can include an autopay discount.

Loan amounts start at $5,000. The maximum borrowing amount is $45,000 on loans for debt consolidation, major purchases and home improvements. For all other purposes, it’s $35,000.

Laurel Road is best for borrowers who:

• Have good credit (at least 700 FICO) and four years of credit history.

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

• Want to borrow a large sum.

• Are health care professionals looking for additional financing options.

Laurel Road at a glance

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Where Laurel Road stands out

Option to add a co-signer: Borrowers can add a co-signer to their loan application, which could increase their chances of getting approved or getting a lower rate. Co-signers do not have access to the loan proceeds but are 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.

Funding time: Once your personal loan application has been approved, Laurel Road will deposit the funds in your bank account in one business day. However, there is no standard approval time; if significant documentation is required, approval could take up to 30 days.

Refinancing option: Laurel Road allows borrowers to use its loan to refinance an existing personal loan, whether it’s from Laurel Road or another lender. If you qualify for a lower rate, refinancing can save you money on interest and help you pay off your debt faster.

Loans tailored to health care professionals: Practicing physicians and dentists, or those who are 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.

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

» MORE: Best good-credit personal loans

Where Laurel Road falls short

High rates for good-credit borrowers: Laurel Road’s rates are higher than other lenders targeting similar applicants. As you compare personal loans, pre-qualify with multiple lenders to make sure you’re getting the best rate.

Limited flexibility on payment date: Laurel Road does not let you choose your payment date before signing the loan agreement, and you can only change it once over the life of the loan. Other lenders allow you to change it multiple times, which is helpful if you get a new job and get paid on a different date.

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.

• Minimum credit history: Four years and two open accounts.

• No more than three credit inquiries in the past six months.

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

• No delinquencies.

• Have not filed for bankruptcy.

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

• Employed for more than two years.

Loan example: A five-year, $25,000 loan with a 17.4% APR would cost $627 in monthly payments. You’d pay $12,620 in total interest on that loan.

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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.