Laurel Road Personal Loans: 2021 Review

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

Jackie VelingDec 4, 2020
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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

Laurel Road Personal Loan

Min. Credit Score


Est. APR

7.25 - 22.81%

Loan Amount

$5,000 - $45,000

Pros & Cons


  • Option to include a co-signer.

  • No origination fee.

  • Offers a .25% rate discount for setting up autopay.

  • Offers direct payment to creditors.

  • Able to fund loans within 24 hours.


  • High minimum loan amount.

  • Charges late fee.

  • Requires several years of credit history.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
Est. APR

3.99 - 19.99%

Est. APR

5.99 - 19.63%

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

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Full 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

Credit building

  • Soft credit check to pre-qualify.

  • Reports payments to three credit bureaus.


  • APRs are high among lenders targeting good-credit borrowers.

  • No origination or prepayment fees.

  • Rate discount for autopayments.

Loan flexibility

  • Offers direct payment to creditors for debt consolidation loans.

  • Funds loans within one business day.

  • Only allows changes to payment date once.

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


  • Discloses rates and terms on website.

  • Offers FAQ that answers some borrower questions.

Customer experience

  • Offers multiple customer contact channels and extended hours.

  • Offers financial education.

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.

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.

Pre-qualify on NerdWallet

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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.

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.