Laurel Road is a complete online banking option that offers personal loans. These loans range from $5,000 to $45,000 and up for most customers, but there are many other options for professionals in the medical field.
Discover what Laurel Road offers, from home improvement to debt consolidation and student loan refinancing.
Laurel Road At-a-Glance
Compare to Other Personal Loan Lenders
When looking at the best personal loan options, you might find that some lenders offer features that align with what you want. Here is how Laurel Road compares to some others.
Avant
Avant is a personal loan option that provides funding the same business day, which is faster than Laurel Road, but the APR for those with poor credit might be much higher.
The loan amounts and terms are comparable, but there are several states in which Avant is not available; Laurel Road is offered in all 50 states as well as Washington D.C. and Puerto Rico.
SoFi
SoFi offers a minimum loan amount of $5,000, which is on par with what Laurel Road provides, but the maximum is $100,000, which is much higher than what Laurel Road offers the general public.
The repayment terms are more advantageous, but it takes a much higher credit score to qualify for this lender. SoFi is not available to those in Mississippi.
Lending Point
LendingPoint offers personal loans funded within a day, but it has a maximum APR much higher than that of Laurel Road.
The minimum loan amount of $2,000, making it more suitable for those who want to borrow only enough for a minor emergency. You pay an origination fee with LendingPoint, which is unavailable for those in Nevada or West Virginia.
Who Is a Laurel Road Personal Loan For?
Laurel Road personal loans range from $5,000 to $45,000 for most borrowers, which means you can obtain enough cash to cover everything from home improvements to smaller emergencies. But this lender stands out in their assistance to those in the medical profession, with loans of higher amounts offered and better terms for those with AMA membership or active training.
Top Features of the Laurel Road Personal Loan
The top features of a Laurel Road personal loan include many unique options that other lenders might not offer. These are some of the best reasons to choose Laurel Road for a personal loan.
Option to Add a Co-Signer or Co-Borrower
Laurel Road allows you to add a co-signer or a co-borrower to your loan application. A co-signer or co-borrower can improve your chances of getting approved and getting better terms. If you run into trouble making payments, that person is also responsible for payments, late fees, and any other issues that might arise during your loan.
Autopay Discount
Those who set up autopay for their personal loan payments can enjoy a 0.25% discount on their interest rate. Autopay can help ensure you are never hit with the $28 late fee for late payment.
Direct Payments to Creditors
If you’d rather not worry about paying your creditors through a debt consolidation loan, Laurel Road lets them handle that. They can send the funds directly to your creditors, so you don’t have to play the middle man and manage the payments yourself.
Personal Loans for Medical Professionals
Laurel Road is probably best known for offering advantageous loans to those working in the medical field. Practicing dentists or physicians, as well as those within one year of completing their training with a signed employment contract, are eligible for special loan terms. They can borrow up to $80,000 – almost double the maximum amount the general public can request – and might have better terms and rates.
Potential for Reduced Loan Payments
Those who work in the medical field as interns, residents, fellows, or other post-graduate trainee positions are eligible for reduced payments on their loans from Laurel Road. The reduction in loan payments lasts for 48 months or until the borrower has completed their training. The unpaid interest will be added to the loan’s principal during that time.
How to Get Started with Laurel Road
The application process on Laurel Road begins with an easy online application. You will provide basic information, such as your name, birthday, social security number, address, and income. You will also be asked what the purpose of the loan is and how much you want to borrow. You will go through a soft credit check, which doesn’t affect your credit score.
You will receive the potential terms upon approval at the prequalification stage. If you accept the loan, you will fill out a formal application. You must be a U.S. Citizen or a permanent resident with a valid I-155 card. You must be at least 18 years of age. If you are a physician or other qualified medical professional, you will be asked to provide evidence of your employment, training, or a signed contract for a residency program.
You will be asked to provide proof of your income, education, and employment history (to a certain point). You will also undergo a hard credit check, which can make your credit score dip for a few months. You need a minimum credit score of 660 to qualify and a good income-to-debt ratio, though the lender doesn’t specify what that is.
After you have uploaded all proper documentation and the loan is approved, you will receive funding within a week.
Rating the Features of Laurel Road
Understanding what Laurel Road has to offer can help you compare a variety of lenders to find the one that’s right for you. Here’s what to expect from this one.
User Experience
Setting up an account with Laurel Road is simple. There are no application fees. Though there is a mobile app, many users have complained about glitches and slow processing; however, online access is robust and seamless. Customer service is available during regular extended banking hours. Though the application might be approved quickly, funds can take up to a week to appear in your account.
Fees
There is no application, origination, or prepayment fee. The only notable fee for loan holders is a late fee of $28 or 5% of the loan, whichever is higher.
Rates
Laurel Road offers a minimum APR higher than some of the competition but still reasonable. The highest APR for a personal loan is comparable to that of a high-interest credit card.
Variety
In addition to the personal loans available for those who qualify, Laurel Road offers other loans, including mortgages and refinancing student loan debt. Consider looking at the checking, savings, and credit card offerings.
Customer Support
Customer service and live chat are available five days per week from 8 AM to 9 PM, and you can reach out anytime via the online form.
In addition to robust support for those who take out personal loans through Laurel Road, there is a wealth of educational resources for those who have student loans and want an easier path to paying them back. Financial education and subscription discounts are other perks available to anyone who banks with Lauren Road.
Access
Though there has been some consternation from customers about the slowness of the mobile app, the online option is robust and user-friendly. There are no branches for this online-only bank, but customer service is available during regular extended banking hours.
Pros and Cons of the Laurel Road Personal Loan
Frequently Asked Questions
What’s the difference between a co-signer and a co-borrower?
A co-signer allows their credit history, income, and other information to be used to bolster the efforts of getting a loan. This can help someone with not-so-good credit get the funding they need. A co-borrower is the same thing, but they have access to the funds the lender eventually gives; a co-signer doesn’t typically have access to those funds.
What’s the downside of taking out as much as I qualify for?
Taking out the maximum amount your qualify for can have many implications for your credit.
You will owe more, and thus your monthly payment will be higher. You might be assigned a higher APR for a higher amount. Your credit score might take a hit at first, but your credit score could increase as you pay the loan off with on-time monthly payments.
I wasn’t approved for a personal loan. Now what?
If you aren’t approved for the loan, you will receive a letter explaining why.
Pay attention to the problems listed there, such as revolving credit balances that are too high or any late payments or other problems.
Work on fixing these by paying more than the minimums on your credit cards, making your payments on time, and working to increase your income-to-debt ratio.
Bottom Line
Laurel Road offers a variety of loan options for the general public but shines when it comes to loans for medical professionals.
Those needing higher loan amounts of at least $5,000 and a credit score of at least 660 might find this the best option. If you are a medical professional, even in training, this is a serious option to consider.
