Laurel Road Personal Loan full review
Laurel Road offers medium to large online loans with low costs, an autopay discount, and special conditions tailored to medical professionals.
Meet Laurel Road: The Ideal Lender for Healthcare Professionals
Healthcare professionals with a strong credit history can turn to Laurel Road for personal loans tailored to their needs.
Laurel Road offers loans up to $45,000 for eligible borrowers, with dentists, doctors, and students who are 12 months away from completing their training having access to up to $80,000. However, only undergraduate and specific associate degrees are eligible for refinancing in the academic year 2022-2023, excluding graduate loans.
Both federal and private parent loans can be refinanced through Laurel Road, providing eligible students the opportunity to take on their debt.
In 2019, Laurel Road became part of KeyBank, a well-established provider of corporate and community banking services. MOHELA, The Higher Education Loan Authority of the State of Missouri, services the student loans issued by Laurel Road, further solidifying their commitment to providing quality financial services.
As a fintech company, Laurel Road offers a seamless digital experience for personal loans. With a quick soft credit inquiry, applicants can receive their interest rate within just two minutes.
For borrowers who enroll in automated payments, Laurel Road offers a 0.25% discount, along with waived origination fees and prepayment penalties. However, it may take up to seven days for loan funding and final loan approval. To be eligible, borrowers must have a minimum FICO score of 700, though co-signers can improve their chances.
Read on to discover more about Laurel Road and determine if it is the right fit for your financial needs.
How does a Laurel Road Personal Loan Work?
Laurel Road offers unsecured, fixed-rate personal loans from $5,000 to $45,000. The maximum loan amount depends on the purpose of the loan.
If the loan is for an auto purchase, business expenses, a green loan, moving costs, or any other reason, the maximum borrowing amount is $30,000. However, for debt consolidation, significant purchases, or home improvements, borrowers can access up to $45,000.
Repayment periods of 3, 4, or 5 years are available, and APRs range from 8.99% to 24.50%. Opting for autopay is essential to secure the lowest interest rates.
Loan amounts, repayment terms, credit history, credit score, and overall financial health all impact the interest rates offered by Laurel Road. For those who are concerned about securing favorable rates, co-signers are allowed.
Although there is no specific minimum income requirement or credit score requirement listed on the Laurel Road website, having good credit enhances the chances of getting the best rates from the lender.
To be eligible for a Laurel Road loan, you must be a U.S. citizen or a permanent resident with a valid I-551 card indicating a minimum of 10 years between the “resident since” date and the “card expires” date. Laurel Road provides personal loans in all 50 states, as well as Washington, D.C., and Puerto Rico.
Main Benefits of a Laurel Road Personal Loan
Option to Include a Co-Borrower or Co-Signer
Having a co-signer or co-borrower can increase the likelihood of loan approval or result in a lower interest rate. Both parties share responsibility for any late payments or fees, and co-borrowers have access to the loan proceeds.
Direct Creditor Payments
For borrowers consolidating debts, Laurel Road can send the loan proceeds directly to creditors, relieving the borrower of the task of managing multiple repayments.
Autopay Discounts
Laurel Road offers a 0.25% rate reduction for borrowers who set up autopay before the final loan closing. This incentivizes timely payments and helps borrowers save on interest.
Loans Specifically for Medical Professionals
Medical professionals, including doctors and dentists in practice or within a year of completing their training with a signed employment contract, can borrow up to $80,000 with a personal loan. This separate option from Laurel Road’s student loan refinancing solution caters specifically to the unique needs of healthcare professionals.
Full-time interns, residents, fellows, and postgraduate trainees may also qualify for lower loan installments. Regular monthly payments begin once training is completed or after 48 months, and any unpaid interest is applied to the loan balance.
