How to apply for Laurel Road Personal Loan
Discover the current application process for obtaining a personal loan from this lender if you are in the healthcare field and in need of financial assistance.
Laurel Road: A Lender Worth Considering for Your Financial Needs
If you’re looking to refinance your student loans, obtain a private student loan, or require a personal loan, Laurel Road is a lender that should be on your radar. Formerly known as Darien Rowayton Bank’s online lending division, Laurel Road has established itself as a trusted lender since its rebranding in 2018.
Laurel Road has refinanced over $3 billion in student loans since 2013 and provides mortgages, personal loans, and student loans in all 50 states and Washington, D.C. as a Connecticut-chartered bank. Its services, excluding mortgages, are also available in Puerto Rico.
If you’re a dentist or doctor in need of a financial solution tailored to your unique demands, Laurel Road is a reliable option. The lender offers substantial loan amounts specifically designed to benefit medical professionals.
Additionally, Laurel Road is an excellent choice for individuals with excellent credit who want to consolidate their high-interest bills. The lender offers direct creditor payments and an autopay discount, both of which can lead to significant long-term savings. With just one payment due date to keep track of, Laurel Road’s personal loan for debt consolidation makes managing debt payments simpler.
Furthermore, Laurel Road does not impose a prepayment penalty, allowing borrowers to pay off their loans early without incurring additional fees. The lender offers competitive APRs ranging from 7% to 24.25%.
Who Is Eligible for a Laurel Road Personal Loan?
Citizens or lawful permanent residents of the United States are eligible for Laurel Road student loans. Undergraduate students can refinance as early as their last semester of classes if they have a documented contract or employment letter. Associate degree holders in specific professions, such as dental hygiene or nursing, may be eligible for a $50,000 refinance. These borrowers must have an offer of employment in their field of study and must work in that field for at least 12 months after graduation. While the specific debt-to-income ratio and credit score requirements are not disclosed on the Laurel Road website, a minimum credit score of 700 is advisable based on historical data.
How to Apply for a Laurel Road Personal Loan?
The application process for a Laurel Road personal loan can be completed entirely online. The lender offers a mobile app and the option to create an online account for convenient access. To apply, submit an online application to Laurel Road, which will provide you with a conditional interest rate based on a soft credit check. You’ll need to provide details such as your credit rating, annual salary, debt-to-income ratio, and credit history. Once you receive your conditional rate, you’ll need to submit supporting documentation. The loan underwriting process typically takes around 7 business days. After approval, funding happens quickly, with borrowers receiving their funds as soon as 24 hours after choosing their loan type and term.
It’s important to compare the loan estimate you receive from Laurel Road with offers from other personal loan providers to ensure you’re getting the best deal.
Laurel Road Personal Loan vs. College Ave Student Loans
Both Laurel Road and College Ave Student Loans offer excellent options for borrowers with student loans. Laurel Road is particularly beneficial for healthcare students and professionals, while College Ave Student Loans provide flexibility and additional perks such as prequalification and the opportunity to enroll part-time. Ultimately, borrowers should compare the conditions and benefits offered by each lender to determine the best option for their specific needs.
Benefits of a Laurel Road Personal Loan
- Alternatives for joint loans and cosigning
- Zero origination costs
- Autopay discounts on rates
- Loans for debt consolidation allow for direct payment to creditors
Benefits of College Ave Student Loans
- Available prequalification
- Permitted to enroll part-time
- $150 bonus for completing your degree
- Flexible terms for repayment
How to Apply for College Ave Student Loans
If you’re interested in exploring College Ave Student Loans, refer to our article on how to apply for College Ave for more information.
