Laurel Road Personal Loan Lender Review

Laurel Road offers personal loans with a fully online application, no fees for application or origination and competitive rates with an autopay discount. It's ideal for those valuing digital convenience and looking to avoid extra costs. However, its variable funding time and potential late fees might not suit everyone. A Laurel Road personal loan may be best for borrowers who can handle online transactions and meet the eligibility criteria without needing large loan amounts quickly. The addition of a co-signer option broadens its appeal.

With a Laurel Road personal loan, you can fund different personal needs, from debt consolidation to major purchases. It's important to understand the fees, loan terms and the quality of customer service and online tools since these factors play a key role in deciding if Laurel Road meets your specific financial needs.

Knowing Laurel Road's guidelines helps ensure you use the funds effectively and responsibly. Here are some common uses for a Laurel Road personal loan:

• Credit Card Consolidation: Use this loan to merge multiple high-interest credit card debts into one manageable loan. It often reduces your overall interest rate and simplifies your monthly payments, making debt management more straightforward.

• Home Renovation: Whether it's a kitchen remodel or necessary repairs, a personal loan can finance these home improvements. This investment not only enhances your living space but can also increase your home's value.

• Major Purchase: Large expenses, like high-end electronics or furniture, are more manageable with a personal loan. Instead of paying all at once, you can spread the cost over time, easing your financial burden.

• Relocation: Moving can be expensive, whether for a job or personal reasons. A personal loan covers expenses like hiring movers, transportation and initial housing costs, reducing the stress of relocation.

• Auto Repairs: Unexpected car issues can disrupt your budget. Using a personal loan for auto repairs means you can address vehicle problems immediately without the full upfront cost.

• Green Loan: Invest in eco-friendly upgrades like solar panels or energy-efficient windows. These can reduce your carbon footprint and may lower utility bills, offering long-term savings.

• Vacation: Plan that dream trip without the financial strain. A personal loan allows you to fund your vacation, enabling you to pay it off gradually rather than upfront.

• Business Funding: Support your small business or startup with additional funds. A personal loan can help cover operational costs, purchase equipment or expand your business, fostering growth and success.

Laurel Road personal loans provide financial flexibility depending on your needs.

Knowing the terms of a Laurel Road personal loan, like loan amounts, repayment periods and APR (annual percentage rate) ranges, is key to making a smart financial decision. Familiarizing yourself with these details will help you plan your finances effectively. Here are the main features:

• Loan Amounts: You can borrow between $5,000 and $35,000 for most purposes. For specific needs like debt consolidation, major purchases or home improvements, you can potentially borrow up to $45,000. Remember, borrowing more than $35,000 requires additional documents to show what you'll use the money for.

• APR Ranges and Repayment Terms: APR is the total cost of borrowing, including interest and any fees. Laurel Road's APRs are fixed, meaning they don't change over the life of the loan. The APR you get depends on your loan term — different terms have different APR ranges.

Understanding these terms lets you tailor your Laurel Road personal loan to fit your financial situation. Whether you need a larger amount for a big project or prefer lower monthly payments over a longer term, knowing your options helps you make an informed choice.

Understanding the fees involved in a personal loan is important, as they can add to the total cost of your loan. Each lender has different fees, so knowing what Laurel Road charges helps you budget accurately.

Laurel Road stands out because it doesn't charge application, origination or disbursement fees, which are common with other lenders. However, there are still fees to watch out for, such as:

• Late Payment Fee: You might be charged a fee if your payment is more than 15 days late, but it won't exceed 5% of the late payment or $28, whichever is less.

• NSF/Returned Payment Fee: A $20 fee applies if a payment is returned due to insufficient funds or a closed account.

That said, you can get a discount of 0.25% on your interest rate if you set up automatic payments from your bank account, which saves you money and simplifies your monthly payment process.

Good customer service is key when choosing a personal loan lender. Here are the ways you can contact Laurel Road:

• Phone Support: Reach them at 1-833-427-2265, available Monday-Friday from 8:00 AM to 9:00 PM ET.

• TDD/TTY Support: For those needing telecommunication devices for people who are hard of hearing, call 1-800-539-8336.

• Email: Send your queries to help@laurelroad.com for assistance.

When looking at customer feedback, Laurel Road has a diverse range of reviews on Trustpilot. It holds an average rating of 3.2 out of five stars, but notably, 71% of the reviews are five stars, suggesting that many customers have had positive experiences with its services.

Most lenders also provide online resources like calculators and educational content, which can help you make informed financial decisions. Here's what Laurel Road offers:

• Payment Calculator: Estimate your monthly payments easily. Just input the loan amount, your preferred terms and the loan's purpose to see a range of potential payments.

• Financial Education: Explore various topics such as Building Healthy Financial Habits, Planning for Your Financial Goals and Building Your Savings. Each section includes helpful articles and calculators.

These tools can help you borrow more wisely and lead to better financial understanding, enhancing your overall experience with Laurel Road.

Before applying for a Laurel Road personal loan, make sure you understand the eligibility criteria to assess your chances of approval and prepare for the application process. Here's what you need to know:

• U.S. Citizenship or Permanent Residency: You need to be a U.S. citizen or a permanent resident with a valid I-551 card. The card must show at least 10 years between the “Resident Since” and “Card Expires” dates.

• Credit History and Financial Profile: While Laurel Road doesn't disclose specific minimum credit score and income requirements, your credit history and financial situation are key factors in determining your eligibility.

If you don’t meet these criteria on your own, having a co-signer can be a good strategy. A co-signer, especially one with a strong credit background, can boost your chances of approval. However, the co-signer will share the responsibility of repaying the loan, so this decision requires careful consideration.

Choosing the right lender can save you money, reduce stress and align with your financial goals. Assessing lenders means considering factors like loan terms, fees and how quickly you need the funds. Understanding what Laurel Road offers helps you match your needs with its services and make a decision that supports your financial wellbeing in the long run.

Individuals who value convenience and efficiency may appreciate Laurel Road's online application process. With its digital approach, you can apply from anywhere, anytime, without needing in-person visits or lengthy paperwork. It's perfect for those who prefer managing their finances online.

Borrowers open to enrolling in autopay can also find a match with Laurel Road. Not only does it simplify the monthly payment process, but it also offers a tangible financial benefit: a reduction in your interest rate. It can lead to significant savings over the life of the loan, making it attractive for cost-conscious borrowers.

Laurel Road also stands out for its minimal fees. Since there are no application, origination or disbursement fees, it may make it more appealing to applicants looking to minimize additional costs associated with a personal loan.

If you're in a situation where you need access to funds quicker than the typical processing time, Laurel Road might not be ideal. Its process, while efficient, usually takes about a week to disburse funds after loan approval. This timeframe might not suit those in urgent need of financial assistance.

While Laurel Road does not charge some fees other personal loan lenders do, it does apply a late fee for late payments. This could be a drawback for those who might struggle with timely repayments due to fluctuating income or other financial uncertainties. Those looking to borrow larger amounts may also find Laurel Road lacking. The maximum loan limit is only $45,000 (or even lower for some loan purposes).

Applying for a Laurel Road personal loan is a straightforward process. Knowing the steps in advance can save you time and make the process smoother, ensuring you have all the necessary information ready.

These steps can help you efficiently navigate the application process for a Laurel Road personal loan, ensuring you're well-prepared at each stage and leading to a more seamless experience.

It can be disheartening when Laurel Road denies your application after completing the online process. Fortunately, it's not the end of the road. There are several steps you can take to understand and potentially overcome this setback.

• Understand the Reasons for Denial: Start by reviewing the adverse action letter attached to your denial email. It will explain why your application was not approved, providing insights into what aspects of your financial profile may need improvement.

• Boost Your Financial Profile: Work on enhancing your credit score and financial standing. It might involve paying down existing debts, correcting any errors on your credit report and consistently managing your finances responsibly.

• Consider a Co-signer: Applying with a co-signer with a stronger credit profile can improve your chances of approval. Their credit and income will be considered along with yours, potentially making your application more favorable.

• Look for Alternative Financing Options: Explore other lending institutions or financial products. Credit unions, community banks or online lenders might have different criteria or loan products better suited to your situation.

• Seek Professional Financial Advice: A financial advisor can provide personalized guidance on improving your creditworthiness and choosing the right financial products for your needs.

Remember, a loan denial is not a permanent roadblock. It's an opportunity to reassess your financial situation and make strategic improvements. You can position yourself for better financial prospects in the future by understanding the reasons behind the denial and taking proactive steps.

MoneyGeek provides answers to common queries to help you gain a better understanding of what to expect with a Laurel Road personal loan.