MoneyGeek’s Take

Laurel Road Personal Loan Review

Laurel Road offers personal loans with a streamlined application, no origination fees and an autopay discount for borrowers. People with good credit can use a personal loan for debt consolidation, major purchases, home repairs, relocation costs or other expenses. Laurel Road also offers specialized loans for incoming and practicing healthcare professionals.

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Last Updated: 10/25/2022
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Laurel Road, a KeyBank subsidiary, is a digital banking platform that primarily provides financing options for medical professionals but also offers unsecured personal loans to the general public, up to $45,000, while dentists and physicians can get up to $80,000. Laurel Road does not have origination fees or prepayment penalties, and it has a relatively low starting annual interest rate of 7%, with loan terms up to five years.

At a Glance: Laurel Road Personal Loans


  • Laurel Road

    • 7% to 24.75%APR Range
    • 700Minimum Credit Score
    • $5,000 to $45000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

Laurel Road Personal Loan Details and Requirements

  • APR

    Laurel Road’s personal loans have an annual percentage rate (APR) of 7%–24.25%.

  • Credit Score Requirements

    Laurel Road doesn’t publicly disclose its credit score requirement. However, based on MoneyGeek’s review research, you need a minimum FICO score of 700 to qualify.

  • Income Requirements

    Laurel Road doesn’t publicize its income requirements, but you may need to show proof of income when applying for a loan.

  • Loan Amounts

    Laurel Road’s minimum loan amount is $5,000; its maximum loan amount depends on the borrower’s circumstances. Dentists, physicians and medical students with a signed contract to practice and within 12 months from training completion have a maximum of $80,000. For debt consolidation, major purchases or home improvement, the cap is $45,000, and $35,000 for other purposes for non-medical professionals.

  • Loan Terms

    Borrowers can choose a three, four or five-year loan term.

  • Permitted Uses

    You can use a Laurel Road loan for debt consolidation, home repairs, major purchases, vacation, business funding and other purposes.

  • Prohibited Uses

    Laurel Road doesn’t allow personal loans to pay for education-related expenses.

  • Time to Receive Funds

    It takes Laurel Road up to seven days to fund most loans.

  • Origination Fees

    There is no origination fee on a Laurel Road personal loan.

  • Late Fees

    Laurel Road charges a $28 penalty for missed payments.

  • Prepayment Penalty Fees

    Laurel Road won’t charge a prepayment penalty for early loan payoff.

  • Co-signers and Co-applicants

    Laurel Road allows co-signers on personal loans and co-applicants.

  • Perks

    By signing up for automatic payments, you save 0.25% on your interest rate.

  • Mobile Application

    You can manage your personal loan through Laurel Road’s mobile app.

Is Laurel Road Right for You?
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Personal loan lenders have unique processes and policies, and some providers present better options than others. MoneyGeek’s Laurel Road personal loan review helps you decide if this lender is a fit for your needs.

Who Laurel Road Is Perfect For

Laurel Road is a solid choice for practicing and incoming dentists and doctors who need a financing option for their various needs. Medical professionals can take advantage of the high loan amount Laurel Road offers them.

Laurel Road is also a good option for people with good credit who want to consolidate their existing high-interest debts. It offers direct payment to creditors and an autopay discount that can result in savings over time. A personal loan for debt consolidation can also simplify debt repayment, as there is only one payment due date to track each month.

Additionally, since Laurel Road doesn’t charge a prepayment penalty, paying off the loan early does not result in an additional charge.

Who Should Not Choose Laurel Road

A Laurel Road personal loan may not be the best choice for people looking for a very low interest rate, high loan amount or lengthy repayment term — Laurel Road’s interest rate starts at 7%, non-medical borrowers can only get $35,000 or $45,000 and there is only a three, four or five-year loan repayment term available. Borrowers with good credit may find a better rate and longer term with another provider.

As for medical professionals, they can access a maximum loan amount of $80,000 with Laurel Road, yet other providers offer up to $100,000, regardless of the borrower’s profession.

People that need instant cash also have to look elsewhere. Laurel Road could take up to seven days to fund a personal loan, and that may be too long during an emergency.

How to Apply for a Laurel Road Personal Loan

If you decide that a Laurel Road personal loan is a fit for you, MoneyGeek has compiled the steps you need to take when applying. The process is 100% digital, and you start by visiting Laurel Road’s website.

1

Prequalify

Open Laurel Road’s personal loans page and click on the check my rates button. That begins the initial process of seeing if you qualify for a loan with your credit history.

2

Fill Out Application Form

You complete a form detailing your personal, education and professional information. You also include your income, residency status, loan purpose and desired loan amount. You then authorize Laurel Road to conduct a soft credit pull.

3

Wait for Approval

Once you provide the necessary information and authorization, Laurel Road issues your conditional interest rate. You then upload supporting documents to complete your application and wait for approval.

4

Review Loan Agreement

If you meet Laurel Road’s personal loan requirements, it issues a loan agreement that contains your final interest rate and loan terms. Review it carefully and make sure you agree with everything.

5

Sign Loan Agreement

If everything checks out, you can e-sign the disclosures and promissory note through Laurel Road’s dashboard.

6

Receive or Direct Funds

Laurel Road funds your loan following the date indicated in your Truth in Lending statement.

7

Make Payments

After you receive the loan, you have to make monthly payments until the amount is fully repaid. To avoid penalties, ensure timely payment.

What To Do if You Are Rejected From Laurel Road

Even though you follow Laurel Road’s processes and think you meet its personal loan requirements, there’s still a chance that your personal loan application will be denied. You may have a lower than necessary credit score, insufficient income, high debt-to-income ratio or incomplete application, so Laurel Road didn’t approve your loan.

If this happens, it’s best to find out the exact reason behind your loan’s denial. You can contact Laurel Road to better understand the factors for declining your application. It’s a good idea to do this so you can address the issues and have a better chance of approval next time. You may also ask them if you can adjust your application to get approval, such as lowering the amount. Since Laurel Road allows co-signers, also ask if having one can help you get an approval.

If Laurel Road’s decision is final, MoneyGeek recommends improving your creditworthiness first before considering an application with another lender. For example, you can pay off some of your existing debt or find a way to have a higher income.

Frequently Asked Questions About Personal Loans

The best personal loan provider for you depends on your situation and financial needs. MoneyGeek reviewed Laurel Road’s personal loans and answered some frequently asked questions to help you decide if this lender works for you.

Read More on Personal Loans

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity.