Laurel Road Personal Loan Review

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.

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.

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.

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.

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.