Laurel Road Personal Loans Review 2022

The benefits explained

  • Co-signer option – If you don’t have outstanding credit on your status, you can seek the help of a co-signer, who could not only help you qualify, but also get you a lower interest rate.
  • Automatic payment discount If you sign up for automatic payments (a good way to make sure you don’t miss one or fall behind), you’ll save 0.25% on monthly payments.
  • Pre-qualification control A The prequalification check allows you to see if you qualify for a personal loan without having your credit report thoroughly investigated. Such requests temporarily lower your credit score.

Disadvantages Explained

  • High minimum APR Even for those with the best credit, the lowest APR you could qualify for is 7.00%. This rate is much higher compared to other lenders.
  • Inflexible Monthly Due Date Some lenders allow you to change your due date, so you have no problem making your payments. Laurel Road does not offer this benefit. So if you can’t make your payments every month at the same time, you risk being penalized with late fees.
  • No help in case of difficulties If you lost your job or had another emergency, some lenders allow you to defer payments without accruing interest or incurring fees and penalties, but Laurel Road does not.

Deadline for receipt of funds

Most approved loans are funded within approximately seven business days. The time frame may vary depending on the complexity of the request and the number of pending requests. Once the loan is approved and a disbursement date is scheduled, you should receive the funds within approximately 24 hours.

Laurel Road Personal Loan Features

  • You can have a co-signer.
  • There is a pre-qualification option.
  • An online application is available.
  • There are no setup, prepayment or application fees.
  • A 0.25% discount on automatic payment is offered.
  • Members of the American Medical Association, AMA, are entitled to an interest rate reduction of 0.25%.

Apply for a Laurel Road Personal Loan

To qualify for a Laurel Road personal loan, you will need to:

  • Be a US citizen or permanent resident
  • Provide proof of employment
  • Present the debt to income ratio
  • Breakdown of disposable income
  • Have credit history references

To apply, complete the application. Here is what you will be asked to do:

  • Add personal details: The first part of your application includes filling out personal information, such as your social security number and current address.
  • Full job information, including your professional status, place of work and income. There’s also a place for the amount of your monthly home-related obligations (like rent or mortgage payments). Education information is also required, including your graduation date and school.
  • Share your borrowing needs specifying the amount you wish to borrow and the purpose of the loan. Both determine your eligibility and the amount of loan you can get.

At this point, you agree to let Laurel Road perform a soft credit check for prequalification (if you have not already done so). Then, assuming you are qualified, you will move on to finishing the full application. You’ll add even more financial and personal details, including the ability to select a co-signer. Your co-signer will need to provide the same information as you, including credit history and employment information.

As Laurel Road personal loans are unsecured, your credit history and financial profile are the most important determining factors in qualifying for a loan.

Can I refinance a personal loan with Laurel Road?

Yes. Laurel Road offers personal loan refinancing. You can note this as your objective in your application.


Laurel Road offers competitive APRs for those with credit scores in the solid but not spectacular range. Since its minimum rate is high compared to those of other lenders, it may not be your best option if you have excellent credit. However, with no significant fees, a quick prequalification form, and a nice autopay discount, Laurel Road is a good option for most people.


Investopedia is committed to providing consumers with comprehensive and unbiased personal lender reviews. We’ve collected over 25 data points from over 50 lenders, including interest rates, fees, loan amounts and repayment terms, to ensure our content helps users make the right decision. borrowing decision based on their needs.

About Judith J. George

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