Laurel Road Personal Loan Review
8.99%-23.25%
36 to 60 months
$5,000-$45,000
Not specified
LendingTree rating: 4.3/5
- Eligibility and access: 3/5
- Cost to borrow: 5/5
- Loan terms and options: 4.6/5
- Repayment support and tools: 5/5
Laurel Road offers a variety of loan and banking products, including personal loans.
- Low APRs: Laurel Road offers competitive interest rates on its personal loans, but you may need good credit to qualify.
- Autopay discount: By setting up automatic payments from a checking account, you could earn a 0.25% discount on your APR and save some money over the lifetime of the loan.
- Smaller loan size: The most you can borrow for debt consolidation, major purchases or home improvements is $45,000. The maximum for auto purchases or moving expenses is $35,000.
- Fewer term options: Laurel Road only lets you choose from terms of 36 months, 48 months or 60 months. Other lenders have shorter and longer loan terms available.
- Unclear eligibility criteria: Laurel Road’s website doesn’t provide much detail on what you need to qualify. For example, it doesn’t specify a minimum credit score or other criteria. However, you can check your eligibility with Laurel Road using a soft credit check that won’t hurt your credit score.
- Best for borrowers who prequalify and shop for rates: Laurel Road lets you check conditional terms without a hard credit check so you can shop around for the best APR at no risk.
Laurel Road pros and cons
Laurel Road’s loan terms may differ based on how you plan to use the money, but you can use the loan for many purposes. Here’s what else you should consider before you take out a loan with Laurel Road:
| Pros | Cons |
|---|---|
  Rates are competitive Fast funding timeline after approval No origination fees or other hidden costs | Laurel Road doesn’t disclose eligibility criteria May only be available to borrowers with good credit Can borrow more money from other lenders |
Depending on your financial needs, Laurel Road might have great terms: Its rates start at 8.99%, and there are no origination fees. Once you’re approved for a loan with Laurel Road, you’ll get your funds in about 24 hours.
But, if you need a bigger loan or don’t have a strong credit history, you might not be able to get funding. Laurel Road only lends up to $45,000 ($35,000 for certain expenses), and by offering lower rates, the lender will be more selective about who it approves.
Depending on your existing debt, income and credit score, you may not be eligible. However, you can check your rates without impacting your credit.
Laurel Road requirements
While loan eligibility will depend on factors such as your financial health and credit history, Laurel Road doesn’t specify a minimum income or credit score. Laurel Road loans also may not be used for educational expenses, though the lender offers specialized loan products for physicians, dentists and those in training.
| Laurel Road loans CAN be used for… | Laurel Road loans CANNOT be used for… |
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If Laurel Road’s loan options won’t work for your borrowing needs, shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a personal loan with Laurel Road
Laurel Road has a straightforward prequalification and personal loan application process:
Prequalify for a loan
You’ll provide basic information, including your employment history, and authorize a soft credit pull to receive conditional interest rates on a possible loan.
Verify your information
After prequalification, you must upload some supporting documents and finish your application. You’ll take a hard credit check, and Laurel Road will give you specific loan rates and terms.
Sign for your loan
You can choose your loan, then e-sign any disclosures and the promissory note. If your loan is approved, it will likely be funded within seven business days. Laurel Road will transfer your money to you which can take about 24 hours after approval.
If you’re unable to get approval for a personal loan, Laurel Road allows cosigners on its loan applications — a cosigner with great credit can boost your chances of approval.
How Laurel Road compares to other personal loan companies
Even though Laurel Road has competitive terms, you should compare other lenders and find the best rates. Here’s how Laurel Road stacks up against similar lenders.
| Laurel Road | Discover | LightStream | |
|---|---|---|---|
| LendingTree’s rating | 4.3/5 | 4.6/5 | 4.4/5 |
| Minimum credit score | Not specified | 720 | Not specified |
| APRs | 8.99% - 23.25% (with autopay) | 7.99% - 24.99% | 6.24% - 24.89% (with autopay) |
| Loan amounts | $5,000 to $45,000 | $2,500 to $40,000 | $5,000 to $100,000 |
| Repayment terms | 36 to 60 months | 36 to 84 months | 24 to 84 months |
| Origination fee | None | None | None |
| Funding timeline | Most loans funded in around seven business days, but you can get money as soon as the next day | Get money as soon as the next day | Get money as soon as the same day |
| Bottom line | Laurel Road has competitive rates and doesn’t charge origination fees. But competitors Discover and LightStream offer lower starting rates and longer repayment terms. | If you’re looking for a small loan, Discover lets you borrow as little as $2,500. That said, you’ll need good credit to qualify. | LightStream has a wide range of loan terms and the lowest starting rates. It’s a good fit for borrowers who need fast funding and a large loan. |
How we rated Laurel Road
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
No, Laurel Road doesn’t charge origination fees for personal loans.
Yes, doctors and residents may be able to borrow higher amounts and for different terms than other people with Laurel Road personal loans.
It can take Laurel Road around seven days to approve and fund your loan. Once your loan is approved, Laurel Road will deposit your funds in about 24 hours.