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Laurel Road Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

A Laurel Road personal loan might be best for borrowers who want to avoid application fees and origination fees. Plus, Laurel Road APRs have a low cap compared to some other lenders. Although there are limitations to a Laurel Road personal loan, you can choose to use it for a variety of purposes from debt consolidation to home improvement.

Read on to learn about Laurel Road’s personal loan product in this review.

Laurel Road personal loan highlights

  • No origination fee or prepayment penalty: Laurel Road has no fees for loan application or origination, and you can pay back what you owe before your term ends without penalty.
  • Reasonable interest rates: Laurel Road’s APR tops out at 16.30%¹ for a 60-month loan. This is lower than many other lenders, some of which offer rates around or above 30%.
  • Limitations on how you use your loan: While most personal loans can be used for just about anything (except educational expenses), Laurel Road caps your funding depending on your declared purpose. You can get up to $45,000 for debt consolidation, a major purchase, or home improvement and up to $35,000 for everything else.
  • Extensive educational resources: As an online lender, Laurel Road offers a wide variety of online resources to help you manage your personal loan and your finances more broadly.

Laurel Road at a glance

  • APR range: 8.01% – 16.30%¹
  • Minimum credit score: Not specified
  • Terms: 36 to 60 months
  • Origination fee: No origination fees
Terms Fees and penalties
  • Terms: 36 to 60 months
  • APR: 8.01%–16.30%¹
  • Loan amounts: $10,000 – $45,000
  • Time to funding: 2 business days
  • Credit check: Soft Pull for conditional rates and hard following application
  • Origination fee: No origination fees
  • Prepayment fee: None
  • Late payment fee: Not Specified
  • Other fees: None

Eligibility requirements

  • Minimum credit score: Not specified.
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

Laurel Road offers personal loans in all 50 states as well as Washington, D.C. and Puerto Rico. You simply need to be a U.S. citizen or permanent resident to apply. Laurel Road will also look at your employment history, your debt-to-income ratio, your disposable income and your credit history when considering your application, though the lender doesn’t specify exact criteria for approval.

If you don’t qualify for a loan on your own, Laurel Road does allow cosigners.

What borrowers are saying about Laurel Road

While Laurel Road has limited customer reviews on LendingTree for its personal loan product, its mortgage lending service is generally well-regarded. Reviews from current and former borrowers can tell you what kind of customer service to expect, but it’s important to do even more thorough research before choosing a lender.

For example, collect information about a lender’s credit and application requirements to determine if you’re eligible for a personal loan. Research rates, terms and fees so you can compare lender to lender and find the best deal for your situation.

You should also determine if there are any limitations to how you can use your loan and whether you’ll be penalized for paying it back early. Laurel Road has different maximum loan amounts depending on the purpose of your loan: You can take out up to $45,000 for debt consolidation, a major purchase or home improvement projects. Any other uses (buying a car, moving, etc.) are limited to $35,000.

Applying for a personal loan from Laurel Road

You can start your application for a Laurel Road personal loan online. You’ll need to enter personal information including:

  • Your name
  • Contact info
  • Birth date
  • Social Security number
  • Citizenship status

There’s also a section of the application to enter the purpose of your loan and requested amount, as well as information on your employment situation, education and income.

From there, you’ll give Laurel Road and KeyBank permission to do a soft pull on your credit. If you complete your application after viewing your initial offer, you’ll authorize the lender to do a hard credit pull.

Before approving your loan and disbursing your funds, Laurel Road will review supporting documents with your application. You can expect a decision either way in as little as a day once you’ve turned in your paperwork — and most approved loans are funded within seven business days.

Pros Cons
  • No origination fee or prepayment penalty: You won’t be charged extra to get your loan or pay it off early.
  • Relationship discount: Get a break on your personal loan if you’re already a Laurel Road customer.
  • Availability across the U.S.: You can get a Laurel Road personal loan no matter where you live.
  • Lag in funding time: If you need money fast, Laurel Road’s up-to-2-day wait may be too long.
  • Little information on eligibility requirements: Laurel Road’s website doesn’t offer a lot of information on what it takes to qualify.

Who’s the best fit for a Laurel Road personal loan?

Laurel Road personal loans are well-suited for those who are looking for short-term (3-year) financing and who can qualify for the lender’s best interest rate. Rates on 4- and 5-year loans are still relatively low, so you may be able to get a longer loan term at a better APR than with some other lenders.

Plus, if you have other financing needs — a mortgage or a loan for grad school, for example — you’ll get a discount on your personal loan if you go through Laurel Road for both.

If you need funding immediately, Laurel Road isn’t the best option for you. It can take up to seven business days to receive your loan once you’re approved. And because Laurel Road doesn’t provide specific eligibility criteria for its personal loans, you may be disappointed if you don’t qualify.

Alternative personal loan options

Marcus by Goldman Sachs®

  • APR: 6.99%–24.99%²
  • Minimum credit score:
  • Terms: 36 to 72 months
  • Origination fee: No origination fee

Marcus by Goldman Sachs offers personal loans up to $40,000. Like Laurel Road, there are no origination or prepayment fees. Marcus by Goldman Sachs loans also have no late fees and come with an on-time payment reward, which allows you to defer one payment if you’d paid 12 or more consecutive bills on time and in full.

The lender’s personal loans have a longer term option than Laurel Road loans for borrowers who need more time to pay back what they owe. However, Marcus by Goldman Sachs notes that the lowest rates and longest loan terms are reserved for the most creditworthy applicants. Plus, it has a higher maximum APR than Laurel Road.


  • APR: 7.95%–35.99%³
  • Minimum credit score: 640
  • Terms: 36 or 60 months
  • Origination fee: 2.41% - 5.00%

Prosper is a peer-to-peer lending marketplace. Borrowers may acquire loans ranging from $2,000 to $40,000 Terms are similar to those with Laurel Road, though you will pay an origination fee. Prosper assigns every listing in its marketplace a “Prosper rating,” which helps determine your interest rate and investors understand how risky it is to fund your loan.

One potential downside with peer-to-peer lending: If your loan isn’t funded, your listing will expire and you’ll have to start from scratch. This means that if you need money quickly, Prosper may not be the best option.


  • APR: 7.99% – 35.99%
  • Minimum credit score: 620
  • Terms: 24 to 72 months
  • Origination fee: 0.00% - 7.00%

LendingPoint is a good alternative for fair credit borrowers who aren’t eligible for personal loans from other lenders. Applicants with scores as low as 620 may qualify, as may those who have a discharged bankruptcy to their name. Terms are a bit shorter than with Laurel Road, and interest rates top out at a much higher 35.99%. LendingPoint also doesn’t offer as much financing per loan — the max you could receive is $36,500 — and you could pay a hefty origination fee.

¹Rates in the above table include a 0.25% discount for making automated payments from a bank account. Eligibility and rates offered will depend on your credit profile, total monthly debt payments, and income.
Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.

²Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

³*For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.


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