Laurel Road Personal Loans Review 2021

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Laurel Road Personal Loans

Overall Rating


Bottom Line

Laurel Road personal loans come with several great features. These are mainly designed to help you get access to funds faster, and once you do, keep the repayments as low as possible.


  • No Origination Fee
  • Allows Co-Signers
  • Unsecured Loan


  • Late Payment Fees
  • Minimum APR 7.50%



Loan Amounts




Credit Score Requirement


Laurel Road Personal Loans is a top-rated personal loan provider. It is designed for borrowers looking to consolidate their debts.

If you’re looking to avoid fees and have a healthy enough credit score, then Laurel Road Personal Loans might just be the kind of loan you are looking for.

Laurel Road Personal Loans Features

Laurel Road personal loans come with several great features. These are mainly designed to help you get access to funds faster, and once you do, keep the repayments as low as possible.

Of course, you have to keep in mind that the actual rates will vary depending on many factors which we will be covering in the next section. This means that depending on your circumstances, you might not be eligible for each and every feature Laurel Road offers on its personal loans.

Fully Online

To make things easier for personal loan applicants, Laurel Road offers a fully-online application process. This means you can apply for the loan from the comfort of your own home at your own pace without feeling rushed. It also allows you to compare loan rates before finally committing to the loan (which is always a good idea).

Quick Funds

Once you have been approved, the funds will be deposited directly into your bank account. You can expect to receive the funds in about 5 business days from the date on which the loan is approved. This can help you put the funds to work sooner and consolidate your debts that much quicker.

Low Rates

One other feature that Laurel Roads advertises is that of low rates. This can be very subjective, but it’s important to note that they offer fixed APRs that start at 7.50%. This is not the lowest you can find for such personal loans, but it is not considered excessive either. The actual rate offered to you will depend on a number of factors. Continue reading to find out what APRs to expect.

Autopay Discount

If you choose to repay the loan using automatic bank account payments, you can expect a discount of 0.25%. Terms and conditions apply for this discount, so be sure to verify that you qualify before making any commitments.

Laurel Road Personal Loan Interest Rates

When it comes to working out the rates you will have to pay on your Laurel Road personal loan, there are a few things you need to keep in mind. This is because several factors will determine the actual rate that will be made available to you.

Laurel Road lists the following factors as having an impact on the rates you will pay

  • Your credit profile
  • The monthly total debt payments
  • Your income

You will also need to take into account whether you’re eligible for certain discounts such as the Autopay Discount, which can represent a 0.25% reduction on the payable rate.

Here are some sample rates you can expect to pay. The rates featured below include the Autopay Discount of 0.25%.

Term Length Typical APR
3 years Between 7.50% and 24.25%
4 years Between 8.00% and 24.75%
5 years Between 8.50% and 24.75%

Getting Started

Signing up with Laurel Roads is very easy, and, as discussed earlier, the entire process can be completed from start to finish online. Simply visit the Laurel Road website, select Personal Loans from the Lending menu, and then click on the Apply Now button.

This will open a new page where you will need to fill information about you, your education and employment, and finally, agree to their legal confirmations.

To make the process as smooth as possible, you might want to have the following information at hand before starting the process.

  • Your Social Security Number (SSN)
  • Citizenship Status
  • The gross annual income figure
  • The mortgage payment figure
  • The last school attended
  • Graduation date
  • The amount you wish to borrow

You will also be asked other questions, including your address, purpose for taking out a loan, and a few others. Once you’re happy with your answers, simply click on Continue, and you’re on your way to getting that personal loan.


Laurel Road is reviewed quite positively and has favorable ratings from agencies such as the BBB (Better Business Bureau). It is important to note that in April of 2019, Laurel Road was acquired by KeyBank. This means that all personal loans taken out with Laurel Road are ultimately serviced by KeyBank.

Laurel Road has an ‘A’ rating from the BBB, but it is not accredited. KeyBank, on the other hand, has an A+ rating and is accredited, making it a very safe and secure option for taking out a personal loan.

No complaints have been filed against Laurel Road with the CFPB, which is always an encouraging sign. There are some complaints against KeyBank, but none of these complaints relate to Laurel Road personal loans.

Customer Support

When it comes to customer service and support, Laurel Road comes in with a number of options that can not only help you get assistance but improve your financial health.

If you want to get in touch with their support, Laurel Road offers a dedicated telephone service line, a chat system, a website form, and finally, a postal address. The wide range of different methods can help you choose the one that is most convenient and comfortable for you.

If you’re looking to learn more about Laurel Road personal loans, or any of their other products, you will be able to find plenty of information on their website.

All of the resources are available from the Resources option, which can easily be found from the main menu conveniently located at the very top of their webpage. Here, you will find a Resource Hub, which can help you understand the finance world that much more, and a blog with financial news and topics of interest.

There is also a FAQ section that offers quick and easy answers to any common questions you might have.

Pros and Cons

When it comes to personal loans from Laurel Road, there are many pros and cons that you need to be aware of. Knowing these can help you make a better and more informed decision.

It can also be beneficial if you first figure out how much you need to borrow and work out the rate based on your circumstances. This will help you understand which pros and cons might be applicable to you.


  • No origination or prepayment fees
  • Maximum loan coverage capped at $45,000
  • Allows co-signers
  • Loan is unsecured


  • Minimum APR set at 7.50%
  • Late payment fee of $25 or 5% applies
  • SSN required
  • A minimum credit score of 660 applies

Alternatives to Laurel Road Personal Loans

The personal loan market is one that is ripe for competition. Competing companies tend to be stronger in certain areas and weaker in others. This makes it very important to understand your circumstances and financial situation before deciding which company to go with for your personal loan needs.

To help you understand which company might be the best fit for you, we have prepared the following comparison table featuring popular competing personal loan lenders.

When it comes to loans, certain factors such as the APR, which will influence how much money you will have to pay back, depend on several things, including your credit profile.

Because of this, it can be helpful to get quotes from multiple companies and then compare what is offered to you to make sure you get the best deal possible.

Is A Laurel Road Personal Loan For You?

If you are looking at consolidating your debts, a Laurel Road Personal Loan is something worth considering. Since the APR starts at 7.50%, those with an excellent credit score might be better off looking elsewhere to gain a lower interest rate. If your credit score is in the mid-range, then Laurel Road’s offering could very well be a great deal for you.

Loan coverage starts at $1,000 and maxes out at $45,000, so this is something that you need to keep in mind. If your requirements are higher or lower than this, you might need to take the time to reconsider a few things.

The minimum income requirement is not disclosed, which might be because a number of things are taken into consideration when qualifying loan applications. Having said that, there is a maximum of debt to income ratio. This is set at 43%.

If you fulfill these criteria, a personal loan from Laurel Road can help you consolidated your debts and avoid unnecessary fees.

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