Fifth Third vs. Laurel Road: Which offers better personal loans?

When you’re looking for a personal loan, Fifth Third and Laurel Road are both good options with similar products. Fifth Third is a bank with a quick application process, even if some loans require a visit to a branch. And Laurel Road is a trusted online lender with competitive rates.

Both offer solid personal loans if you have good credit, so take the time to compare their differences to find which will work better for you.

Fifth Third vs. Laurel Road at a glance

With similar loan amounts and interest rates, there are only a few differences between Fifth Third and Laurel Road. If you want a fully online experience, opt for Laurel Road. But if you already have — or are willing to open — an account with Fifth Third, you may qualify for slightly lower rates.

Fifth Third Personal Loans

Rating: 4.4 stars out of 5

4.4

Learn more in our Bankrate review

• Pros and cons

  

  Pros

  • Flexible first payment.
  • Low minimum loan amount.
  • No origination fees.

  

  Cons

  • Must have a Fifth Third account.
  • Limited state availability.
  • In-person application may be required.

• Bankrate's view

  Fifth Third is a solid choice for personal loans if you already have an account or want to open one. It’s one of the few lenders that offers loans as small as $2,000, and its range of rates is competitive with other top lenders on the market.

  There are a few major downsides when considering Fifth Third, however. The primary one is that you must have an account to qualify. And to get an account, you will need to reside in one of its 34 serviced states. If you don’t, you won’t be eligible for a loan — no matter how good your credit or income is.

  On top of that, you will need to submit an application in person if you want to borrow more than $25,000. Since most lenders offer fully online experiences, this is a big drawback.

Laurel Road personal loans

Rating: 4.2 stars out of 5

4.2

Learn more in our Bankrate review

• Pros and cons

  

  Pros

  • Autopay discount.
  • Joint applications allowed.
  • No origination fees.

  

  Cons

  • Slow approval process.
  • High minimum loan amount.
  • Requirements not listed.

• Bankrate's view

  Laurel Road is an online lender with no origination fees, which is rare — most online lenders charge an origination fee no matter your credit score. On top of that, it is one of the few lenders that offers an autopay discount and the ability to apply with a co-borrower. All combined, these are big benefits if you are looking to submit a joint application and know you’ll be taking advantage of automatic payments.

  However, it’s one of the slower lenders out there. Your loan could be funded within a business day after approval, but that approval could take seven or more days to come through. It also doesn’t list any of its eligibility requirements, which can make it hard to know if it’s worth applying.

How to choose between Fifth Third and Laurel Road

Fifth Third and Laurel Road offer similarly sized loans with no origination fees. But while Fifth Third offers flexibility in terms of payments, Laurel Road keeps the process entirely online.

Fifth Third has flexible first payments

Fifth Third lets you borrow a small loan, which can be good if you don’t want to overextend your budget with bigger loans like Laurel Road offers. It also has a flexible first payment date. You can set it yourself up to 45 days after your loan is funded.

But it may not be the right choice if you don’t already have an account or aren’t willing to sign up for one. On top of that, Fifth Third also has a hard limit of $25,000 for online applications. If you need to borrow more than that, you will need to visit a branch to complete the process.

Laurel Road has a fully online process

Laurel Road is a great choice if you want a fully online experience. Unlike Fifth Third, you never have to go anywhere in person to finalize your loan. This may mean a longer wait, though — it can take seven business days to process your application. Once it is processed, though, you may receive your funding within one business day.

It is also a good option if you want to use autopay. Unlike Fifth Third, Laurel Road offers a discount if you sign up for automatic payments. Taking 0.25 percent off your APR may not seem like much, but it can make a big difference in the total amount of interest you pay.

Compare lenders before applying

Fifth Third and Laurel Road are both good options for midsize personal loans. But to get the best deal, you should compare personal loan rates from one or two additional lenders. This will help you see what you qualify for — and determine if Fifth Third, Laurel Road or another lender is a better fit for your finances.