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Laurel Road Personal Loans: 2023 Review

Updated on Jan. 1, 2023
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At a glance

Rating: 4.3 stars out of 5
Bankrate Score
Caret Down
Rating: 3.5 stars out of 5
Rating: 4.7 stars out of 5
Customer Experience
Rating: 4.9 stars out of 5

About Bankrate Score

Laurel Road is a digital banking platform from KeyBank. It offers financial services to anyone, but its services are tailored to meet the needs of healthcare and business professionals. The services Laurel Road provides include student loan refinancing, mortgages, student loan checkback credit cards, savings and checking accounts and personal loans.
Loan amount $5,000 - $45,000
APR from 8.99% - 24.50% (with autopay)
This lender is best for physicians and dentists. 

Laurel Road is best for physicians and dentists

While anyone can apply for a loan from Laurel Road, it offers personal loans that are specifically tailored for healthcare professionals in training. If you are a practicing physician or dentist, or if you are within 12 months of finishing your training, you can apply for a loan up to $80,000. Laurel Road also has special benefits for physicians who sign up for its services, including discounts on premium brands, customized financial plans and a quick peer comparison tool that allows you to compare your salary and debt to other physicians by location and specialty.

Laurel Road features

Here's a breakdown of some of the benefits and drawbacks of Laurel Road personal loans.


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    Autopay discount

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    Cosigners allowed

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    Minimal fees


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    Approval can take 7 business days

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    Undisclosed eligibility requirements

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    High minimum loan amount

Personal loans from Laurel Road come with fairly low interest rates and no upfront fees. It offers a range of borrowing amounts, but the maximum borrowing amount varies depending on the purpose of the loan. Laurel Road offers a 0.25 percent rate discount for enrolling in autopay and borrowers have the option to change their payment date if necessary.

Laurel Road personal loans do have some drawbacks, including a late fee and a fee for returned payments. It is also important to note that the approval process can take 7 business days or longer, so this may not be the lender for you if you need quick funding.

There are several benefits and drawbacks to taking out a personal loan with Laurel Road. consider the information below before deciding if this lender is the right choice for you.

Do you qualify?

Laurel Road does not specify its minimum credit score or minimum income on its website, but applicants with strong credit are more likely to qualify for the lender’s best rates. In order to qualify for a Laurel Road loan, you must be a U.S. citizen or a permanent resident with a valid I-551 card (must show a minimum of 10 years between “resident since” date and “card expires” date).

What Laurel Road doesn't allow funds to be used for

While Laurel Road does not disclose any restrictions on what its loans can be used for. The borrowing amount does differ depending on the loan purpose.  If you use the loan for an auto purchase, business expenses, a Green Loan, moving expenses or another purpose, the maximum borrowing amount is $35,000. If you use the loan for debt consolidation, a major purchase or home improvement, the maximum borrowing amount is $45,000.

Laurel Road vs. SoFi

SoFi and Laurel Road carry similar interest rates along with no fees. While both are online lenders, SoFi carries a more stringent credit score requirement — of 680 — than its alternative Laurel Road. This makes a SoFi personal loan best suited for those with good credit. If you are attracted to the Laurel Road online experience and rates but do not have the medical background that the lender caters to SoFi can be a good option. 

Laurel Road vs. Best Egg

Another online lender, Best Egg offers similarly competitive rates to Laurel Road with a slightly expanded loan amount range. When choosing between both lenders consider the credit requirement that Best Egg carries of 600. Unless you have fair to excellent credit, Laurel Road may offer you better rates than the Delaware-based lender, Best Egg.

Laurel Road: in the details

What we like and what we don't like

Available in all 50 states, consider all the advantages of autopay discounts coupled with undisclosed eligibility requirements of Laurel Road loans. 


  • Autopay discount. Borrowers will receive a 0.25 percent rate discount for those that enroll in autopay. 
  • Cosigners allowed. The addition of cosigners can allow for more competitive rates for borrowers with poor credit. 
  • Minimal fees. Laurel Road does not enforce any upfront fees for its borrowers.


  • Long approval process. Approval can take up to 7 business days.
  • Undisclosed eligibility requirements. Laurel Road does not disclose its specific requirements on its website.  
  • High minimum loan amount. Borrowers must take out a loan of $5,000 or more, much higher than other lenders in the space. 

How to contact Laurel Road

Laurel Road has customer service representatives available 7 days a week by phone and through the live chat feature on its website. Customers can also submit a message form on the Laurel Road website. Over the phone customer service is available from 7:00 AM to 11:00 PM ET.

How to apply for a loan with Laurel Road

The entire application process can be completed online, and Laurel Road allows borrowers to make an online account in addition to having a mobile app available.
To apply for a personal loan from Laurel Road, you’ll start by filling out an online application. Once you have done this, Laurel Road will provide you with a conditional interest rate that reflects the rate you are likely to qualify for. This rate will be based on a soft credit check and will take the following information into account:
  • Your credit score
  • Your annual income
  • Your debt-to-income ratio
  • Your credit history
Once you have received your conditional rate from Laurel Road, you will need to upload supporting documents to complete the online application. Once you have done that, Laurel Road will begin the process of underwriting your loan. This usually takes about 7 business days but could take longer. Once your loan is approved, Laurel Road will send you your final rate and loan term options.
Funding happens quickly after approval. After you select your loan type and term and sign all of the necessary documents, you can receive funds in as little as 24 hours.
Before signing off on a loan agreement with Laurel Road, compare the quote you receive with other personal loan lenders to make sure you are getting the best possible deal.
Laurel Road has customer service representatives available 7 days a week by phone and through the live chat feature on its website. Customers can also submit a message form on the Laurel Road website. Over the phone customer service is available from 7:00 AM to 11:00 PM ET.

Fees and penalties

Unlike other lenders, Laurel Road does not charge any upfront fees like origination fees or prepayment penalties. However, the lender does charge a late fee of 5 percent of the missed payment or $28, whichever is less. It also charges a $20 fee for returned payments.

Laurel Road’s lack of upfront fees make it an attractive option. The only fees you could incur with this lender are avoidable with good financial planning. Other lenders often charge origination fees up to 8 percent as well as a penalty for paying your loan off early. You will not be penalized for making early payments with Laurel Road.

Laurel Road FAQs

How Bankrate rates Laurel Road

Overall Score 4.3
Availability 3.5 PNC does not disclose many of its eligibility requirements or its funding timeline, though it has a good range of loan amounts.
Affordability 4.7 Low APRs and minimal fees
Customer Experience 4.9 Online access, customer service 7 days a week and mobile app available

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.