Laurel Road Personal Loans: 2024 Review

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. 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.

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 or moving expenses, 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.

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 or moving expenses, 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.

How this lender compares

Laurel Road vs. SoFi

SoFi and Laurel Road carry similar interest rates along with no fees. While both are online lenders, SoFi carries a credit score requirement of 680. 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 FAQs

How Bankrate rates Laurel Road