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Laurel Road Personal Loans: 2022 Review

Updated on June 16, 2022
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At a glance

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

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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.
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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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    No origination fee or prepayment penalty


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    Approval can take 7 business days

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    Eligibility requirements are not disclosed on website

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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.

Laurel Road: in the details

Loan Amount
$5,000 - $45,000
APR from
8.99% - 24.50% (with autopay)
Funds available in
24 hours after approval (which can take 7 days or longer)

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.

Lending terms

Laurel Road offers unsecured, fixed-rate personal loans from $5,000 to $45,000. However, the maximum borrowing amount differs 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.

Borrowers can choose a repayment term of 3, 4, or 5 years. APRs range from 8.99 percent to 24.50 percent. The lowest rates require signing up for autopay. Rates also depend on the loan amount and term you choose, as well as your credit history, credit score and overall financial health. If you think you might have trouble accessing the rate you want on your own, Laurel Road does allow co-signers.

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).

Personal loans from this lender are available in all 50 states, Washington D.C. and Puerto Rico.


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.

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.

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.