Laurel Road Personal Loans: 2024 Review

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. 

Pros 

• Autopay discount. Borrowers will receive a 0.25 percent rate discount for those that enroll in autopay. 
• Minimal fees. Laurel Road does not enforce any upfront fees for its borrowers.
• Tailored options for healthcare professionals. If you are a healthcare professional you may be able to take out a larger personal loan.

Cons 

• Long approval process. Approval can take up to seven 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 seven 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 a.m. to 11 p.m. ET.

How to apply for a loan with Laurel Road

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, and some charge a penalty for paying your loan off early. You will not be penalized for making early payments with Laurel Road.

Methodology 

To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:

• Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
• Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
• Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
• Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com 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.

What customers think