Laurel Road Personal Loans: 2025 Review

Laurel Road is best for a wide variety of no-fee unique personal loan options

While most personal loan lenders only offer a one-size-fits-all approach to lending, Laurel Road provides unique programs that cater to everyone from business owners to healthcare workers to borrowers who want to refinance their current personal loans.

You won't pay an origination fee for any of these options, and you have the extra flexibility to change your payment due date or refinance an existing personal loan — something many other lenders don't offer.

Doctors and medical residents have additional borrowing power. Laurel Road offers loans as large as $80,000 with repayment terms up to seven years.  Rates for these loans are also about 1 percentage point lower than for general customers.

And if you prefer an “under-one-roof” banking approach, Laurel Road offers checking and savings accounts, credit cards, student loan refinancing and home loan products.

Laurel Road personal loan purposes

Funds from Laurel Road can be used for just about any purpose except to fund a college education. Physician and residency loans may have additional restrictions on using funds for expenses related to transitioning to a medical residency.

Where Laurel Road personal loans stand out

• No fees. You won't pay a fee to get a loan — or pay it off — since Laurel Road doesn't charge origination fees or prepayment penalties.
• Competitive rates. While Laurel Road doesn't have the lowest rates available, its maximum rates are more than 10 percent lower than the rates offered by other lenders.
• Niche programs. Doctors and residents may find Laurel Road's specialized programs beneficial to financing their professions.

Where Laurel Road personal loans fall short

• High starting APR. While Laurel Road's minimum annual percentage rate (APR) is in the single digits, it is still higher than the best personal loan rates offered by other lenders.
• High minimum loan amount. Many other personal loan lenders allow you to borrow as little as $1,000 with a personal loan — Laurel Road's minimum is set at $5,000.
• Slow approval and funding timelines. It's not difficult to find next-day financing with a personal loan, but Laurel Road has a long turnaround time of seven days.

Laurel Road customer resources

Customer support

Customers with general inquiries can reach someone by phone Monday through Friday between 8 a.m. and 8 p.m. ET.  You can also choose to email Laurel Road's customer service or fill out a form with your question or concern.

Digital experience

Laurel Road's app scores 4.7 out of 5 stars on the AppStore and 4.6 out of 5 stars on Google Play. Most reviewers are satisfied with the overall experience they've had with Laurel Road. Negative complaints are mainly concerned with long turnaround times related to a variety of transactions.

How this lender compares

Laurel Road vs. SoFi

Laurel Road offers specialized programs, including a doctor loan option that SoFi can't match. It also offers refinance options, which SoFi also doesn't provide. However, SoFi offers eligible customers up to $100,000 of borrowing power, more than twice the amount you can borrow with Laurel Road. You also have more flexible repayment terms, with terms as short as 24 months or as long as 72 months, compared to Laurel Road's three loan term options.

Laurel Road vs. Best Egg

Laurel Road caps its maximum rate at more than 10 percent lower than Best Egg, which could mean big interest savings over the life of your loan. That said, Best Egg's minimum rates are much lower than Laurel Road, and you can borrow as little as $2,000 compared to Laurel Road's minimum of $5,000. Home and car owners can also take advantage of unique secured loan options that Laurel Road doesn't offer.

Do you qualify for a Laurel Road personal loan?

Laurel Road's website doesn't list any specific eligibility criteria, but you are able to prequalify without damaging your credit. If you're applying for a doctor or medical residency loan, you must provide additional documentation for approval to confirm information about your employment.

How Bankrate rates Laurel Road