Laurel Road Review

Is this the loan company for you?

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  • Interest rate discount for ACH payments
  • Personal loan interest rates are low


  • Highest loan amount depends on purpose
  • Some loans require ACH withdrawals

What You Need to Know

Laurel Road offers an interest rate discount. You can receive this discount by signing up for direct payment from your bank account. They offer a 0.25 percent interest discount. The discount is available each month you pay with automatic withdrawals. If you make payments through another method, you will pay a higher interest rate.

The interest rates for all Laurel Road loans are low. Even the highest rate is lower than other online lending companies. The interest rate you receive depends on your qualifications when you apply for the loan. The rate you receive is the rate for the life of the loan.

The largest amount for Laurel Road loans is either $35,000 or $45,000. The amount depends on what you are using the money for. The largest loans for auto, moving, miscellaneous purchases, and business ventures are $35,000. For debt consolidation, home improvements, or large purchases, $45,000 is available. To qualify for the larger loan, more information may be necessary.

Debt consolidation loans with Laurel Road may require setting up direct payments. They would withdraw money directly from your bank account each month automatically. Larger loan amounts may require direct payments to repay the loan.

Qualifications to Apply for Laurel Road Loans

Useful Information About Laurel Road Loans

Additional Relevant Information

Laurel Road offers personal refinance of current loans. You can also apply for another loan with Laurel Road if your first loan is current. But they will only accept one active application at a time.

Laurel Road loans do not have application or origination fees. The amount you qualify for is the amount you receive. They will not take money out of the loan to cover fees. There are no fees for paying your loan off early.

History and Achievements

Laurel Road first started offering student loans in 2013. Since they started, they have loaned over $4 billion in federal and private school loans. In April of 2019, KeyBank bought Laurel Road.

Laurel Road offers lending products in all 50 states, Washington D.C., and Puerto Rico. Those include personal loans, student loans, and mortgages. The application is online. Loan approval and funding take from two to seven business days.

Frequently Asked Questions

Can I apply for a loan entirely online?

Yes. The application is entirely online.

What is the lowest my credit score can be?

Customers must have a credit score higher than 660 to apply.

What is the smallest loan amount available?

The minimum loan amount is $1,000.

What is the largest loan amount available?

The maximum Laurel Road loan is $45,000 if you qualify for that amount.

What are the loan term lengths?

Loan terms are available in three, four, and five-year loans.

Are the interest rates competitive?

Yes. Laurel Road interest rates are competitive. Even the highest rate is lower than other online lending interest rates. To receive the lowest rate, you must meet the qualifications.

Are the interest rates fixed?

Yes. Laurel Road offers fixed interest rates for life of the loan.

What types of loans are available?

Laurel Road offers personal, student, and graduate loans, along with mortgage loans. The money from personal loans cannot be for educational expenses. You can use personal loans for home improvements, debt consolidation, or major purchases.

What information do I need to apply for a loan?

Laurel Road required a valid SSN, email, and bank account. Laurel Road will want to verify your employment, income, and education. More information may be necessary, depending on your application.

How long does approval take?

Approval and funding usually take between two to seven business days. This could take longer depending on your application and how many loans Laurel Road has to process.

How long will it take the money to enter my account after approval?

After your loan has approval, the money transfers into your account in 24 hours.

If I have been denied a loan before, how long do I have to wait to apply again?

There is not a set time you must wait before you reapply for another Laurel Road loan.

What are the payment options to repay my loan?

Payments are due monthly. There are no fees for making extra payments. Customers receive an interest rate discount for paying with automatic withdrawals.

Can I pay my loan off early?

Yes. There are no fees for paying your loan off early.

Is my information secure?

Laurel Road offers security measures that comply with federal laws. Their buildings and files are secure. Their computers have safeguards.

Does this loan company offer a mobile app?

The Laurel Road website does not list a mobile app.

How do I contact customer service?

Contact customer service through phone, email, mail, or online chat. You can follow Laurel Road on Facebook, Instagram, LinkedIn, Twitter, and YouTube.

Bank Contact Information

Laurel Road
P.O. Box 191
Bridgeport, CT 06601