What types of loans does Laurel Road offer?
Whether you’re looking to finance a large purchase or buy your first home, Laurel Road may be able to help. It currently offers four different types of financing:
- Personal loans. Laurel Road offers personal loans up to $45,000 for qualified borrowers. Terms range from three to five years, and its fixed rates start at 7%. And physicians and dentists may qualify for a low starting rate of 5.5%, slightly longer terms and a larger loan amount of $80,000.
- Student loan refinancing. You can refinance a student loan or Parent PLUS Loan with Laurel Road. There are no maximums, so those with large amounts of student loan debt can refinance it all in one place. You’ll have between five and 20 years to pay off your debt, with fixed rates starting at 3.5% and variable rates starting at 3.24%.
- In-school loans. In addition to refinancing, Laurel Road also offers in-school financing for post-graduate programs. However, the programs it considers are limited, as are the eligible schools. You’ll have to check with Laurel Road to make sure you qualify before you apply.
- Mortgages. Laurel Road offers a variety of mortgage structures to suit the needs of anyone looking to buy a home. It offers fixed terms of 15, 20 and 30 years and an adjustable rate mortgage (ARM) with a seven-year fixed period. And if you already have a home, Laurel Road also offers cash-out refinancing to qualified borrowers.
Why should I consider taking out a loan with Laurel Road?
- Allows cosigners. If you don’t meet Laurel Road’s credit requirements on your own, a cosigner could improve your likelihood of approval. This is available for its personal loans, student loans and in-school loans.
- Available in all 50 states. Unlike many online lenders and other banks, Laurel Road is available in all 50 states and Washington, DC.
- No origination fees or prepayment penalties. Laurel Road doesn’t have any origination fees or disbursement fees, and you won’t be penalized for paying off your loan early. But mortgage borrowers will still be responsible for closing costs.
- Autopay discount. Get a 0.25% discount on your APR when you sign up for autopay.
Where does Laurel Roads fall short?
- Laurel Road account may be required for autopay discount. For student loan refinancing, you must open an approved checking account with Laurel Road.
- No cosigner release on refinancing. Cosigners for a student loan refinance can’t be removed until the loan is fully paid off or refinanced with a different provider.
- Less information about personal loan offers. You’ll find fees and other information for the student loan refinancing option on Laurel Road’s website, but not for its personal loans. Take caution if you don’t fully understand the terms before accepting an offer.
Compare Laurel Road loan offers
|Name||Min. Credit Score||Max. Loan Amount||APR|
|Laurel Road personal loans||680||$45,000||7.00% to 24.75%||Read review|
|Laurel Road Student Loan Refinancing||680||1.89% to 5.90%||Read review|
How much will it cost me to borrow with Laurel Road?
You won’t pay an application, origination or disbursement fee with Laurel Road, and you’re not subject to prepayment penalties if you pay off your loan early.
The interest rate you receive will depend on the type of loan you borrow and your crediworthiness. Personal loans tend to cost more, while mortgages and student loan refinancing tend to have lower rates — especially when you opt for variable interest. You can get a further 0.25% discount on your rate by signing up for autopay or indicating that you’re a medical professional.
What do borrowers say about Laurel Road?
Laurel Road doesn’t have a Better Business Bureau (BBB) profile itself, but its parent company, Darien Rowayton Bank, does. It’s not BBB-accredited but still receives an A rating. Complaint details are hidden, but the reviews aren’t. One person complained that their student loan application spent months in the underwriting process, while another said it took four months for their funds to be disbursed. This doesn’t represent Laurel Roads, but it can give some insight into how its business may be run.
It does much better on Trustpilot, where it actually has a page. It earns a 9.1 out of 10 score, and 85% of the 205 customers that left reviews rate it as “Excellent.” Conversations in online forums were also more favorable. When one Reddit user asked if they should use Laurel Road or Earnest to refinance their student loans, they were advised to go with Laurel Road. Others agreed that Laurel Road tended to offer lower rates than its competitors.
Our takeaway: It might take a long time to go through, but it’s inexpensive.
Are Laurel Road loans safe?
How to apply for a loan with Laurel Road
To apply for any loan, go to Laurel Road’s website and complete the short prequalification application. You’ll indicate the loan you’re interested in and then upload documents that could include:
- Government-issued photo ID
- Two recent pay stubs
- Loan statements, including payoff amounts — if applicable
- Proof of graduation — if applicable
If you’re approved, you’ll receive a letter with your rate and disclosure information. The final step is accepting the loan’s terms and signing your promissory note.
Any working professional who’s taken out a student loan for undergraduate or graduate study should qualify for a Laurel Road loan. It also provides refinancing to parents who’ve taken out high-interest Parent PLUS Loans to fill in tuition gaps. Like student loan refinancing, personal loans and mortgages are open to all US citizens or permanent residents with a valid I-551 card.
To qualify for a Laurel Road loan, you must at least:
- Have a steady source of income.
- Be a US citizen or permanent resident.
- Be at least 18 years old.
Your creditworthiness, income and debt also factor into your application.
More about the company
Laurel Road is a Connecticut-based bank that offers its products to residents of all 50 states, Puerto Rico and Washington, DC. Beyond loans, it also offers checking and savings accounts as well as CDs and banking services for businesses. And for those still learning about the borrowing process, Laurel Road has a plethora of resources to help you get informed before you borrow.
Laurel Road has been expanding its products to better suit the needs of its borrowers. From personal loans to mortgages to student loan refinancing, you may be able to find an option to help. But with no cosigner release on some loans and limited upfront information on its options, you might want to explore your other personal loan options or student loan refinancing options before you commit.
Frequently asked questions
Before you visit Laurel Road …
The most qualified applicants have a minimum credit score of 680. Laurel Road tends to be best for people with an annual income above $60,000 and total debt of less than 40% of their income. If you don’t think Laurel Road is best for you, explore other loan options.
More guides on Finder
Laurel Road personal loans review
Available in all 50 states, Laurel Road offers personal loans for just about any legitimate purpose. Bigger loans and lower rates for doctors and dentists.
Ask an Expert