Laurel Road has been in the lending business since 2013. In April 2013 it became a brand of KeyBank National Association. Laurel Road provides unsecured personal loans to help its clients fund major life events like home improvement projects, moving expenses, business ventures, etc.
What Makes Them Great?
Laurel Road is a great source for funding your personal loans due to several reasons:
- Quick preview of interest rates: When you are looking around for a personal loan, you want to know the interest rates that different lenders are currently offering. It is convenient to know these rates upfront so that you can shortlist the lenders. Laurel Road makes it easy for their potential clients to know their likely interest rate in just a few minutes through its ‘Check Your Rate in 5 Min’ webpage. It also has an online payment calculator to help borrowers figure out the monthly payments for various loan sizes.
- Easy Online Application: Once you have decided on Laurel Road, applying for a personal loan is easy through their online application The applicant can submit all the necessary documents through this portal and electronically sign the loan application. So the application process is quick and paperless.
- Low Rates: The experts at Laurel Road evaluate the loan default risk for each applicant and approve only those who are credit-worthy. This policy enables Laurel Road to offer low rates to their borrowers.
- Auto-pay Discount: In addition to the competitive interest rates they have, Laurel Road also offers a 0.25% discount for setting up an electronic fund transfer (EFT) for automatically remitting the monthly payments from a bank account.
- Wide Range of Loan Amounts: Laurel Road offers many personal loan products. The minimum loan amount is $1,000 but the maximum loan amount depends on the purpose of the loan and the client’s profession. The upper limit for the loan amount is:
- $35,000 for the standard product available for car purchases, business expenses, and miscellaneous purposes.
- $45,000 for debt consolidation, home improvement, and major purchase
- $80,000 for physicians.
- $30,000 to $80,000 for residents depending on the overall duration of the residency and the number of years left for the resident to graduate.
Do I Qualify
Laurel Road provides loans to clients in all 50 states of the USA, Puerto Rico, and Washington DC. Anyone who is a U.S. Citizen or permanent resident can apply for a personal loan; permanent residents must have a valid I-551 card with at least 10 years between the “Resident Since” date and the “Card Expires” date entries on the card.
Additionally, the loan applicant’s credit history and financial profile must meet Laurel Road’s criteria for borrowers.
How Do I Work With Them?
It is easy to apply for a loan from Laurel Road. The whole process is done online, including the submission of all the necessary documents. You will need to provide the following data to complete the application:
- Personal details: Name, address, phone numbers, and social security number. You will also need to provide your US citizenship or permanent resident status.
- Education, employment, and income details: Educational background, employment status, and income are required. Also required are details of any outstanding loans in addition to the one being requested.
- Legal agreements: The applicant needs to agree to Laurel Road’s disclosures and policies, and consent to a soft credit pull by KeyBank. The soft credit pull does not affect the applicant’s credit score.
- Upload all supporting documents
- Select loan amount and term: As mentioned above, the maximum loan amount depends on the purpose of the loan and the borrower’s profession. Personal loans from Laurel Road have a 3, 4 or 5 years payback period.
The loan applicant can view the application’s status online.
Once the application is complete and the information is verified by Laurel Road, the applicant will receive the loan decision in about one business day. If approved, the client will be notified of the final interest rate and terms of the loan. The funds will be transferred to the client’s bank account in less than 24 hours after the disbursement has been scheduled.
We recommend Laurel Road due to several reasons:
- There are no application/origination/disbursement fees or prepayment penalties.
- They have a referral incentive program to reward those who are able to bring new clients to Laurel Road. Anyone, including non-clients, can participate in the referral program.
- 25% reduction in the interest rate for setting up monthly payments through EFT.
- Repeat customers get a relationship discount.
- The soft credit pulls that Laurel road uses to assess the creditworthiness of the applicants do not affect the applicant’s credit score.
OK, Let’s Get Started
Laurel Road is an attractive lender because of its speedy loan processing and incentives for EFT, referrals and repeat customers. They have plenty of resources on their website to address any concerns their clients might have. This includes a very helpful FAQ section. If you need a personal loan for purchases, business expenses, educational purposes, or for any miscellaneous reason, start an application with Laurel Road today or compare them to other lenders here.