Posted by: Adam McCann

Laurel Road Review Summary:  Laurel Road personal loans are for people with a credit score of at least 660. Laurel Road also offers one of the lowest maximum interest rates on the market, at 16.30%. However, their lowest interest rate is 8.01%, which is pretty cheap but not elite. Therefore, Laurel Road personal loans are best for people in the fair credit range, as other lenders would likely charge much higher APRs. But people with excellent credit scores will likely find 8.01% too high compared to the 6% minimum that some other lenders offer.

Another selling point of Laurel Road personal loans is that they have no origination fees. On top of that, they can be useful for debt consolidation because Laurel Road will lend up to $45,000. One more thing to note about Laurel Road is that they were acquired by KeyBank in April 2019. They still offer loans under the name Laurel Road, but those loans are ultimately serviced by KeyBank. In addition to personal loans, Laurel Road offers student loans, student loan refinancing and mortgages.

Below, you’ll find more information on Laurel Road personal loans and how they measure up to other lenders’ offers.

Laurel Road Personal Loan Terms

APRs	8.01% - 16.30%
How long loans last	3, 4 or 5 years
Dollar amounts available	$1,000 - $45,000
Approval time	1 - 30 days
Funds delivery time	24 hours after approval
Origination fee	0%
Fee for early payoff	$0
Fee for late payments	5% of payment (min $28)
Credit score requirement	660
Minimum income requirement	Lender does not specify
Required debt-to-income ratio	43% or less
Other requirements (all must apply)	18 years old U.S. citizen or permanent resident SSN

Laurel Road Rates & Fees

Laurel Road rates have a narrow range. They go from 8.01% to 16.30%. While many lenders start their interest rate ranges closer to 6%, few have maximum APRs equal to or less than Laurel Road’s. Therefore, people with excellent credit may want to consider other lenders, but people who just meet Laurel Road’s credit score minimum of 660 will be able to get a great deal. Laurel Road has fixed APRs, so you’ll always have the same rate.

Laurel Road has no origination fee and does not charge you extra if you pay off your loan early. The only fee they do charge is a late fee of $28 or 5% of the payment amount, whichever is greater.

Laurel Road Personal Loan Requirements & Application Info

The Laurel Road credit score requirement is 660 or higher, according to representatives from the company. They don’t disclose a minimum income requirement, but you must have a debt-to-income ratio of 43% or less. That means your monthly debt payments can’t be more than 43% of your before-tax income. In order to take out a Laurel Road personal loan, you will also have to be a U.S. citizen or permanent resident and have a Social Security number.

To get pre-qualified for a loan with Laurel Road, click the “check my rates” button on their website. After you enter some personal information, Laurel Road will do a soft pull of your credit to figure out what rates you’re eligible for. Soft pulls don’t hurt your credit. But if you decide to apply for a loan afterward, Laurel Road will do a hard pull, which should cause your score to temporarily dip a few points. You may apply for a personal loan with a co-signer if you wish. You can only submit an application online.

Laurel Road Reviews & Transparency

Laurel Road has a good reputation with the BBB and there aren’t any complaints filed against them with the Consumer Financial Protection Bureau.

• Better Business Bureau: Laurel Road has an A rating from the bureau but is not accredited. However, KeyBank, which acquired the Laurel Road brand in 2019, has and A+ rating as well as accreditation.
• Consumer Financial Protection Bureau: There are no complaints with the CFPB that specifically mention Laurel Road. But KeyCorp, the parent of KeyBank which now owns Laurel Road, has a total of 53 complaints regarding personal loans. Considering KeyBank acquired Laurel Road in April 2019 and all complaints are from March 2019 or prior, none of them are about Laurel Road.
• WalletHub: Laurel Road does not have WalletHub user reviews, but KeyBank receives 3.5/5 stars across almost 600 reviews. WalletHub scores Laurel Road personal loans at 4/5.

Laurel Road’s personal loan terms are easily accessible, and customers can check if they’re pre-qualified for a loan. On top of that, Laurel Road’s representatives disclosed the company’s credit score requirements and required debt-to-income ratio. The company is very transparent overall.

Laurel Road Personal Loans vs. Popular Competitors

Lender	Laurel Road	Earnest	SoFi
APR	8.01% - 16.30%	6.99% - 18.24%	5.99% - 16.49%
Loan amounts	$1,000 - $45,000	$5,000 - $75,000	$5,000 - $100,000
Loan lengths	3, 4 or 5 years	3, 4 or 5 years	12 - 84 months
Credit score required	660	680*	680

*According to multiple third-party sources

Methodology

WalletHub’s editors examined 23 different loan elements when giving a rating to Laurel Road. Below, you can see the 7 overall categories we looked into and a detailed list of the different factors we measured.

• Requirements:This category involved checking Laurel Road’s minimum credit score and income, plus who can apply (U.S. citizens, permanent residents, etc.) and what identification is required.
• APR: We were concerned not just with Laurel Road’s range of interest rates but also if the rates remain fixed or can vary over time.
• Fees: WalletHub did research into any fees that Laurel Road charges. We primarily looked for origination fees, late fees and early payoff fees.
• Loan amounts: Our editors checked how much it’s possible to borrow from Laurel Road, and what periods are offered for payoff.
• Application process: This category included pre-qualification, how to apply, whether joint applications are allowed, how long it takes to receive a decision and how long it takes to receive the loan money.
• Customer satisfaction: To find out Laurel Road’s customer satisfaction, we looked at reviews on WalletHub, Laurel Road’s BBB score and the CFPB complaints archive.
• Transparency: This category involved figuring out how clear Laurel Road is about the minimum qualifications for their loans, as well as their fees, interest rates and other terms.

from Wallet HubWallet Hub


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