Laurel Road Personal Loan Review 2021

Advantages explained

  • Co-signer option – If you don’t have an outstanding credit score, you can seek the help of a. take advantage of Co-signerthat may not only help you qualify but also bring you a lower interest rate.
  • Autopay discount Signing up for automatic payments (a great way to make sure you don’t skip any or be late) will save you 0.25% on monthly payments.
  • Prequalification check A The prequalification check can help you determine if you are eligible for a personal loan without the harshest of quizzing your credit report. Such requests temporarily cause your creditworthiness to drop.


Disadvantages explained

  • High minimum APR Even for those with the best credit history, the lowest APR you can qualify for is 7.00%. This rate is much higher compared to other lenders.
  • Inflexible monthly due date Some lenders allow you to change your due date so you won’t have any problems making your payments. Laurel Road does not offer this advantage. So if you cannot make your payments at the same time each month, you may be charged a late payment fee.
  • No hardship aid If you’ve lost your job or had some other emergency, some lenders allow you to defer payments without incurring interest, fees or penalties, but Laurel Road does not.


Time to get money

Most approved loans are funded within about seven business days. The timeframe may vary depending on the complexity of the application and the number of applications pending. Once the loan has been approved and a withdrawal date has been set, you should receive the funds within approximately 24 hours.


Laurel Road personal loan features

  • You may have a co-signer.
  • There is a prequalification option.
  • An online application is available.
  • There are no set-up, prepayment or application fees.
  • An autopay discount of 0.25% is offered.
  • Members of the American Medical Association, AMA, are eligible for a 0.25% interest discount.


Apply for a Laurel Road personal loan

To be eligible for a Laurel Road Personal Loan, you must:

  • Be a U.S. citizen or permanent resident
  • Provide proof of employment
  • Showcase Debt-Income Ratio
  • Disposable income detail
  • Have credit history credentials

Apply, fill out the application. Here is what you will do:

  • Add personal data: The first part of your application involves filling out personal information such as your social security number and your current address.
  • Full employment informationincluding your employment status, where you work and how much money you make. There is also an issue of what your monthly home-related obligations are (such as rent or mortgage payments). Education information is also required, including your degree and school.
  • Share your credit needs by specifying the desired loan amount and the purpose of use. Both determine your eligibility and how much a loan can be.

At this point, you agree to have Laurel Road run a gentle pre-qualification credit check (if you have not already done so). Then, once you have qualified, you can complete the full application. They add even more financial and personal details, including the option to choose a co-signer. Your co-signer must provide the same information as you, including credit history and employment information.

Since Laurel Road personal loans are unsecured, your credit history and financial profile are the most important criteria for making a loan decision.


Can I refinance a personal loan with Laurel Road?

Yes sir. Laurel Road offers personal loans Refinancing. You can note this as a goal in your application.

verdict

Laurel Road offers competitive APRs for those who have credit scores in the solid but not spectacular range. Because the minimum rate is high compared to other lenders, this may not be the best option if you have great credit. However, with no huge fees, a quick prequalification form, and a nice autopay discount, the Laurel Road is a great option for most people.


methodology

Investopedia is committed to providing consumers with unbiased, comprehensive reviews of personal lenders. We collected over 25 data points from 50+ lenders – including interest rates, fees, loan amounts, and repayment terms – to ensure our content helps users make the right loan decision for their needs.



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