Yes, you can pay off Laurel Road loans early, which is a smart idea because it will save you money on interest. Laurel Road does not charge a prepayment penalty, meaning that you will not be charged extra if you pay off the loan sooner than you’re required to.
Example of How Much You Can Save By Paying Off a Laurel Road Personal Loan Early
Situation: A $10,000 loan with a repayment period of 4 years, an APR of 18% and an origination fee of 0%.
Normal Payments: You will spend approximately $4,100 on interest.
Early Pay Off: If you pay off the loan in 3 years, you will save about $1,086 on interest.
You can get Laurel Road personal loan pre-approval through the Laurel Road website. Laurel Road pre-approval allows you to see your odds of approval for a personal loan from Laurel Road, as well as your potential interest rate, and the process will have no impact on your credit score.
Enter your name, email. date of birth, Social Security number, phone number, home address, citizenship, annual income, rent/mortgage amount, loan purpose, education level and consent to do a soft pull.
Once you receive your Laurel Road pre-approval status, you can choose whether or not to actually submit an application. Getting pre-approved does not mean you're guaranteed to be approved if you apply, but your approval odds will be very high.
If you want to consider more options first, you can try out WalletHub's free personal loan pre-approval tool, which checks for pre-approval with multiple personal loan providers at the same time.
To apply for a Laurel Road personal loan, first check for pre-qualification and then enter your personal and financial information on the online application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
How to Apply for a Laurel Road Personal Loan
… read full answerCheck for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for a Laurel Road personal loan. It doesn’t hurt your credit. You can check for pre-qualification on the Laurel Road website.
Enter your personal information on the application. Laurel Road requires the following personal information on the application: your full name, email, date of birth, home address, Social Security number, phone number and citizenship status.
Enter your financial information on the application. Laurel Road requires the following financial information on the application: your employment status, gross annual base income, monthly payment on mortgage or rent, and level of education.
Double check the application for accuracy. To ensure that your Laurel Road personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. Laurel Road will typically provide a decision on your application within 2 to 10 business days (for both approval and funding).
If you are approved for a Laurel Road personal loan, you will generally receive the funds within up to 7 business days after approval. After that, it’s your responsibility to make monthly payments until you have fully paid back your loan, including interest.
Yes, Laurel Road does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
Laurel Road's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.
It's worth noting that some people may be uncertain about whether Laurel Road does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.
If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include Opploans, Integra Credit and NetCredit.
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