Yes, Laurel Road is a direct lender, which means they handle the full loan process, from application to funding and beyond, instead of simply matching you with another lender. Direct lenders are the only ones that handle your information, so it’s more secure, and they make the loan process faster by removing middlemen.
In the end, your loan comes directly from Laurel Road, not through a partnering bank or credit union. Getting a loan from a direct lender may get you better rates than from an indirect lender, as well.
It takes 3 to 30 days to get money from a Laurel Road personal loan, in most cases. That includes both the time it takes to get approved and the time it takes for the funds to be delivered after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.… read full answer
How to Get Money From Laurel Road as Fast as Possible
Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from Laurel Road having to request additional information.
Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
Get your credit score above the minimum. Ideally, you should only apply for a Laurel Road personal loan once your credit score exceeds the minimum requirement of 660. That will make it easier for Laurel Road to decide whether you qualify, which could lead to a quicker decision.
Once you get approved for a Laurel Road personal loan, the money will be delivered through an electronic funds transfer to your bank account, which usually takes up to 7 business days.
Yes, a Laurel Road personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a Laurel Road personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.… read full answer
How a Laurel Road Personal Loan Affects Your Credit Score
Hard pull: When you apply for a Laurel Road personal loan, Laurel Road will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.
Increased debt level: Taking out a Laurel Road personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.
Account diversity: One positive way that getting a Laurel Road personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.
Payments: The biggest factor in how a Laurel Road personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.
The bottom line is that while a Laurel Road personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.
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.
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