- Low maximum APR: 24.75%
- No origination fees
- No prepayment fees
- Co-signers allowed
- Loans as high as $45,000
- Could take up to 30 days for funding
- Not available to people without SSN
Laurel Road Review Summary
Laurel Road personal loans require fair credit for approval, and the APR range is 7.5% - 24.75%. While people with fair credit can take advantage of the relatively low maximum APR, people with excellent credit may want to consider other lenders with lower minimums.
Other selling points of Laurel Road personal loans are no origination fees and loan amounts as large as $45,000. Laurel Road loans are ultimately serviced by KeyBank, as Laurel Road was acquired by KeyBank in 2019. In addition to personal loans, Laurel Road offers student loans, student loan refinancing and mortgages.
Below, we’ll show you how WalletHub rates Laurel Road personal loans in three key categories: Terms, Requirements & Application, and Reviews & Transparency. You’ll also see how they measure up to other lenders’ offers.
Laurel Road Personal Loan Terms
|APRs||7.5% - 24.75%|
|Loan Amount||$1,000 - $45,000|
|Loan Terms||3, 4 or 5 years|
|Late Fee||5% of payment (min $28)|
|Minimum Credit Score||Fair*|
|Minimum Income||Not disclosed|
|Loan Purpose||Debt Consolidation, Home Improvement, Big Purchase|
|Time to Receive Loan Money||2 - 30 days|
Laurel Road Rates, Fees & Other Terms
Category Rating: 100% (5 out of 5)
- Overall APR range: Laurel Road offers fixed-rate personal loans with an interest rate range of 7.5% - 24.75%.
- How rates are determined: The exact rate you will get depends on your loan term, credit history, and current debts, among other factors.
- Origination fee: Laurel Road personal loans do not have origination fees.
- Other fees: Laurel Road charges a late fee of 5% of payment (min $28) of the payment amount, whichever is less. Borrowers may also incur a $20 fee for returned payments. There are no penalties for repaying your loan early.
- Loan amounts & timelines: Laurel Road offers personal loans of $1,000 - $45,000 with repayment terms of 3, 4 or 5 years.
Laurel Road Personal Loan Requirements & Application Info
Category Rating: 76% (3.8 out of 5)
- Minimum credit score: The Laurel Road credit score requirement is 660 or higher, according to representatives from the company.
- Minimum income: Laurel Road does not disclose minimum income requirements, although you must have a debt-to-income ratio of 43% or less.
- Age: You must be of legal age to apply for loans in your state of residence.
- Citizenship: You must be a U.S. citizen or permanent resident.
- Identification: You must have a Social Security number.
- Pre-qualification: 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 see what rates you’re eligible for. This process will not affect your credit score.
- Ways to apply: If you decide to apply for a Laurel Road personal loan, the only way to do it is online.
- Co-signing: Laurel Road allows you to add a co-signer to your application.
Laurel Road Reviews & Transparency
Category Rating: 82% (4.1 out of 5)
- 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 around 20 complaints regarding personal installment loans. KeyBank acquired Laurel Road in April 2019, and almost all complaints are from March 2019 or prior.
- WalletHub: Laurel Road receives a user rating of 3.1/5.
- Transparency: 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, though these are not available on the website.
Because of Laurel Road’s good reputation and clarity about their terms, they receive a good score.
Summary: Laurel Road Score by Review Category
|Rates, Fees & Other Terms||5/5|
|Requirements & Application Info||3.8/5|
|Reviews & Transparency||4.1/5|
Laurel Road Personal Loans vs. Popular Competitors
|APRs||7.5% - 24.75%||6.98% - 19.98%||6.99% - 22.23%|
|Loan Amounts||$1,000 - $45,000||$3,500 - $40,000||$5,000 - $100,000|
|Loan Terms||3, 4 or 5 years||12, 24 or 36 months||24 - 84 months|
|Minimum Credit Score||Fair*||Fair*||Fair*|
In order to provide the most accurate review of Laurel Road personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Laurel Road loan terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.