Laurel Road Personal Loan Review
Laurel Road personal loans offer up to $45,000 in funding, with APRs ranging from 7.5% to 24.75%. The minimum rate in that range is 2% to 4% higher than what the best competing lenders offer, but Laurel Road’s maximum APR is one of the lowest around.
It takes a credit score of 660 to qualify for a Laurel Road personal loan. However, people whose credit scores don’t make the cut can rely on a co-signer with a higher credit score to help them qualify. Another benefit of Laurel Road personal loans is that they don’t charge any origination fees.
Laurel Road Personal Loan Review Highlights
- Laurel Road rates: 7.5% - 24.75%
- Loan amounts: $1,000 - $45,000
- Origination fee: 0%
- Late fee: 5% of the payment due (min. $28)
- Funding time: Up to 30 days
- Time to pay off: 36 - 60 months
- Co-signer policy: Co-signers allowed
- Loan requirements: 660+ credit score, at least 18 years old, U.S. citizen or permanent resident, SSN.
- BBB rating: Laurel Road is not accredited by the BBB but has an A+ rating. KeyBank, the company that owns Laurel Road, also has an A+ and is accredited.
- Complaints: The Consumer Financial Protection Bureau doesn’t have much information on Laurel Road, and there are only a few complaints about KeyBank.
Laurel Road’s lack of origination fees combined with a low maximum APR make them a good choice for people with a credit score of 660+. The fact that they allow co-signers gives people with lower credit scores a chance to get a loan from Laurel Road, too. If you’re interested in getting a personal loan from Laurel Road, you can see if you’re pre-qualified on the lender’s website.
Below, you can see how WalletHub rates Laurel Road personal loans in our three key categories: Terms, Requirements & Application, and Reviews & Transparency.
Laurel Road Ratings by Category
Terms: 5 / 5
Requirements & Application: 3.8 / 5
Reviews & Transparency: 4.1 / 5
Overall Score: 4.6 / 5
Finally, it’s useful to note that Laurel Road also offers loans for refinancing existing student loans, paying for graduate school, and buying a home.