Laurel Road Personal Loans Review

By Mentor Staff | Edited By Mentor Staff

Updated On January 22, 2022

Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.

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Company Overview: Laurel Road

Laurel Road, the online division of Darien Rowayton Bank (DRB), is a leading personal loans lender based in Connecticut that operates in all 50 states. DRB was founded in 2006. Laurel Road offers personal loans, student loan refinancing, parent loan refinancing, new MBA loans and mortgages.

Laurel Road Personal Loan Overview

Laurel Road offers attractive rates and terms compared with other top lenders in the personal loan industry:

Overview

Minimum Credit Score:
660
Minimum Loan Amount:
$1,000
Maximum Loan Amount:
$45,000
Loan Terms:
3, 4, 5 years
Minimum Income:
No

Details

Origination Fees:
No
Late Fees:
No
Prepayment Penalty:
No
Soft Credit Check:
Yes
Get My Rate

* Checking your rate does not affect your credit score.

How Laurel Road Compares: Key Benefits Of Laurel Road’s Personal loan

Here are some of the reasons that Laurel Road borrowers love Laurel Road personal loans:

Easy Online Application: You can apply for a Laurel Road personal loan completely online.

Deferment and Forbearance: Laurel Road may allow borrowers to pause their student loan payments for one or more three-month periods (up to 12 months) through a forbearance if they face economic hardship.

Quick Disbursement: Funds are disbursed directly to your bank account

Customer Service: Laurel Road offers live customer support 6 days a week

Eligibility Criteria

To apply for a Laurel Road personal loan, you need to meet the following eligibility criteria:

Requirements To Apply For Laurel Road Personal loan

Minimum Age: At least age of majority in your state

Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)

Employment: You are currently employed or have an offer of employment

Loan eligibility depends on a number of additional factors, which may include your credit profile, income and total debt payments.

Bottom Line: Is Laurel Road right for you?

Laurel Road has a top reputation for personal loans.

Remember, Laurel Road caters to borrowers with good credit. For personal loans, Laurel Road prefers a minimum credit score of 640. Laurel Road does not have a minimum income requirement for personal loans.

Laurel Road also makes the online application easy because you upload a photo or screenshot directly, which saves the hassle of mailing or faxing documents.

If you have a good credit score, stable employment and want funds fast, then a Laurel Road personal loan may be right for you. You can use a Laurel Road personal loan for any purpose such as to pay off credit card debt, medical expenses, home improvement, engagement ring, wedding, honeymoon or new baby expenses.

Next Steps: How To Apply To Laurel Road

You can apply for a Laurel Road personal loan in 3 easy steps.

Step 1: Check your personalized personal loan rate in just 2 minutes.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded.

The good news is that you can check your new personal loan rate online with Laurel Road before you complete the full application. This way, you’ll know whether you can be approved for Laurel Road personal loan. Therefore, Laurel Road will provide you with an estimated personal loan rate. The pre-approval is only a soft credit pull so there is no impact to your credit.

If you have been pre-approved, you’ll need at least the following documents to complete the online application (which takes about 10-15 minutes):

  • Your most recent pay stubs
  • Driver’s license or passport (or other forms of government-issued identification)

Funding for your personal loan is quick and can occur within several days.

Applying is super easy – get your personalized rate in 2 minutes

Get My Rate

* Checking your rate does not affect your credit score.

Top Picks For Personal Loans

December 2022

APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest can fluctuate over time, which can increase or decrease your monthly payment. Fixed APR means that your interest will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. APR includes a 0.25% discount when you enroll in autopay.
7.99% - 23.43%

View Details

on SoFi's website

Overview

Minimum Credit Score:
680
Minimum Loan Amount:
$5,000 ($10,000 in CA)
Maximum Loan Amount:
$100,000
Loan Terms:
2 – 7 years
Minimum Income:
None

Details

Origination Fees:
No
Late Fees:
No
Prepayment Penalty:
No
Soft Credit Check:
Yes
8.99% - 35.99%

View Details

on Best Egg's website

Overview

Minimum Credit Score:
600
Minimum Loan Amount:
$2,000
Maximum Loan Amount:
$50,000
Loan Terms:
3 - 5 years
Minimum Income:
$3,500

Details

Origination Fees:
0.99% – 8.99%
Late Fees:
No late fees
Prepayment Penalty:
No
Soft Credit Check:
Yes
7.49% - 22.99%

View Details

on LightStream's website

Overview

Minimum Credit Score:
660
Minimum Loan Amount:
$5,000
Maximum Loan Amount:
$100,000
Loan Terms:
2 - 20 years
Minimum Income:
N/A

Details

Origination Fees:
No
Late Fees:
No
Prepayment Penalty:
No
Soft Credit Check:
No
8.99% - 24.25%

View Details

on Laurel Road's website

Overview

Minimum Credit Score:
660
Minimum Loan Amount:
$1,000
Maximum Loan Amount:
$45,000
Loan Terms:
3, 4, 5 years
Minimum Income:
No

Details

Origination Fees:
No
Late Fees:
No
Prepayment Penalty:
No
Soft Credit Check:
Yes
7.96% - 35.97%

View Details

on Upgrade's website

Overview

Minimum Credit Score:
620
Minimum Loan Amount:
$1,000
Maximum Loan Amount:
$35,000
Loan Terms:
3, 5 years
Minimum Income:
None, but must have at least $1,000 per month of free cash flow

Details

Origination Fees:
1.85% – 8.99%
Late Fees:
$10 after 15-day grace period
Prepayment Penalty:
No
Soft Credit Check:
Yes

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