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Laurel Road Personal Loans Review

Rating: 8.4 / 10 (Excellent)
Disclosure: We receive advertising revenue from this partner. Learn more.

Laurel Road is an FDIC-insured community bank that offers financial and loan services through its bank branches in Connecticut, and by internet and phone nationwide. Laurel Road offers personal loans to all US Citizens and permanent residents with a valid I-551 card. With Laurel Road, borrowers can avail up to $45,000 in loans with loan terms of 3, 4 and 5 years.

Category

Direct Loan Service

Loan Details

Unsecured Loans

Yes

Minimum Loan Amount

$1,000

Maximum Loan Amount

Maximum loan amount of $35,000 is available of Business, Green Loan, Auto Purchase, Moving Expenses, and others. However, a maximum loan amount of up to $45,000 is available for other loan purposes such as Major Purchase, Home Improvement, and Debt Consolidation.

Minimum Loan Period

3 years

Maximum Loan Period

5 years

Loan Rates

Loan Period

Rate

3 years

5.50% to 10.74%

4 years

6.00% to 11.24%

5 years

6.50% to 11.74%

Direct Deposit

Yes

Application

Online Application Time

Just a few minutes

Qualification

  • Must be a U.S. Citizen or Permanent Resident
  • Must have a valid I-551
  • Meets Laurel Road underwriting criteria (including employment, disposable income, debt-to-income, and credit history)

Information Used

Laurel Road collects non-public personal information about their clients from sources including:

  • Information they receive from a consumer reporting agency
  • Information about their customer’s transaction with them, their affiliate, or other firms
  • Information they receive from their customers on application or other loan and account forms

Laurel Road Personal Loan Summary

Laurel Road makes applying for a personal loan quick and easy with its online application platform. It also offers personal loans at highly competitive rates with discount options with Automatic payment option. Its customer representatives are highly responsive and available for help with client concerns.  

 

Laurel Road PERSONAL LOAN – RATE DETAILS, TERMS AND CONDITIONS

AUTOMATIC PAYMENT
Authorizing the loan servicer or lender to automatically deduct monthly payments from a bank of your choice.

APR is defined as Annual Percentage Rate

FIXED APR
Loans are available in terms ranging from 3 to 5 years, and with rates ranging from 5.50% (5.50% APR) for a 3 year loan to 11.74% (11.74% APR) for a 5 year loan assuming use of Automatic Payment to receive a 0.25% interest rate reduction. Monthly payments will range from $197.96 for our lowest rate 5 year loan to $327.34 for our highest rate 3 year loan for a $10,000 loan.

INTEREST RATES
The interest rate you are offered will depend on your credit profile, income, and total debt payments.

FEE INFORMATION
Zero origination fees.

LOAN AMOUNT
Minimum loan amount of $1,000. Maximum amount of $35,000 for loan purposes of Auto Purchase, Business, Green Loan, Moving Expenses, and Other. Maximum loan amount of $45,000 for loan purposes of Debt Consolidation, Major Purchase, and Home Improvement. Additional proof of use documentation is required to be eligible for loan amounts in excess of $35,000.

ELIGIBILITY
Must be a U.S. Citizen, or Permanent Resident, with a valid I-551 card and meet Laurel Road underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).

DISBURSEMENT OPTIONS
The repayment of any loan will commence immediately after disbursement by Laurel Road.

LAUREL ROAD RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of May 5, 2017 and is subject to change.

 


Our Partner
8.4 / 10
  • Up to $45,000 in personal loans
  • Loan terms from 3 to 5 years
  • No origination fees
  • Personal loans for debt consolidation
  • Earn $300 by sharing Laurel Road with a friend or a family member
  • FDIC-insured bank

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Laurel Road Personal Loans