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Laurel Road Personal Loans Review

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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.
 
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How is Laurel Road rated?

Breakdown

4.0/5
Flexibility
4.0/5
Interest Rates
4.0/5
Discounts & Fees
1.5/5
Customer Service and Reputation

Overall Rating: 3.8 / 5 (Very good)

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 when automatic payments are enabled. Its customer representatives are highly responsive and available for help with client concerns.

Laurel Road Loan Specifics

Loan Specifics - 4 / 5

Laurel Road's minimum loan amount is fixed at $5,000, but their maximum amount will vary depending on the loan's intended use. $35,000 is the standard upper limit for their loans, but consolidation, major purchase, and home improvement loans can go up to $45,000. Proof of use documentation is required for loans of over $45,000. Laurel Road loans have a term length of 3, 4, or 5 years, are directly deposited into a customer's account

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Wedding
Moving/Relocation
Vacation
Start Business
Education
Taxes
Loan Minimum
$5,000
Loan Maximum
$35,000; $45,000 for debt consolidation, major purchase, and home improvement
Term Length
3, 4, or 5 years
Direct Deposit
Yes
Pay Creditors Directly
Yes
Decision Time
Undisclosed
Disbursement Time
Approximately 24 hours
Credit Insurance
No
Unemployment Protection
No

Laurel Road Qualification

Qualifications & Flexibility - 4 / 5

Potential applicants to a Laurel Road loan must have a good credit score and history, although they do not disclose a specific number. They also do not divulge what their maximum debt-to-income ratio is. Laurel Road will only perform a hard credit pull after you apply for a loan—they will make a soft credit check at the start of the application process to show you available rates.
Minimum FICO Score
Undisclosed
Personal Income Considered
Yes
Education Requirements
none
Debt to Income Ratio
Undisclosed
Verify Bank Account
Yes
U.S. Citizen
Yes
Hard Credit Pull
Yes

Laurel Road Cost of Loan

Costs, Interest Rates, Discounts & Fees - 4 / 5

After looking at a potential borrower's credit history and score, Laurel Road determines the APR for their loans based on their term length: 3 year loans go from 9.49%—23.25%%, 4 year loans go from 9.99%—23.75%, and 5 year loans go from 10.49%—24.25%. These rates take into account their 0.25% discount for customers who use make automated payments from a bank account. Laurel Road has 2 fees: a late fee, and a returned check fee for any electronic payments or checks that they bounce back.
APR Range
9.49% - 24.25%
Origination Fee
Zero origination fees
Missed Payment Penalty
5% of the late payment or $28, whichever is less

Other Fees

Application Fee
Pre Payment Penalty
Administration Fee
Returned Check Fee
Check Processing Fee

Laurel Road Reputation

Customer Service and Reputation - 4 / 5

Laurel Road is a subsidiary of Key Bank, and was acquired in 2019. The bank earns an A+ rating from the Better Business Bureau.
Type of Institution
Bank
Year Founded
2013
BBB Rating
A+
Consumer Financial Protection Board (CFPB) Complaints
0
Date Collected
2023-10-30
Headquarters Address
3 Corporate Drive, 4th fl, Shelton, CT, 06484
Homepage URL
https://www.laurelroad.com

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Customer Comments & Reviews

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Jeanette I
12/18/2018
Laurel Road's loan application is neither quick nor easy. It took 30 days for this company to ultimately deny my application. I uploaded more than 10 pieces of documentation for consideration, including my paystubs, license to practice professionally, driver's license, tax returns, bank statements, and account statements of the loans I intended to consolidate. Biggest issues: -On the original application, I stated that I received $300/mo in extra income--I rent a room to a friend in my home. Laurel Road then requested that I upload my friend's paystubs. Ridiculous! So, I went back and removed that information from the original application and wrote a note to Laurel Road stating that I... Read More

Barbara P
10/23/2018
I agree with the other comment. They have done a hard pull already and my score got hurt BAD and I am not happy with that at all. I worked really hard to get to 701 and I lost 25 points because of them.

G
Guillermo C
4/14/2018
They wouldn't tell me if I was pre approved or not until they did a hard pull. They then proceeded to perform a hard pull from ALL THREE CREDIT BUREAUS. Who does that???? They lowered my score and took away chances for another loan. Horrible company.

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