Though best known for its medical student-oriented loans and refinancing programs, Laurel Road (a subsidiary of Key Bank) also offers personal loans to the general public.  It should be noted that the 7.50% minimum APR is not only higher than normal, but the max APR is more in-line with a lot of credit cards or financing products for people with poor credit scores at 24.75%. You can use a Laurel Road personal loan for debt consolidation, home improvement, or paying off a considerable expense.

Our Laurel Road personal loan review breaks down what you need to know to help you decide if this is the right lender for you.

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  • Cosigner option

  • Autopay discount of 0.25%

  • Prequalification check available

  • High minimum APR

  • Inflexible monthly due date

  • No hardship assistance

Pros Explained

  • Cosigner Option – If you don't have stellar credit on your standing, you can enlist the help of a cosigner, who might not only help you qualify but also get you a lower interest rate. 
  • Autopay Discount If you sign up for automatic payments (a good way to ensure you won't skip one or be late), you'll save 0.25% on monthly payments.
  • Prequalification Check A prequalification check lets you see if you're eligible for a personal loan without causing a hard inquiry to go on your credit report. Such inquiries temporarily cause your credit score to dip.

Cons Explained

  • High Minimum APR Even for those with the very best credit, the lowest APR you may qualify for is 7.50%. That rate is much higher compared to other lenders. 
  • Inflexible Monthly Due Date Some lenders let you change your due date, so you don't have any problems making your payments. Laurel Road doesn't offer this benefit. So, if you can't make your payments every month at the same time, you might get hit with a late fee.
  • No Hardship Assistance If you've lost your job or had another emergency, some lenders let you defer payments without accruing interest or incurring fees and penalties, but Laurel Road doesn't.

COVID-19 Assistance

Personal loan borrowers experiencing economic hardship as a direct result of the coronavirus pandemic, are eligible to request an economic hardship deferral of payments for 90 days.

Loan Amounts

Loan amounts range from $1,000 to $35,000. Additional financing is available up to $45,000 for debt consolidation, home improvement, or a large miscellaneous purchase (documentation of use required).


Fixed APR rates range from 7.50% to 24.75% with autopay. Variable interest rates are not available.

Loan Terms

Loans are available for three-, four-, and five-year terms. 

Credit Score Requirements

No requirement is specified, but a credit score of at least 660 is recommended.


There are no application, origination, prepayment, or disbursement fees. Late payment fees of $28 or 5% of payment, whichever is less, may apply.

Time to Receive Funds

Most approved loans are funded within approximately seven business days. The time frame can vary depending on the complexity of the application and the number of applications pending. Once the loan is approved and a disbursement date is scheduled, you should receive the funds within approximately 24 hours.

Laurel Road Personal Loan Features

  • You may have a cosigner.
  • There is a prequalification option.
  • An online application is available.
  • There are no origination, prepayment, or application fees.
  • A 0.25% autopay discount is offered.
  • American Medical Association, AMA, members are eligible for a 0.25% interest rate discount.

Apply for a Laurel Road Personal Loan

To be eligible for a Laurel Road personal loan, you'll need to:

  • Be a U.S. citizen or permanent resident
  • Provide employment verification
  • Showcase debt-to-income ratio
  • Detail disposable income
  • Have credit history credentials

To apply, complete the application. Here's what you'll be asked to do:

  • Add personal details: The first part of your application includes filling out personal information, such as your Social Security number and current address. 
  • Complete employment information, including your employment status, where you work, and how much money you make. There's also a spot for how much your monthly home-related obligations are (such as rent or mortgage payments). Education information is also needed, including when you graduated and your school.
  • Share your borrowing needs by stating how much you want to borrow and the purpose of the loan. Both determine your eligibility and how big a loan you may get.

At this point, you'll agree to let Laurel Road do a soft credit check for prequalification (if you haven't already). Then, assuming you've qualified, you'll move on to finishing the full application. You'll add even more financial and personal details, including the option to select a cosigner. Your cosigner will need to provide the same information as you, including credit history and employment information.

As Laurel Road's personal loans are unsecured, your credit history and financial profile are the most significant determining factors in qualifying for a loan. 

Can I Refinance a Personal Loan With Laurel Road?

Yes. Laurel Road offers personal loan refinancing. You can note this as your aim in your application. 


Laurel Road offers competitive APRs for those who have credit scores in the solid-but-not-spectacular range. As its minimum rate is high compared with those of other lenders, it might not be your best option if you have an excellent credit score. However, with no major fees, a quick prequalification form, and a nice autopay discount, Laurel Road is a good option for most people.


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.