Founded in 2013, Laurel Road is a fintech company offering online graduate student loans, student loan refinancing, mortgages, and personal loans in all 50 states, plus Puerto Rico and Washington, D.C.
Laurel Road has undergone several changes recently. It was previously known as Laurel Road Bank and prior to that, Darien Rowayton Bank (DR Bank). In April 2019, Key Bank's parent company (KeyCorp) acquired Laurel Road Bank's online lending division, while the company's three local branches in Connecticut are remaining separate. The banking services are staying with the privately held company, under the name DR Bank. Laurel Road is now a KeyBank brand. Any new loans are originated by KeyBank.
While most of its loan services are geared toward students, Laurel Road also offers unsecured personal loans, as well as specialty personal loans. The company's online personal loans don't charge application fees, origination fees, disbursement fees, or prepayment penalties. Any loans over $35,000 may require that you upload extra documents, which can extend how long it takes to get your money.
United States citizens or permanent residents with a valid I-551 showing a minimum of 10 years between Resident and expiration date are eligible.
In addition to regular installment-based personal loans for consumers, Laurel Road continues its mission to help students fund their education by offering specialty personal loans for doctors just finishing school and out of school. These loans allow doctors and medical students the option to use their future earning potential to help secure a loan.
Customers with a current personal loan can apply for a new personal loan or can refinance their existing personal loan.
If you set up autopay from your bank account to make monthly payments, you can get a .25 percent rate discount.
Additionally, current Laurel Road borrowers applying for a personal loan may be eligible for a relationship discount. They also get opportunities to refinance existing loans.
Laurel Road customers can take advantage of the lender's referral program. Individuals can earn up to $400 for referrals.
Joint applications are accepted for Laurel Road personal loans. Not all personal loan servicers offer the option to do a joint application.
For physicians in school and in training, a reduced repayment plan may be available with payments as small as $25.
From the time that you finish your application, Laurel Road takes as little as two business days to disburse your funds. However, most personal loans are disbursed within seven business days, according to the lender.
Different maximum loan amounts are available, depending on your loan purpose, with a higher ceiling for purposes like debt consolidation, as well as special personal loans for doctors in training and in practice. This can be a little confusing.
For Laurel Road's standard personal loan product, it would be nice if we could find more information about what minimum acceptance limits are available. While the terms and conditions mention that the underwriting includes normal industry measurements like employment information, debt-to-income ratios, and credit history, it doesn't say specifically what it is looking for.
Customers would likely appreciate a brief profile of people who actually do get accepted with information about acceptable ranges or hard limits, so they don’t waste time applying if there isn’t a reasonable expectation of acceptance. However, they can always fill out the pre-qualification form online to see if they are eligible, with just a soft credit check.