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If you are a physician or dentist in practice or within 12 months of completing training with a signed contract to practice, the maximum loan amount is $80,000. If you are a physician or dentist still in training without a contract to practice, the maximum loan amount is based on your training year as follows: Match Letter or PG1 is $30,000, PG2 is $35,000, PG3 is $40,000, PG4+ or Fellow is $45,000.
The minimum loan amount is $5,000. For auto purchases, business ventures, green loans, moving expenses, and miscellaneous purposes, the maximum loan size is $35,000. For debt consolidation, major purchases, and home improvements, the maximum loan amount is $45,000. Additional documentation may be required to be eligible for a loan in excess of $35,000.
If you are a physician or dentist in practice or within 12 months of completing training with a signed contract to practice, the maximum loan amount is $80,000. If you are a physician or dentist still in training without a contract to practice, the maximum loan amount is based on your training year as follows: Match Letter or PG1 is $30,000, PG2 is $35,000, PG3 is $40,000, PG4+ or Fellow is $45,000.
For our standard product, the minimum loan size is $5,000; maximum is $35,000 unless loan purpose is for debt consolidation, home improvement or a major purchase in which the maximum loan size is $45,000.
For our physician product the minimum loan size is $5,000 and the maximum is $80,000.
For our resident product, the loan limits vary between $30,000 - $80,000, but depends on how far into training you are, and length of the residency program
For our standard product, only 3, 4, or 5-year loan terms are available at this time. Available loan terms differ for our physician and resident programs.
Sure. Please make it clear in your application of your intent to refinance your existing Laurel Road personal loan, and we will be happy to accommodate your request.
All U.S. Citizens or permanent residents with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date) are eligible to apply for a Laurel Road Personal Loan. Loan eligibility also depends on your credit history and financial profile. If eligible, Laurel Road will perform a soft credit pull to provide you with conditional rates, so you can check your eligibility with no impact to your credit score.
Yes, and it is easy to do. First, apply for a Laurel Road loan. Once you are approved for your loan, you can use the funded loan to pay off your original personal loan. Be sure to check for any fees that may apply for early repayment on your original loan.
For personal loans that close on or after April 1, 2019, your account number, loan terms, payment amount, and due date will all remain the same. KeyBank will be servicing your loan, and you can contact us at (855) 201-2042 with any questions.
If you took out a personal loan with Laurel Road prior to April 1, 2019, you may call (855) 201-2042 with any questions about loan servicing.
Customers using a TDD/TTY device, please use (800) 539-8336.
Laurel Road Personal Loan customers will be serviced by KeyBank. For questions related to your Personal Loan which has been funded on or after April 1, 2019, please call (855) 201-2042. Clients using a TDD/TTY device, please use (800) 539-8336.
Once an application is complete, most approved loans are funded in about seven business days. However, this timing can vary depending on the complexity of the application and the volume of applications.
Costs incurred during the search for medical residency programs such as flights, hotels and other travel related expenses associated with transitioning to residency. This loan is only available for 4th year medical students.
A Laurel Road Personal Loan can be used for almost any purpose except for education-related expenses. Some examples include consolidation of high rate debt, making home improvements, or financing major family purchases.
Laurel Road will perform a soft credit pull at the start of the application process to provide you with conditional rates and loan terms; this has no impact on your credit score. If you choose to move forward with your loan application, Laurel Road will make a hard credit inquiry so that we may view your full credit report and make final rate offers.These hard credit inquiries are common and necessary to obtain a loan and may impact your credit score.
It’s actually pretty simple – the entire application can be completed online, and you can receive conditional rates in as little as two minutes.
Fill out a short application with basic information including information about your employment and history. Once you authorize a soft credit pull and assuming you have provided enough information, we will provide you with conditional interest rates.
Upload your supporting documents to Laurel Road’s secure dashboard to complete your online application. Once we have received your application, we will underwrite your loan and provide you with your final rates and loan terms.
Select your loan type and term; you can e-sign all necessary disclosures and the promissory note in the Laurel Road dashboard.
The loan will be disbursed on the date shown in your final Truth in Lending statement.
Laurel Road offers reduced payments through the end of school and during training. The total period of reduced payments cannot exceed 60 months and cannot be less than 48 months. During this reduced payment period, interest on the loan will continue to accrue. Unpaid accrued interest will capitalize (added to the unpaid principal balance of the loan) at the end of the reduced payment period.
Yes, if your loan is approved, you will be eligible to make reduced payments for 12 months. You may pay more than the reduced payment at any time with no pre-payment penalty. Should you pay more, your payment will be applied first to unpaid interest, then to principal and finally to any applicable fees or other charges. After 12 months, any unpaid interest will capitalize, and a new repayment schedule will be calculated to reflect your full monthly payment.
If your personal loan application has been denied, please refer to the adverse action letter provided and attached to your denial email. If you have additional questions regarding the reasons for your denial, please contact us at 1-833-427-2265. If you are using a TDD/TTY device, please call (800) 539-8336.
Once an application is complete, most approved loans are funded in about seven business days. However, this timing can vary depending on the complexity of the application and the volume of applications.
Once your personal loan is approved and a disbursement is scheduled, we can initiate a transfer to your bank account which will take approximately 24 hours to receive funds.
Yes, if you set up automatic payments from a bank account via electronic fund transfer (EFT) before loan closing Laurel Road will lower your interest rate by 0.25% (the AutoPay/EFT Discount). When applied, the 0.25% AutoPay/EFT Discount will reduce your monthly payment. Typically, rates advertised on this site include the 0.25% AutoPay/EFT Discount.