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Personal Loan

Terms

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Loan Amount

  • How much can I take out with a Residency Interview Loan?

    $5,000 to $15,000

  • Is there a minimum or maximum amount that I can borrower with a Laurel Road Personal Loan?
    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.
  • What is the maximum loan amount I may borrow? What are the different maximums for Doctors and Residents?
    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
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About

  • I took out a personal loan with Laurel Road. Now you’re part of KeyBank. What does this mean for me?
    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.
  • How is my personal loan serviced now?
    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.
  • How soon can I close a personal loan?
    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.
  • What can I use a Residency Interview Loan for?

    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.

  • What can I use a Laurel Road Personal Loan for?
    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.
  • Will applying for a personal loan affect my credit?
    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.
  • What is the personal loan application process like?
    It’s actually pretty simple – the entire application can be completed online, and you can receive conditional rates in as little as two minutes.
    1. 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.
    2. 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.
    3. 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.  
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Payments

  • What are the repayment options for a Residency Interview Loan?

    Laurel Road offers a reduced payment option of $25.00 a month 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 the Reduced Payment period, interest on the loan will continue to accrue. Unpaid accrued interest will be capitalized (added to the unpaid principal balance of the loan) at the end of any authorized Reduced Payment period. The maximum loan term is 7-year total term, it can be less than 7 years total but it cannot exceed 84 months combined.

  • Am I required to have direct pay if the purpose of my loan is debt consolidation?
    No, direct pay for debt consolidation is not always required. For customers with large balances, we reserve the right to direct pay.
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Status

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Discounts

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