Absolutely not! Unlike many lenders, we do not have application fees, origination fees, or disbursement fees – nor do we have prepayment penalties.
The minimum loan amount is $1,000. 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
Laurel Road recognizes that the best borrowers are those that carry lower risk. We have a team of financial experts that work to assess the rates we can offer based on risk criteria and since we work with credit worthy borrowers, we are able to offer favorable rates.
It’s actually pretty simple – the entire application can be completed online, and you can receive conditional rates in as little as two minutes.
The loan will be disbursed on the date shown in your final Truth in Lending statement.
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.
Anyone can refer friends or family members to Laurel Road for student and personal loans. You do not have to be a Laurel Road customer in order to refer someone to Laurel Road and be eligible for our referral incentive. In cases where multiple referrals may be equated to one potential borrower, only one referring person will be eligible for the referral incentive. Under the referral program, referred borrowers are not eligible for other promotional offers.
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.
$5,000 to $15,000
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.