Complete the entire process online from home, at your own pace.
Practicing doctors and last year residents with a signed contract are eligible.
The calculated payments are only an estimate. Your actual payments will depend on the actual amount for which you are approved. Eligibility and rates offered will depend on your credit profile and other factors. Rates include a 0.25% discount for making automatic payments from a bank account.2
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, customers with a current personal loan can apply for a new personal loan or to refinance their existing personal loan.
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.
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.
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.
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.
LOAN AMOUNT: Minimum loan amount of $5,000. Maximum amount of $35,000 for loan purposes of Auto Purchase, Business, Green Loan, Moving Expenses, and Other. Maximum loan amount of $45,000 for loan purposes of Debt Consolidation, Major Purchase, and Home Improvement. Additional proof of use documentation is required to be eligible for loan amounts in excess of $35,000. If you a practicing Doctor [Doctor of Medicine (MD) or Doctor of Osteopathic Medicine (DO)] or Dentist [Doctor of Medicine in Dentistry or Doctor of Dental Medicine (DMD) or Doctor of Dental Surgery (DDS)] or if you are a resident, with one of the aforementioned degrees and a contract to start practicing within 12 months of application approval, you may be eligible to borrow up to $80,000.
|Fixed Rate Loans|
|Term||Interest Rate||APR||No. of Payments||Monthly Payment||Total Payments|
|3 Year||8.26% – 20.32%||8.26% – 20.32%||36||$315 - $374||$11,340 - $13,464|
|5 Year||9.42% - 21.71%||9.42% - 21.71%||48||$251 - $314||$12,048 - $15,072|
|7 Year||10.36% - 22.81%||10.36% - 22.81%||60||$215 - $281||$12,900 - $16,860|
PHYSICIAN & DENTAL LOAN – RATE DETAILS, TERMS AND CONDITIONS
There are no origination fees or prepayment penalties associated with the loan. A late fee may be assessed if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
If you a practicing Doctor [Doctor of Medicine (MD) or Doctor of Osteopathic Medicine (DO)] or Dentist [Doctor of Medicine in Dentistry or Doctor of Dental Medicine (DMD) or Doctor of Dental Surgery (DDS)] or if you are a resident, with one of the aforementioned degrees and a contract to practice starting within 12 months, you may borrow up to $80,000 (minimum loan amount of $5,000).
Must be a U.S. Citizen, or Permanent Resident with a valid I-551 card and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements). Must also have a Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Medicine in Dentistry or Doctor of Dental Medicine (DMD), Doctor of Dental Surgery (DDS).