Terms & Conditions
PHYSICIAN & DENTAL LOAN – RATE DETAILS, TERMS AND CONDITIONS
Laurel Road is a trade name licensed by Darien Rowayton Bank (“DRB”), a Connecticut banking corporation. Darien Rowayton Bank conducts online business activities using the Laurel Road trade name in all 50 states, Washington, D.C., and Puerto Rico. Darien Rowayton Bank conducts local banking activities in the name of Darien Rowayton Bank in the state of Connecticut.
Lending services provided by Darien Rowayton Bank, Member FDIC.
Darien Rowayton Bank is an Equal Housing Lender.
© 2017 Darien Rowayton Bank.
Authorizing the loan servicer or lender to automatically deduct monthly payments from a bank of your choice. Borrowers receive a 0.25% rate discount if they pay via Automatic Payment.
APR is defined as Annual Percentage Rate.
FIXED APR – PERSONAL LOAN FOR DOCTORS AND DENTISTS
Loans are available in terms ranging from 3 to 7 years. APRs range from 5.75% to 8.24% for a 3 year loan, 6.75% to 9.24% for a 5 year loan, and 7.75% to 10.24% for a 7 year loan. APRs assume a loan of $80,000 for the highest APR and a loan of $10,000 for the lowest APR.
Monthly payments can range from $154.62 to $313.32 for a $10,000 loan. Monthly payments can range from $1,246.90 to $2,515.78 for an $80,000 loan.
The interest rate you are offered will depend on your credit profile, income, and total debt payments. If you are a doctor or dentist, your rate will also depend on whether you have secured employment for after residency and length of training remaining.
Laurel Road has no origination fees.
If you are a doctor or dentist, minimum loan amount of $5,000. Maximum amount of $80,000 for those in practice or residents in training with a contract to practice to start within 12 months. Maximum amount of $45,000 for those in training without a contract to practice to start within 12 months.
Must be a U.S. Citizen, or Permanent Resident with a valid I-551 card and meet Laurel Road underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements). If you are applying for a doctor or dentist personal loan, you must also have a degree of MD, DO, DMD, or DDS. You are also eligible if you are in your final academic year and have a match letter or contract that requires one of the aforementioned degrees.
The repayment of any loan will commence immediately after disbursement by Laurel Road.
LAUREL ROAD RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of June 15th, 2017 and is subject to change.