Complete the entire process online from home at your pace.
Interest will not capitalize until after training ends.
If you're in training or have a match letter, you can borrow from us.
Eligible for discount of 0.25% when monthly payments are made automatically from a bank account.
For residents, eligibility and rates offered will depend on your credit profile, total monthly debt payments, and income projections post training. Rates, in the above table include a 0.25% discount for making automated payments from a bank account. For residents who request a partially deferred payment period, before entering a full repayment period, the interest rate will be based on the nearest term offered that includes the entire term of their loan - the partially deferred payment period plus the full repayment period. For example, if a resident or fellow applies for a 3 year loan, with a 3 year partially deferred payment period, they will receive a rate offer within the 7 year range above. For important additional information, please see the Terms and Conditions at the bottom of the page.
You must exhibit a strong credit and financial profile to be eligible for a personal loan. 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.
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.
Our personal loans are unsecured.
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 is completed online, and you can receive pre-approved rates in as little as two minutes.
The loan will be disbursed on the date shown in your final Truth in Lending statement.
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 any loan, but do show up on your credit report.
* Terms and conditions apply.
RESIDENT & FELLOW PERSONAL LOAN – RATE DETAILS, TERMS AND CONDITIONS
Laurel Road Bank is a Connecticut state-chartered bank offering products in all 50 U.S. states, Washington, D.C., and Puerto Rico.
Lending services provided by Laurel Road Bank, Member FDIC.
Laurel Road Bank is an Equal Opportunity Lender.
© 2018 Laurel Road 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 of up to 5 years and up to 7 years including any Reduced Payment Period. APRs range from 8.49% to 9.37% for repayment terms up to 5 years and 8.99% to 10.24% for repayment terms up to 7 years. APRs assume a loan of $45,000 loan for the highest APR and a loan of $10,000 for the lowest APR.
Monthly payments can range from $232.40 to $358.94 after exiting training for a $10,000 loan. Monthly payments can range from $1,094.90 to $1,688.92 after exiting training for a $45,000 loan. These payments assume a 24 month reduced payment period while the borrower is in residency.
REDUCED PAYMENT PERIOD – PERSONAL LOAN FOR DOCTORS AND DENTISTS
If at the time of disbursement you are employed full time as an intern, resident, fellow or similar post graduate medical trainee, or in your final year of school, you are eligible to make a Reduced Payment of $25.00 per month. Reduced Payments last as long as you are in training but are not to exceed a total of 48 months after which any unpaid interest will be capitalized and a new repayment schedule calculated to reflect your full monthly payment.
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 5 months. Maximum amount of $45,000 for those in training without a contract to practice to start within 5 months.
Must be a U.S. Citizen, or Permanent Resident with a valid I-551 card and meet DRB 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 March 22nd, 2018 and is subject to change.