Terms & Conditions
RESIDENT & FELLOW PERSONAL 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 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 June 15th, 2017 and is subject to change.