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Personal Loan for Medical Residents

Borrow against your earning potential.

Laurel Road offers personal loans are tailored specifically for health professionals and decisions are made based on what you are likely earn after residency.

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Get a Head Start

Personal Loan payments as low as $25 per month.

We recognize the investment you've made in your future and have designed special personal loan products with low rates to reward your determination. Check rates in just 5 minutes.

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Why you’ll love us

Online Application

Complete the entire process online from home at your pace.

Borrow up to $45,000

If you're in training or have a match letter, you can borrow from us.

Autopay Discount1

Eligible for discount of 0.25% when monthly payments are made automatically from a bank account.

5 year
7 year
Fixed APR
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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.

View Payment Examples below

Learn About Personal Loans

Understand the ins and outs of personal lending.

Frequently Asked Questions

Questions come up, and we have answers.

  • Who is eligible for a Laurel Road Personal Loan?

    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.


  • Is there a minimum or maximum amount that I can borrow with a Laurel Road Personal Loan?

    The minimum loan amount is $5,000. 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.

  • Is the Laurel Road Personal Loan secured or unsecured?

    Our personal loans are unsecured.

  • What can I use a Laurel Road Personal Loan for?

    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.

  • What is the personal loan application process like?

    It’s actually pretty simple – the entire application can be completed online, and you can receive conditional rates in as little as two minutes.

    1. Fill out a short application with basic information including information about your employment and history. Once you authorize a soft credit pull and assuming you have provided enough information, we will provide you with conditional interest rates.
    2. Upload your supporting documents to Laurel Road’s secure dashboard to complete your online application. Once we have received your application, we will underwrite your loan and provide you with your final rates and loan terms.
    3. Select your loan type and term; you can e-sign all necessary disclosures and the promissory note in the Laurel Road dashboard.

    The loan will be disbursed on the date shown in your final Truth in Lending statement.


  • Will applying for a personal loan affect my credit?

    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 a loan and may impact your credit score.

Read Our Blog

Quick tips for getting a personal loan.


All loans are subject to credit approval.

  1. AutoPay/EFT Discount: if the borrower chooses to make monthly payments automatically by electronic fund transfer (EFT) from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the borrower’s bank account. The discount will be reflected in your monthly payment.

† Estimated Payment Examples

Fixed Rate Loans
Term Interest Rate APR Monthly Payment Total Payments
5 Year 8.00% – 23.75% 7.79% – 21.53% 24 months of $25
36 months of $345 - $553
$13,009 - $20,519
7 Year 9.00% - 25.00% 8.78% - 22.96% 24 months of $25
60 months of $232- $423
$14,549 - $25,960


Borrowers with 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) employed full time as an intern, resident, fellow, or similar postgraduate trainee at the time of loan disbursement are eligible to make $25 monthly payments ("Reduced Payment") throughout their training ("Residency Period"). These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to the loan principal and monthly payments of principal and interest will begin when the Residency Period ends. Any Reduced Payment offered will be for at least 12 months from the date of disbursement and last as long as the borrower is in training, limited to a maximum of 48 months.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount. A borrower's actual rate and payment amount may vary, and is determined by the product, term, loan amount, and your credit qualifications.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate. The APR differs from the Interest Rate because the APR considers whether a borrower defers full payments of principal and interest.

Interest Rate: A simple annual rate that is applied to an unpaid balance.


This information is current as of September 1, 2020. Information and rates are subject to change without notice.

Terms and Conditions

FEE INFORMATION: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.

LOAN AMOUNT: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 loan amount for those in training without a contract to practice are as follows: first year of study – $30,000; second year of study – $35,000; third year of study – $40,000 and forth (and above) year of study – $45,000.

ELIGIBILITY:Must be a U.S. Citizen, or Permanent Resident with a valid I-551 card and meet 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). Students in their final academic year are eligible if they have a match letter or contract that requires one of the aforementioned degrees.