KeyBank’s Laurel Road brand is a digital banking platform. It provides a variety of banking and lending solutions, including refinancing for student loans, mortgages, personal loans, and even student loan cashback credit cards. Its services are advertised on the website laureload.com.
- 25th best financial firm, USA (INC Magazine)
- Minimum Debt $10,000
- No Minimum Credit Score
- $3 billion+ debt resolved
- BBB A+ Rating
- Minimum Debt $7,500
- No Minimum Credit Score
- $500 million debt resolved
Summary
Whether you need extra cash to consolidate debt, make home improvements, or just need some extra cash, a personal loan can be an excellent solution. With so many lenders available, it can be difficult to know where to turn.
Recently, Laurel Road has received a great deal of attention. But is this lender a good fit for you? To enable you to make an informed decision, let’s take a closer look.
Based on our examination of their website and terms and conditions, we discovered some interesting information. The following are just a few of the things that caught our attention.
- APRs can range from 9.24% to 24.50%.
- The rates are subject to change.
- Qualified applicants can obtain loans for 3-5 years from the company.
- Unsecured personal loans are all available.
- AutoPay/EFT discounts of 0.25% are included with monthly automatic payments.
- Several factors will affect the interest rate on your loan, such as your credit history, your current debts, and your length of residency.
- Loans can be made for expenses such as auto purchases, business purchases, green loans, moving expenses, etc., up to a maximum of $35,000. For debt consolidation, major purchases, and home improvements, the maximum loan amount is $45,000.
Laurel Road: What is It?
Laurel Road is a digital banking platform offering a variety of products, but none of them are insured or guaranteed by the Federal Deposit Insurance Corporation. These include student loans, mortgages, personal loans, and credit cards. 1001 Post Rd Darien, CT. You can reach them at (800)361-5363. They have been in business since 2013.
The Better Business Bureau (BBB) has awarded Laurel Road an A+ rating. However, BBB has not accredited the company. In the last three years, the company has received 0 reviews and 2 complaints have been resolved.
How Does This Company Work?
With Laurel Road, you can apply for a loan entirely online and receive conditional rates within two minutes.
Fill out a short application with some basic information about yourself and your employment history. Based on the information you provide, they will provide you with conditional interest rates.
To complete your application, you will need to upload your supporting documents to their website’s dashboard. Upon receiving all necessary information, they will underwrite your loan and provide you with the final terms and rates.
Once you have selected the type and term of your loan, you will be able to e-sign all necessary disclosures and promissory notes on their dashboard. Your loan will be disbursed on the date indicated on your final Truth in Lending statement.
It is not possible to use Laurel Road personal loans for education-related expenses, but they can be useful for consolidating high-rate debt, making home improvements, or financing major purchases for your family.
How To Qualify For Laurel Road
The Laurel Road personal loan program may be available to you if you are a U.S. citizen or permanent resident with a valid I-551 document. The loan eligibility will also be determined by your credit history and financial profile. Your credit score will not be affected by a soft credit pull, which will provide you with conditional rates.
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BBB Reviews
Laurel Road has received an A+ rating from the Better Business Bureau (BBB), but it has not been accredited by the organization. A total of 0 reviews have been submitted and 2 complaints have been resolved in the past three years.
Here are some reviews:
Initial Complaint 09/07/2021
Complaint Type: Problems with Product/ServiceStatus: ResolvedMore info
FAQs
How Much Does Laurel Road Charge?
As a client of Laurel Road, you can take advantage of competitive APRs ranging from 9.24% to 24.50%. It is important to note that their rates are subject to change, and they do not charge any application, origination, or disbursement fees.
Is There Any Pre-Payment Penalty?
If you choose to repay your loan sooner than originally scheduled, there will be no prepayment penalty at Laurel Road.
How Does It Affect Your Credit?
In the course of the application process, they will conduct a soft credit pull to provide you with an idea of what interest rates and loan terms you may be eligible for. There will be no impact on your credit score as a result of this.
When you decide to proceed with the loan application, they will need to perform a hard credit inquiry to obtain a complete view of your credit history and provide you with a final rate quote. Credit scores can be affected by these hard inquiries when applying for loans.
How To Cancel Laurel Road
You may cancel your loan application only before the funds have been disbursed into your bank account. If the loan amount has already been credited, it is not possible to reverse or cancel the transaction. Before applying for a personal loan, it is important to be certain of your decision. In this way, you will avoid any cancellations or changes in the future.
Is it difficult for you to make ends meet? You may find some of the following advice helpful in getting back on track.
- You can stay on track by creating and adhering to a budget.
- If you would like to know more about your options and develop a plan tailored to your unique circumstances, you can speak with a financial advisor.
- Finally, if you are already in debt, don’t worry too much about it. Companies provide customers with more manageable payment plans as a way to increase customer satisfaction. You can obtain more information from their customer service team.
Laurel Road: Is It Legit?
The use of banking platforms has become increasingly popular in today’s digital world. Several products and services are available through KeyBank’s Laurel Road platform. The BBB does not accredit the company, despite its A+ rating. There are only two complaints and no reviews for this company.
It is important to compare rates when considering taking out a loan. Ensure that you read customer reviews before deciding so that you can select the most appropriate option. In this way, you can avoid taking out a loan that you cannot afford.
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Laurel Road Review
Several products and services are available through KeyBank’s Laurel Road platform. The BBB does not accredit the company, despite its A+ rating. There are only two complaints and no reviews for this company.
If you are thinking of taking out a loan, be sure to read customer reviews before you decide so that you can choose the most suitable option.
