Clicky

The Laurel Road digital banking platform is a subsidiary of KeyBank. The bank advertises its services at laureload.com. The bank offers a wide range of banking and lending solutions, including refinancing student loans, mortgages, and personal loans, as well as a student loan cashback credit card.

Laurel Road Logo

Laurel Road Overview

It can be difficult to know where to turn when you are seeking a personal loan. Whether you intend to consolidate debt, make home improvements, or simply need some extra money, a personal loan could be a great solution.

Laurel Road has been getting a lot of attention lately. But is it right for you? Let’s take a closer look.

These are just a few of the things that caught our attention after we examined their site and terms.

  • It is possible to get an APR as low as 9.24% and as high as 24.50%.
  • The rates are subject to change.
  • Qualified applicants get 3-5 year loans.
  • Personal loans are all unsecured.
  • If you sign up for monthly automatic payments, you get a 0.25% discount.
  • There are several factors that determine the interest rate on your loan, including your credit history, current debt, and length of residency.
  • There is a $5,000 minimum and $35,000 maximum loan amount for auto purchases, business loans, green loans, moving expenses, etc. The maximum loan amount for debt consolidation, major purchases, and home improvements is $45,000.

What Is Laurel Road?

It is a digital banking platform offering a wide range of products, however, none of the products are FDIC-insured or guaranteed by the FDIC. These products include student loans, mortgages, personal loans, and credit cards. They have been in business since 2013 and are based at 1001 Post Rd Darien, CT. You can reach them by calling (800)361-5363.

The Better Business Bureau (BBB) has given Laurel Road an A+ rating, but the company is not accredited by the BBB. Laurel Road has received no reviews and has had two complaints closed in the past three years.

How Does Laurel Road Work?

lending 2

With Laurel Road, you can apply for a loan entirely online and receive a conditional rate within two minutes.

If you authorize a soft credit pull, they’ll provide you with conditional interest rates based on the information you’ve provided.

After you’ve uploaded your supporting documents, they’ll underwrite your loan and provide you with final rates and terms.

Your loan will be disbursed on the date shown on your final Truth in Lending statement after you choose your loan type and term.

Laurel Road personal loans can’t be used for education, but they can help you consolidate high-rate debt, make home improvements, and finance big family purchases.

How To Qualify For Laurel Road

A U.S. citizen or permanent resident with an I-551 card may qualify for a Laurel Road personal loan. Your credit history and financial profile will also be taken into account to determine eligibility. You’ll get conditional rates after a soft credit pull, so you can check your eligibility without affecting your credit score.

Laurel Road BBB Reviews

In the last three years, there have been 0 reviews and 2 complaints closed for Laurel Road, despite the BBB giving it an A+ rating.

Below is one of the complaints:

Initial Complaint 09/07/2021

Complaint Type: Problems with Product/Service Status: Resolved

I opened a Laurel Road ******* **** account in June because I was told by the customer service representative that a balance transfer qualifies for a $500 cashback bonus that was being offered. The customer service agent opened the account and performed the balance transfer for me without noticing that it would not actually qualify for the cashback bonus. The transfer cost $300.

Two months later I called to find out why I was not seeing the $500 bonus and was informed by a different agent that balance transfers do not qualify. I have made 3 phone calls with no response. Each time they say they are escalating it to a manager. Around this time I have also been blocked from entering my account, receiving an error message when I try to log in. I have received an email about that issue that says the problem is resolved (the problem is not resolved). The minimum acceptable resolution is a refund of the $300 cost of transferring my ****** **** balance to Laurel Road.

Laurel Road FAQs

frequently asked

How Much Does Laurel Road Charge?

It offers a competitive rate of interest which ranges from 9.24% to 24.50%, which is subject to change from time to time. There are no application, origination, or disbursement fees charged, and their rates are subject to change.

Are There Any Pre-Payment Penalties?

When you choose to pay off your loan earlier than what was originally scheduled with Laurel Road, there are no prepayment penalties imposed on you.

How Does Laurel Road Affect Your Credit?

During the application process, they’ll do a soft credit pull on your credit report so that they can get an idea of the kind of interest rates and loan terms you may qualify for. This won’t affect your credit score in any way.

It is important to understand, however, that once you decide to proceed with the loan application, they will need to perform a hard credit inquiry to obtain a full picture of your credit history and to determine what rate is right for you. This type of credit inquiry is common when applying for loans and can affect your credit score negatively.

How To Cancel Laurel Road

It is only possible to cancel your personal loan application before the funds are dispersed into your bank account. As soon as the loan amount is credited to your account, it is not possible to reverse or cancel the transaction. In light of this, it is imperative that you be certain before applying for a personal loan that you will be able to avoid any cancellations or changes in the future.

Is it hard for you to make ends meet? Here’s some advice.

  • Keeping a budget is a great way to stay on track.
  • Talk to a financial advisor who can help you understand your options and develop a plan that works for you.
  • If you’re already in debt, don’t fret. Many companies can work with you to set up a more manageable payment plan. Call their customer service team for more info.

Is Laurel Road Legit Or A Scam?

Banking platforms are becoming increasingly popular in today’s digital world. Laurel Road is a platform that offers KeyBank products and services. Despite getting an A+ rating from the BBB, the company doesn’t have any reviews. They do, however, have 2 closed complaints.

Consider all your options and compare rates before taking out a loan. Make sure you read customer reviews before making a decision, so you can choose the best option for you.

What do you think of laurelroad.com? Leave a review

Thanks for reading!

Laurel Road Review
  • Laurel Road
    (3)
3

Laurel Road Summary

Banking platforms are becoming increasingly popular in today’s digital world. Laurel Road is a platform that offers KeyBank products and services. Despite getting an A+ rating from the BBB, the company doesn’t have any reviews. They do, however, have 2 closed complaints.

Comments Rating 0 (0 reviews)
Share.

Felicia Valentine is a force of nature. She volunteers her time at the local homeless shelter. Felicia also has a degree in theology, and she grew up in the Midwest. Her parents were both class action attorneys. Felicia is always looking to help others, and she hopes to make the world a better place for everyone.

Leave A Reply

Sending