Are you someone who has a fair credit score and needs a loan? Perhaps this has been a problem lately, as some of the options with lower rates and interest do not accept people with below excellent scores. Laurel Road Personal comes to break that pattern and offer some advantages even for those with fair credit.
Using Laurel Road Personal, you can get up to $45,000 with low interest rates and use it for whatever you want, except for illegal activities. You can also get smaller loans starting at $5,000 to accomplish anything you want. If you are looking for flexibility, large amounts of money and many advantages, you will certainly find something to enjoy with Laurel Road Personal.
Are you ready to understand how to get approved, main advantages and cons of using Laurel Road Personal Keep reading to find out everything you need before you try to get a loan of your own and achieve your personal goals.
Laurel Road Personal
Fixed APR 7.00%-24.50% Minimum credit score of 660How does Laurel Road Personal work
Laurel Road is a digital banking platform from KeyBank. It offers personal loans, with maximum amounts of $45,000 in loans for debt consolidation , major purchases and home improvements. For other purposes, such as moving expenses, it is $35,000.
In addition, Laurel Road personal loans come with fairly low interest rates and no upfront fees, as well as a 0.25% discount on the auto-pay application fee – with the ability to change the payment date if needed.
Another interesting point to note is that the minimum APR is 7.00%, and can reach the 23.25% mark. Laurel Road’s annual percentage rates are competitive with other good credit lenders, and there is a rate discount for borrowers who use automatic payment.
Main Advantages for Laurel Road Personal
Laurel Road Personal is available all over the USA and offers great interest rates for most users. But there is a little more to this line of credit that may convince you to take out a loan and make your financial dreams come true.
Some advantages include:
- Guarantors allowed
- Guarantor option
- No origination fee
- Automatic payment discount
- Pre-qualification check available
- Automatic payment discount of 0.25%
- Co-signature and joint lending options
- Direct payment to lenders with debt consolidation loans
Cons for Laurel Road Personal
Certainly Laurel Road Personal is not perfect. For starters, funding approval is lengthy, up to seven business days, which can be bad for someone who needs the loan immediately, not to mention that other lenders offer shorter times.
Also, another issue is the limited loan payment term, where you can only change the payment date once after signing, unlike other servicers that allow you to change multiple times.
Finally, this point may weigh on your choice as it relates to the payment term which in this option is short – ranging from three, four or five years – again unlike competitors who offer loans with longer terms.
How to Qualify for Laurel Road Personal
According to Laurel Road Personal the company makes its decisions based on each unique credit profile, analyzing many details. This means that even if you have a good credit score, it is not guaranteed that you will get an approval at the desired rates.
However, we have brought some details that can help you have the best chance of getting the perfect loan:
- Detail disposable income
- Show debt-to-income ratio
- Have credit history credentials
- Provide verification of employment
- Be a US citizen or permanent resident
If you meet all these requirements, go to the Laurel Road Personal website and start your application.
How to Qualify
To get this application, the best way to apply is online through the application form provided on the official Laurel Road Personal website.
Before applying for a loan, make sure you have evaluated your credit report and read all the details in the fine print to avoid confusion when the monthly payment due arrives. Laurel Road Personal will probably do an affordability assessment before providing access to funds.
Conclusion
Laurel Road Personal Loans provide a robust solution for individuals with fair credit, offering up to $45,000 with competitive interest rates and flexible terms. The absence of origination fees, the option for co-signers, and the auto-pay discount enhance its appeal. However, potential drawbacks include a lengthy approval process and limited payment terms. By meeting eligibility requirements and understanding the loan’s features, borrowers can leverage Laurel Road Personal Loans to achieve their financial goals. If you’re ready to explore this option, visit the Laurel Road Personal website to begin your application and take the first step towards financial flexibility and stability.
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