If you’re looking for a personal loan, Fifth Third and Laurel Road are both good options with similar products. Fifth Third is a bank with a fast application process, even though some loans require a branch visit. And Laurel Road is a trusted online lender with competitive rates.
Both offer solid personal loans if you have good credit, so take the time to compare the differences to find out which is best for you.
Fifth third vs. Laurel Road at a glance
With similar loan amounts and interest rates, there are only a few differences between Fifth Third and Laurel Road. If you want a completely online experience, choose Laurel Road. But if you already have an account with Fifth Third (or are willing to open one), you may qualify for slightly lower rates.
| Fifth Third | Laurierweg | |
|---|---|---|
| Bank rate score | 4.4 | 4.2 |
| Better for | Flexible payments | Online applications |
| Loan amounts | $2,000 – $50,000 | $5,000 – $45,000 |
| APRs | 8.99%-21.74% | 9.49%-24.25% (with automatic payment) |
| Length of the loan | 12-60 months | 36-60 months |
| Cost | Optional costs | Optional costs |
| Minimum credit score | Not specified | Not specified |
| Time for financing | As soon as the next working day | 7+ business days |
Fifth third personal loans
Learn more
in our bank interest overview
-
Plus points
- Flexible first payment.
- Low minimum loan amount.
- No origination fees.
Cons
- Must have a fifth-third account.
- Limited state availability.
- A personal application may be required.
-
Fifth Third is a solid choice for personal loans if you already have an account or want to open one. It is one of the few lenders to offer loans starting at $2,000, and its rate offering is competitive with other top lenders on the market.
However, there are a few major drawbacks when considering Fifth Third. The main one is that you must have an account to qualify. And to get an account, you must live in one of the 34 service states. If you don’t, you won’t qualify for a loan, no matter how good your credit or income is.
In addition, you must submit an application in person if you want to borrow more than € 25,000. Since most lenders offer fully online experiences, this is a major drawback.
Personal Loans Laurel Road
Learn more
in our bank interest overview
-
Plus points
- Autopay discount.
- Joint applications allowed.
- No origination fees.
Cons
- Slow approval process.
- High minimum loan amount.
- Requirements not listed.
-
Laurel Road is an online lender with no Foundation costs, which is rare: most online lenders charge an origination fee regardless of your credit score. Additionally, it is one of the few lenders that offers an autopay discount and the ability to apply with a co-borrower. All in all, these are great advantages if you want to file jointly and know that you will benefit from automatic payments.
However, it is one of the slower lenders out there. Your loan can be funded within one business day of approval, but it may take seven or more days for approval to go through. There are also no eligibility requirements listed, which can make it difficult to know if it’s worth applying.
How to Choose Between Fifth Third and Laurel Road
Fifth Third and Laurel Road offer similar sized loans with no origination fees. But while Fifth Third offers flexibility when it comes to payments, Laurel Road keeps the process entirely online.
Fifth Third has flexible initial payments
Fifth Third allows you to borrow a small loan, which can be good if you don’t want to overstretch your budget with larger loans like Laurel Road offers. It also has a flexible first payment date. You can set this yourself up to 45 days after your loan has been financed.
But it may not be the right choice if you don’t have an account yet or aren’t willing to sign up for one. Additionally, Fifth Third also has a hard limit of $25,000 for online applications. If you want to borrow more, you will need to go to a branch to complete the process.
Laurel Road has a completely online process
Laurel Road is a good choice if you want a completely online experience. Unlike Fifth Third, you never have to go anywhere in person to complete your loan. However, this may mean a longer wait: it may take up to seven working days to process your request. However, once it’s processed, you can receive your financing within one business day.
It’s also a good option if you want to use autopay. Unlike Fifth Third, Laurel Road offers a discount if you sign up for automatic payments. Getting 0.25 percent off your APR may not seem like much, but it can make a big difference in the total amount of interest you pay.
Compare lenders before applying
Fifth Third and Laurel Road are both good options for medium-sized personal loans. But to get the best deal, you should compare personal loan rates from one or two additional lenders. This will help you see what you qualify for – and determine whether Fifth Third, Laurel Road or another lender is a better fit for your finances.
