NEW YORK, May 9, 2018 /PRNewswire/ -- Laurel Road, an online lender and FDIC-insured bank, today announced that its online student loan solution has been selected as winner of the "Best Consumer Lending Product" award by FinTech Breakthrough, an independent organization that recognizes the top companies, technologies and products in the global fintech market today.
The FinTech Breakthrough Awards is the premier awards program founded to recognize the fintech innovators, leaders, and visionaries from around the world in a range of categories, including personal finance, lending, payments, investments, regtech, insurtech, and many more. The 2018 FinTech Breakthrough Award program attracted more than 3,000 nominations from across the globe.
"Many students are simply facing a mountain of student loan debt that can be insurmountable or a major obstacle in furthering their education, and that student debt can absolutely become overwhelming," said James Johnson, Managing Director, FinTech Breakthrough. "We are excited to see companies such as Laurel Road provide compelling solutions to address this critical challenge and we congratulate them on their well-deserved 2018 FinTech Breakthrough Award. With a custom-built Loan Origination System, a more streamlined end-to-end applicant experience, and of course competitive rates, student loans with Laurel Road are shown to cut the traditional time to close a student loan in half – a milestone worth celebrating and certainly worthy of a 2018 FinTech Breakthrough Award."
Since Laurel Road first introduced student loan refinancing in 2013, the company has successfully refinanced more than $3 billion in federal and private school loans, saving customers an average of $20,000 over the life of their loans. As a regulated bank, Laurel Road's products also offer an added layer of security, as every element of its infrastructure is subject to federal and state scrutiny to ensure extensive safety and soundness.
"We are incredibly proud to be recognized for our Loan Origination System and the advances we've made to streamline the student loan refinancing process," said Alyssa Schaefer, CMO and Head of Product Experience, at Laurel Road. "As we continue to expand our product portfolio to include equally transformative offerings, such as our recently launched mortgage platform, we look forward to consistently delivering on an unparalleled customer experience that reimagines the traditional approach to lending."
To learn more about Laurel Road's student loan solution or discover your rate options in only five minutes, visit our website.
About Laurel Road Laurel Road is a national online lending company and FDIC-insured bank, offering online student loan refinancing, personal lending and mortgage products as well as consumer and commercial banking services. Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with graduate and undergraduate degrees to refinance and consolidate more than $3 billion in federal and private school loans. With our low rates, borrowers have reduced their monthly payments and on average saved tens of thousands of dollars. For more information on potential savings, see laurelroad.com/student.
Laurel Road Bank is a Connecticut banking corporation offering lending products in all 50 U.S. states, Washington, D.C. and Puerto Rico. The mortgage product is not offered in Puerto Rico. Laurel Road Bank is an Equal Housing Lender, Member FDIC. NMLS ID # 402942.
About FinTech Breakthrough FinTech Breakthrough, part of the Tech Breakthrough Awards organization, is an independent awards and recognition platform devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit www.FinTechBreakthrough.com.