Who TD Bank Is Best For
A personal loan from TD Bank could be best for you if you:
- Need to borrow between $2,000 and $50,000. TD Bank offers unsecured personal loans between $2,000 and $50,000. You can use these funds for a variety of purposes, including vacations, home renovations and debt consolidation.
- Want to access your funds quickly. TD Bank can fund personal loans in as little as one business day for approved borrowers, though the process may take longer if additional documentation is required.
- Are already a TD Bank customer. If you set up autopay on your TD Fit Loan from a TD Bank checking account, you’ll receive a 0.25% discount on your interest rate.
- Want the option of either an online or brick-and-mortar banking experience. TD Bank offers a completely online application, but you can also visit one of its branches to apply in person if you prefer.
- Want to apply with a co-signer. TD Bank offers the option to apply with a co-signer, which could help your chances of qualifying if you have limited credit. Even if you don’t need a co-signer to get approved, having one might get you a better interest rate than you’d get on your own.
Who TD Bank Isn’t Right For
A TD Bank personal loan might not be the right choice if you:
- Want to borrow more than $50,000. If you need a larger amount, you might prefer a lender that lets you borrow a personal loan for up to $100,000, such as SoFi or LightStream.
- Don’t live in one of its participating states. TD Bank only lends in Washington, D.C. and 15 states.
- Can find a better rate elsewhere. TD Bank offers personal loans with fixed annual percentage rates (APRs) starting around 7%. While this rate is competitive, you may be able to find a lower rate from another lender. Since many lenders let you prequalify online with no impact on your credit score, including TD Bank, it’s worth shopping around to compare your options.
TD Bank Loan Details
Loan Amounts and Terms
- Loan amounts. TD Bank offers unsecured personal loans between $2,000 and $50,000.
- Loan terms. You can choose repayment terms from 36 to 60 months.
Personal Loan Costs
- APR. Rates range from 8.99% to 23.99%.
- Origination fee. TD Bank does not charge origination or application fees.
- Late fees. TD Bank charges a late payment fee of 5% of your payment amount or $10, whichever is less.
- Prepayment penalty. TD Bank does not charge a fee for paying off your personal loan early.
- Doc stamp fee. Residents of Florida have to pay a doc stamp fee.
Perks and Features
- Online prequalification. You can instantly check your rates on TD Bank’s website with no commitment or impact on your credit score. If you decide to move forward with a full application, TD Bank will run a hard credit inquiry, which could temporarily ding your credit score.
- Option to change payment due date. Once you’ve made your first payment, TD Bank may allow you to adjust your payment due date to better fit your budget.
- Permits co-signers. TD Bank allows you to apply for a personal loan with a co-signer.
- Rate discount for qualifying customers. If you set up autopay from your TD Bank checking account, you could get a 0.25% rate discount.
How to Qualify for a TD Bank Personal Loan
Personal loan applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Meeting the requirements below won’t guarantee approval, but they can help you decide if a TD Bank personal loan is the right fit for you.
Credit Score Requirements
TD Bank does not disclose a minimum credit score to take out a loan. As with other lenders, you’ll need a strong credit score to get the lowest rates. We recommend a score of at least 670 to improve your chances of approval.
Income Requirements
TD Bank does not share minimum income requirements to get a personal loan. However, most lenders ask you to confirm a stable source of income as reassurance that you’ll be able to pay back your loan in full and on time.
Co-signers and Co-applicants
TD Bank typically allows you to apply for a personal loan with a co-signer. Adding a creditworthy co-signer to your application may help you qualify or get better rates. Keep in mind that making on-time payments on your TD Bank loan could improve your credit, while late or missed payments will damage both you and your co-signer’s credit score.
How to Apply for a TD Bank Personal Loan
You can apply for a TD Bank personal loan online, over the phone or in person at your local branch. You can get started by prequalifying on the TD Bank website.
- Check your rates online. TD Bank lets you check your rates instantly with no impact on your credit score. You’ll only need to provide a few basic pieces of information to get started.
- Select a loan offer. If you see an offer you like, you can select it and move forward with a full application.
- Fill out your application. This application will be more extensive than the last one. You’ll provide personal and financial information as well as upload any required documentation, such as pay stubs.
- Sign your loan agreement. TD Bank can process applications in as little as one business day, though it may take longer if additional documentation is needed. If your loan is approved, you’ll sign your final agreement. Make sure to review the terms, including your monthly bills and length of repayment.
- Receive funds and pay back your loan. TD Bank will send the funds to your bank account. You’ll start making monthly payments right away and can request a change to your payment due date if needed. Remember that TD banking customers who set up autopay receive a rate discount. Even if you’re not a TD Bank customer, signing up for autopay could help you stay up to date on your payments.
Related: Best Personal Loans Of 2024
Customer Reviews
Although TD Bank has received an A- from the Better Business Bureau (BBB), it has largely negative reviews on the site. Its 319 customer reviews give the bank an average rating of just 1.02 out of 5 stars. Similarly, TD Bank gets 1.3 out of 5 stars from over 1,300 reviews on TrustPilot.
Dissatisfied customers complain about long processing times, unhelpful customer service and high fees. A handful of satisfied customers, however, said they had a good experience, with several citing specific TD Bank team members who helped them out.
It’s worth noting that these reviews refer to a variety of TD Bank services and are not specific to TD Bank personal loans.
How TD Bank Personal Loans Stack Up
If you’re already a customer of TD Bank, applying for one of its TD Fit Loans might be your easiest option for getting a personal loan. However, it’s worth comparing your options so you can find a personal loan with the most appealing rates and terms.
Here’s how TD Bank personal loans stack up against other leading lenders:
TD Bank vs. SoFi®
While TD Bank caps its personal loans at $50,000, SoFi lets you borrow up to $100,000. If you’re looking to finance a large project, a SoFi personal loan could be a better fit. However, you might have a hard time qualifying with SoFi if you have poor or fair credit.
Related: SoFi Personal Loans Review.
TD Bank vs. Avant
Avant personal loans don’t seem as appealing as TD Bank’s at first glance. They have a lower borrowing limit of $35,000 and a higher minimum APR of around 10%. However, Avant has fairly forgiving credit score requirements, accepting applicants with a FICO score as low as 580. While TD Bank doesn’t disclose its credit score minimum, it may have loftier criteria. It could be worth checking your rates with both lenders to see which makes you a better offer.
Related: Avant Personal Loans Review
TD Bank vs. Upgrade
Upgrade could be a better choice than TD Bank if you only need a small sum of money, as it offers personal loans starting at $1,000 while TD Bank requires that you borrow at least $2,000. Upgrade also has a fairly low credit score requirement of 580. Like TD Bank, Upgrade lets you check your rates on its website with no commitment or impact on your credit.
Related: Upgrade Personal Loans Review
Featured Partners
1
LendingPoint Personal Loans
$2,000 to $36,500
7.99% to 35.99%
600
2
SoFi®
650
8.99% to 29.99%
$5,000 to $100,000
3
Avant
$2,000 to $35,000
9.95% to 35.99%
580
4
Upgrade Personal Loans
580
8.49% to 35.99%
$1,000 to $50,000
Methodology
We reviewed TD Bank based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated TD Bank based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 20%
- Eligibility and accessibility: 20%
- Customer experience: 15%
- Application process: 10%
Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated TD Bank’s support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.
