TD Bank Personal Loans Review

TD Bank offers an unsecured personal loan for borrowers in certain U.S. states

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TD Bank
Investopedia’s Rating
4.2

TD Bank offers personal loans with minimal fees to borrowers who live in certain East Coast states. While prospective borrowers may appreciate TD's fast funding and the option to get pre-approved for loans, you might find better rates and terms elsewhere.

  • Pros & Cons
  • specifications
Pros & Cons
Pros
  • Loan pre-approval available

  • Minimal fees for borrowing

  • Fast funding time

Cons
  • Not available in most states

  • Credit requirements not disclosed

specifications
APR Range
6.99% - 21.99%
Loan Amount
$2,000 - $50,000
Loan Terms
36 Months or 60 Months
Recommended Minimum Credit Score
N/A
Average Origination Fee
0.00% - 0.00%
Late Fee
5.00% - $10.00
Why Trust Us
38
Lenders reviewed
40
Loan features considered
1,520
Data points analyzed
112
Primary data sources used
Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs.

Pros Explained

  • Loan pre-approval available: TD Bank offers pre-approval for personal loans in as little as 60 seconds. Before moving forward with a complete application, prospective borrowers can review loan amounts and terms without impacting their credit.
  • Minimal fees for borrowing: This lender charges no origination or prepayment fees. 
  • Fast funding time: TD Bank can transfer your funds to you within one business day of your approval, which is faster than many competitors.

Cons Explained

  • Not available in most states: Loans are only available in 15 states and Washington, D.C.
  • Credit requirement not disclosed: Some lenders disclose the minimum credit users need to be eligible for a loan. TD Bank does not disclose this information.

Introduction

Previously, TD Bank offered several personal loan options, but the bank currently offers one personal loan product—the TD Fit Loan. 

Like other TD Bank products, the TD Fit loan is only available to residents in certain U.S. states on the East Coast. Those who qualify may appreciate the quick loan pre-approval process, minimal fees, and fast funding time. 

However, other banks offer larger loan amounts and lower APRs. TD Bank also doesn’t disclose credit score requirements for its personal loan product.

Company Overview

Toronto-Dominion Bank, or TD Bank Group, was founded as The Bank of Toronto in 1855.  While the bank is still headquartered in Toronto, Canada, it now has a large global presence and over 26 million customers worldwide. 

TD Bank is one of the 10 largest banks in the U.S., where it offers personal loans, mortgages, and wealth management. However, it’s important to note that TD Bank products and services are only available in the following places: CT, NJ, DE, NY, NC, FL, PA, ME, RI, MD, SC, MA, VT, NH, VA, and Washington D.C.

Types of Personal Loans Offered by TD Bank

TD Bank offers one personal loan: the TD Bank Fit Loan. TD Fit Loans are unsecured and have fixed interest rates.

You can use a TD Bank Fit loan for several purposes, including paying for a vacation, making home improvements, or consolidating debt. However, the loan funds cannot be transferred directly to your creditors. Additionally, the TD Fit loan can't be used for business or education expenses.

Interest rates on personal loans are typically much lower than rates on credit cards. Using a personal loan to consolidate your credit card balances could help you save money on interest charges and pay off your debt faster.

Time to Receive Funds

TD Bank disburses its loan funds relatively quickly — you could receive your funds as soon as the next business day. However, loan disbursement may take longer depending on your bank's processing. Loan funds are deposited via ACH transfer.

TD Bank Personal Loan Features

Minimal Fees 

TD Bank's personal loan comes with minimal fees, which makes it more affordable to borrow money. Some lenders charge as much as 6% for loan origination, which would amount to a $1,200 fee for a $20,000 loan. TD Bank charges no origination fee and no penalty for prepayment and only charges a late fee if your payment past its due date.

Unsecured Loans 

The Fit Loan from TD Bank is unsecured, meaning the lender does not require collateral. This means you won't risk losing your property if you fall behind on loan payments. Instead of securing the loan against property, you'll be approved for an unsecured loan based on your credit rating and financial profile. 

Convenient Online Application

Applicants can get pre-approved online for a TD Bank personal loan in as little as 60 seconds. The process only involves a soft credit check, which won’t impact your credit score. After getting pre-approved, you can submit a full application online. If you’re approved, you may receive your loan funds within one business day. 

Getting a loan fast can be important if you're in an emergency, but don't be in too big of a rush to review the details. Make sure you're familiar with the long-term cost to borrow, including rates, fees, and your monthly payment amount, before agreeing to take on a new loan.

Apply for a TD Bank Personal Loan

Here are the steps you'll need to follow to apply for TD Bank's Fit Loan online:

  1. Get pre-approved: You'll need to provide your Social Security number and some basic financial information to get pre-approved. Before completing this step and seeing your loan options, you'll also need to confirm that you've read and agreed to TD Bank's consent forms, and you'll have to authorize a soft pull to your credit.
  2. Verification process: The bank may request follow-up documentation before offering you final approval. For instance, it might request a copy of your driver's license or other ID, and documents that verify your employment, income, and bank account information.

Once you're approved you could receive funds as soon as the next business day.

Can You Refinance a Personal Loan with TD Bank?

TD Bank does not offer refinancing for personal loans at this time.

Customer Service

TD Bank offers a couple of options to reach customer service. You can call TD Bank at 1-877-300-4030 during business hours or chat with a representative on Facebook Messenger to request assistance. The bank's business hours are:

  • Monday - Friday: 7:00 a.m. - 11:00 p.m. ET
  • Saturday: 7:00 a.m. - 7:00 p.m. ET
  • Sunday: 9:00 a.m. - 5:00 p.m. ET

Customer Satisfaction

TD Bank’s customer reviews are mixed. On ConsumerAffairs, the bank has received a 2.8 out of 5 star rating. TD Bank also has over 1,100 reviews on Trustpilot, but only 1.3 out of 5 stars on the platform.

Recent reviews mention poor experiences with customer service, including complex processes with accessing accounts and resolving fraud. Customers also report wait times of an hour or more to speak to an agent on the phone.   

Account Management

TD Bank offers an online dashboard where borrowers can manage their personal loans. Here, you can view your payment due date and payment status, make additional payments, or edit your due date. For assistance related to payments, you can call 1-877-300-4080.

How TD Bank Compares to Other Personal Loan Companies

TD Bank’s personal loan products don’t offer many stand-out features. Borrowers are likely to find lower rates and a wider range of loan amounts available elsewhere. 

TD Bank vs. Citibank 

If you’re shopping for a personal loan, you may consider Citibank as an alternative to TD Bank. Both banks offer loans starting at $2,000 with similar APR ranges, though their loan products have a few important differences. Here's how they compare: 

  • Citibank personal loans are available in all 50 U.S. states. To apply for a Citi personal loan, you must have an eligible Citi account open for at least three months. TD Bank doesn't require you to have an account open to apply.
  • If you go into default, Citi may increase your APR by 2.00%. TD Bank charges a fee of up to $10 for late payments but does not increase your APR.
  TD Bank Fit Loan Citibank Personal Loan 
APR Range 6.99%-21.99% 9.99-23.99% (with autopay discount)
Loan Amounts  $2,000 - $50,000  $2,000 to $30,000 
Loan Terms  36 - 60 months  12-60 months 
Available in all 50 states  No  Yes 
Average Origination Fee  $0  Not disclosed 

Neither TD Bank nor Citibank disclose much about the features of their personal loans. However, Citibank’s personal loan is available to customers in all 50 U.S. states, while TD Bank’s personal loan is only available in 15 states and D.C. 

Read our full Citibank personal loans review.

Final Verdict

TD Bank offers one personal loan product, the TD Fit Loan. While its personal loan options are limited, the bank offers a quick pre-approval process, fixed rates, and no origination fees. Beyond that, its personal loan doesn't stand out much. 

TD Bank's Fit Loan could be worth considering if you live in a state where the bank does business and you prefer to do your banking in person. But you're likely to find better personal loan rates elsewhere.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected over 25 data points across more than 50 lenders, including interest rates, fees, loan amounts, and repayment terms to ensure that our reviews help users make informed decisions for their borrowing needs.  

Our full personal loans methodology, including our data collection process and weighted data points, is available for review.