TD Bank, self-described as America's most convenient bank, has been in business for more than 150 years. It has locations along the East Coast and offers a range of banking products, including personal loans.
TD Bank's personal loans may be a competitive option for borrowers with good to excellent credit. The bank offers both secured and unsecured loans with limited fees and competitive interest rates. Our review covers everything you need to know before applying.
- Product Specifications
- Pros & Cons
- APR Range 6.99% to 21.99%
- Loan Amounts $2,000 to $50,000
- Loan Terms 12-60 months
- Recommended Minimum Credit Score 670
Quick funding with TD Express loan
Low or no origination fees
High credit score required
Not available nationwide
$2,000 minimum loan
- TD Express loan: late payment fee—the lesser of 5% or $10
- Unsecured loan: late payment fee—the lesser of 5% or $10
- Unsecured line of credit: annual fee—$25; late payment fee—the lesser of 5% or $10; stop payment fee—$25
- Secured loan: origination fee—$50
- TD Express loans offer quick funding: If you're looking for quick access to cash, it may be possible to receive TD Express loan proceeds within 48 hours.
- Low or no origination fees: There is no origination fee for the TD Express loan, unsecured loan, or unsecured line of credit. There is a low origination fee of $50 for the secured personal loan.
- Prequalification available: applicants can check what they may qualify for without being subject to a hard credit inquiry.
- High credit score required: It may be tough to qualify with a fair credit score. TD Bank's personal loans require a minimum credit score of 670.
- Not available nationwide: TD Bank personal loans aren’t available everywhere. You can only qualify for a personal loan in 15 states—mostly on the East Coast—and Washington, DC.
- $2,000 minimum loan: If you're looking for a small personal loan, you need to look elsewhere. The minimum amount for a TD Express loan, unsecured loan, or unsecured line of credit is $2,000. The smallest amount you can borrow for a secured personal loan is $5,000.
TD Bank personal loan borrowers experiencing financial hardship due to coronavirus can delay payments and request fees waived or refunded on their account.
Types of Personal Loans Offered by TD Bank
TD Bank offers four loan options. You can choose between its TD Express loan, unsecured loan, unsecured line of credit, and secured loan.
Time to Receive Funds
If you’re looking for quick access to cash, you can receive the funds from a TD Express loan within 48 hours of applying. The unsecured personal loan, unsecured line of credit, and the secured loan will take longer. After completing those applications, you will hear from a lending specialist within one business day. The application review may take a few days. You will receive the money in person by check when you sign the paperwork, according to a TD Bank representative.
TD Bank Personal Loan Features
- Flexible terms from 12 to 60 months
- No hidden fees
- 24/7 customer service by phone and online
- Apply with up to five co-borrowers
Apply for a TD Bank Personal Loan
You can apply for a TD Bank personal loan online, by phone, or in person at one of its branches. Keep in mind that there will be a hard inquiry on your credit after submitting an application, which will temporarily lower your score. You need the following to complete an application:
- Social Security number
- Monthly expenses
- Employment history
There are six steps to complete the application:
- First, you need to choose a physical TD Bank location for closing.
- Start the application by adding some basic loan information. You can have up to five co-applicants, which is a unique feature. If you’re already a TD Bank customer, you can sign up for automatic payments. You also need to select the purpose of the loan—debt consolidation, vacation, taxes, buying a vehicle, or another non-business use. Based on the details you provide, TD Bank will suggest five loan term options.
- Next, you will enter personal information including your name, address, time spent at your current address, whether you rent or own your home, and your Social Security number.
- The fourth step asks for your income and employment history.
- The fifth step asks for your monthly expenses including rent or mortgage payments.
- Once you submit the application, you will be contacted by a lending specialist within one business day. You complete the loan process by signing the paperwork in person at a local TD Bank branch.
Can I Refinance a Personal Loan with TD Bank?
If you're looking for a better interest rate, you can indirectly refinance with TD Bank, according to a representative. TD Bank won't make payments to another company on your behalf, though. Once you have a TD Bank personal loan, you can re-apply for a better rate in the future.
If your credit score is 660 or above and you qualify for TD Bank's lowest interest rates, the lender's personal loan may be a good option. For borrowers that need money fast, the TD Express loan could be attractive. But if you need a loan up to $50,000, the unsecured personal loan may be worth considering. Both options allow you to avoid origination and prepayment fees.
Unfortunately, those who don't reside where TD Bank services are out of luck.
If you're grappling with credit card debt or need to pay for home repairs, a personal loan may be the right solution. But you should always compare options before applying and evaluate how the monthly payments will impact your budget.
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.