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.

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Pros
  • Quick funding with TD Express loan

  • Low or no origination fees

  • Interest rate discount for automatic payments

Cons
  • High credit score required

  • Not available nationwide

  • $2,000 minimum loan

Pros Explained

  • 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.
  • Interest rate discounts for automatic payments: You may qualify for a 0.25% interest rate discount by making automatic payments from a personal TD Bank checking or savings account. 

Cons Explained

  • High credit score required: It may be tough to qualify with a fair credit score. The unsecured personal loan and unsecured line of credit require a minimum credit score of 700. The minimum credit score to get approved for the TD Express loan is unspecified but is believed to be around 680.  
  • 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.

COVID-19 Assistance

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. 

Loan Amounts

The lender offers personal loan amounts from $2,000 to $50,000.

APR

TD Bank offers fixed and variable interest rates for its personal loans. 

Fixed TD Express loan 6.99% to 21.99%
Fixed Unsecured loan 6.99% to 21.99%*
Variable Unsecured line of credit 8.25% to 13.25%*
Variable Personal secured loan 5.67% to 18%

*Rate reflects 0.25% discount

Loan Terms

The lender offers the following terms for each of its loans:

  • TD Express loan: 12 to 60 months
  • Unsecured loan: 12 to 60 months
  • Unsecured line of credit: 10-year draw with a 10-year repayment period
  • Secured loan: 12 to 60 months

Credit Score Requirements

If your credit score is fair or lower, it may be tough to qualify for a TD Bank personal loan. The minimum credit score for a TD Express and unsecured loan is 660. You need a 680 or higher to qualify for an unsecured line of credit. There isn't a minimum credit score requirement for the secured personal loan.

Fees

TD Bank personal loans have a few fees to watch for:

  • 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

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
  • Income 

There are six steps to complete the application:

  1. First, you need to choose a physical TD Bank location for closing.
  2. 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.
  3. 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.
  4. The fourth step asks for your income and employment history. 
  5. The fifth step asks for your monthly expenses including rent or mortgage payments.
  6. 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.

Verdict

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. 

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.

Methodology

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.