TD Bank Personal Loan Review
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What is TD Bank?
TD Bank’s motto is: “If something matters to humans, it matters to us.” This rings true in many of their services, including the fact that they’re open early, late, and over the weekend so that you can access their team whenever you need them.
TD Bank, America’s Most Convenient Bank®, is one of the 10 largest banks in the U.S. They have over 27,000 employees and has a 150-year history of providing personal banking to consumers. TD Bank was first founded as Portland Savings Bank in Portland, Maine, in 1852. Over the years, they have evolved to being TD Bank, and now have over 1,250 locations available for consumers. TD Bank offers secured personal loans, an “express” loan that offers funds in less than 48 hours, unsecured loans, and unsecured personal lines of credit.
TD Bank personal loan highlights
- Express loan option: With TD Bank’s Express Loan option, you can receive funds in 48 hours or less after applying.
- No origination fees on unsecured or express loan options: On all unsecured loans and lines of credit, TD Bank offers no origination fees or application fees.
- Discounts available: 25% discount with an automatic payment deduction from an existing TD Bank personal checking or savings account.
- Funds up front: You can receive a lump sum of funds when your application of up to $25,000 is approved.
TD Bank Personal Loan Details
|Terms||Fees and Penalties|
|● Term lengths: 12 to 60 months
● APR range: 6.99%–18.99%
● Loan amounts: $2,000–$25,000
● Time to funding: 48 hours, in some cases
|● Origination fee: $50 origination fee for Secured Personal Loan
● Prepayment fee: None
● Late payment fee: 5%
● Other fees: None
TD Bank product details
TD Bank offers a variety of personal loan options for their customers, including:
- TD Express Loan
- Unsecured Loan
- Unsecured Line of Credit
- Secured Personal Loan
TD Bank offers a wide variety of educational resources and tools to consumers, including a calculator tool to help you determine a pay-off strategy and to see how much you can save over time by pre-repaying your loans. They also offer a 0.25% discount with an automatic payment deduction from an existing TD Bank personal checking or savings account. Their learning center also walks you through everything from understanding what is a digital wallet to a Finance 101 course for consumers.
Their customer help center is also available 24/7 if you have questions about rate matching, payment deferrals, or how to set up automatic payments.
- Minimum credit score: 660
- Minimum credit history: Not specified
- Maximum debt-to-income ratio: Not specified
TD Bank also requires that applicants be able to provide a history of income and employment, current expenses, and a Social Security Number.
Applying for a personal loan from TD Bank
If you’re interested in applying for a personal loan through TD Bank, you can start your application online, over the phone, or at a TD Bank location. The application itself should take 15 minutes or less according to the pre-application instructions. Once you complete your application, a TD Bank lending specialist will be in contact within one business day to let you know if you’ve been approved. For many of their loans, including their Express Personal Loan, you could receive funds in 48 hours or less if you choose to accept their offer.
Pros and Cons of a TD Bank Personal Loan
|● Fast funding: Funding in 48 hours or less is beneficial for individuals needing a quick influx of cash
● Flexible terms: With 12 to 60 month term loans, you can organize a monthly payment plan that works for your budget
● 24/7 support: TD Bank’s customer service team is available 24/7 for support whenever you need it
|● Minimum credit score required: They require a minimum 660 credit score, which could be a problem for those with a lower credit score who still need a loan quickly
● Late payment fees: 5% late fee applies to any late payments
● Higher APR range: 18.99% is the high-end of TD Bank personal loans, similar to that of some credit card terms
Who’s the best fit for a TD Bank personal loan?
Borrowers with higher credit scores who are looking for funds quickly from a loan with flexible terms, are the best fit for TD Bank personal loans. Their multiple loan options allow for more flexibility for borrowers, as well.
For example, borrowers looking for loans quickly can apply for an Express Personal Loan (up to $25,000), while borrowers who need more funds and have a more flexible timeline can opt for the Unsecured Personal Loan, which offers amounts up to $50,000.
TD Bank is also a good fit for individuals who value exceptional customer service. With 24/7 support, and flexible business hours at most TD Bank locations, their customer support is incredibly competitive when put up against alternate lenders.
Keep in mind that TD Bank’s APR range is higher than many lenders available, and the 5% late fees can be problematic for individuals who have a history of late payments. TD Bank loans also aren’t a great fit for individuals with a credit score of 660 or less. However, their secured personal loans (though they require collateral) don’t have a minimum credit score, so this may be an option worth exploring.
Alternative personal loan options
- APR: 3.99% – 19.99% (with autopay)
- Minimum Credit requirements: Not specified
- Terms: 24 to 144 months
- Origination fee: None
LightStream offers loans of larger amounts with a lower APR range than TD Bank offers. Their terms are also more flexible than the vast majority of lenders, ranging from 24 to 144 months. Their no-fee policy is also a big win for individuals who want to avoid an origination, prepayment, or late payment fee. Finally, LightStream offers same day funding, which is incredibly convenient for individuals who are looking for cash flow sooner rather than later.
- APR: 5.99% – 24.99%
- Minimum Credit requirements: 640
- Terms: 24 and 60 months
- Origination fee: up to 5.00%
Payoff loans are specific for credit card payoff and loan consolidation. Their “soft pull” credit check for part of their pre-approval process allows you to see your potential rates without fully applying or making any commitments. After that, you can choose your terms, verify your information through their online application portal, and receive your funds electronically.
- APR: 10.68% – 35.89%
- Minimum Credit requirements: 0
- Terms: 36 or 60 months
- Origination fee: 2.00% - 6.00%
LendingClub’s easy online application can help you take control of your finances. Their application takes only a few minutes to complete, and your funds are often deposited within seven days. They have no prepayment penalties and they offer fixed monthly rates. Their online application doesn’t impact your credit score, which allows you to see your rates before making a commitment. Their personal loans range up to $40,000.