TD Bank Personal Loan Review

The Toronto–Dominion Bank, more notably TD Bank, has over nine million customers and 1,250 locations in the Mid-Atlantic, Northeast, Metro D.C., Florida, and the Carolinas. As one of the ten largest banks in the U.S., the company offers a variety of consumer financial products and services.

In this review:

• How to Get a TD Bank Personal Loan
• Rates, Fees, & Other Basic Info
• The Benefits of TD Bank Loans
• The Downsides

Getting a TD Bank Personal Loan

If you’re considering getting a personal loan through TD Bank, the fastest, most efficient way to do so is by completing the online loan application. Customers can also apply in person at any TD Bank location or by contacting a lending specialist by phone.

Once the application is submitted, potential borrowers can expect a loan specialist to reach out to them within one business day, with funds available in as little as 48 hours, depending on the loan product you choose and the time and day you apply.

Like most lenders, TD Bank typically requires applicants to provide their Social Security number, a list of expenses (e.g., mortgage, rent, etc.), employment history, and income information. However, additional requirements, like credit scores, vary based on the loan product selected.

TD Bank Loan Rates, Fees, & Other Information

TD Express Loan

The TD Express Loan allows customers to borrow between $2,000 and $25,000 for anywhere from 12 to 60 months. The fixed-rate applied to this loan currently ranges between 6.99% and 18.99%, with the lowest rate including a .25 percent discount for borrowers who agree to automatic payment deductions from their TD Bank personal checking or savings account.

There are no origination or application fees associated with a TD Express Loan, and in some cases, borrowers can receive funds in as little as 48 hours.

To be eligible for this loan, borrowers must have a credit score of 660 or higher; however, there is no income verification required for the TD Express Loan.

Unsecured Personal Loan

The TD Unsecured Loan allows eligible borrowers to take out a lump sum between $2,000 and $50,000, which offers the possibility of additional financial leverage when compared to the Express Loan. This loan can also be used for a variety of purposes, allowing borrowers to cover both expected and unexpected expenses.

Borrowers can select a repayment option from 12 to 60 months and rates range between 6.99% and 18.99%. Like the Express Loan, borrowers can receive a .25 percentage point interest rate discount when they opt into automatic payment deductions, and there are no additional origination, prepayment, or annual fees.

Similarly, borrowers must have a credit score of 660 or higher. Unlike the Express Loan, borrowers who select the unsecured loan will go through income verification.

Unsecured Line of Credit

Borrowers who wish to have access to a revolving line of credit for up to ten years may want to consider the TD Unsecured Line of Credit, which has a loan amount ranging from $20,000 to $50,000. Though borrowers are approved for a specific loan amount, they do not need to use the full sum. This means they can borrow and repay as needed for the duration of the draw period.

The line of credit has a variable rate that is based on the current prime rate plus an additional 5% to 10%, though the rate is capped at 18%. Current rates range between 10.50% and 15.50%. Borrowers can also secure a .25% discount if they open a TD personal checking account.

Though payments are based on the total amount drawn, during the draw period, monthly payments are 2% of the outstanding balance, with a minimum monthly payment of at least $25. The TD Unsecured Line of Credit also includes a $25 annual fee.

In addition to basic eligibility requirements, like proof of employment and income, borrowers must have a credit score of 680 or higher.

Personal Secured Loan

The Personal Secured Loan was designed to help existing TD Savings, TD Money Market Savings, or TD Certificate of Deposit (CD) account holders who need to access funds and establish, build, or rebuild credit. Since the funds in those accounts will be used as collateral, borrowers must have an open, eligible account at the time of application.

Personal Secured Loans are available for amounts between $5,000 and $50,000 with loan terms between 12 and 60 months. This loan comes with variable rates that are based on the existing prime rate plus 2%; the current rate is 7.67%. Additionally, borrowers must pay a $50 origination fee, which is collected at closing.

Aside from being a customer with a qualified account, borrowers must go through credit approval, but there is no minimum credit score associated with this loan product. However, to apply for this loan, interested customers must visit their local TD Bank branch; there is no online application process.

The Benefits of TD Bank Loans

With numerous loan options and some with credit score requirements as low as 650, borrowers may find that TD Bank has a product that fits both their financial needs and credit history.

Additionally, borrowers who don’t have strong credit but are current TD customers with Savings, Money Market Savings or CD accounts can potentially access funds through the Secured Personal Loan, even if they aren’t eligible for loans from other lenders.

Finally, TD Bank offers very clear loan requirements and information by providing “loan guides” for each product. This can help borrowers evaluate their options quickly, identifying eligibility and affordability early in the process.

The Downsides

Though TD Bank does have a variety of products, many of which accommodate varying credit profiles, some borrowers may find that the loans with the lower eligibility requirements, like the TD Express Loan with a $25,000 maximum, do not fully meet their financial needs. For those that need larger loans, Upgrade and Avant can be alternatives.

Instead, borrowers may want to consider a personal loan from a bank that offers higher loan amount maximums.

Additionally, though TD Bank does offer somewhat competitive rates when compared to other traditional banking institutions, some borrowers who are comfortable with online lending or alternative lenders will likely find better rates elsewhere.

Bottom Line

With secured and unsecured personal loans, as well as a line of credit, TD Bank can provide a loan product to meet your unique financial needs. In many cases, their lending products offer competitive rates that can match or beat those offered by other traditional bank lenders.

However, in some cases, expanding your search to alternative or online lenders may secure lower rates or allow you to access more cash. Make sure to compare their terms to those found with the best personal loans.