TD Bank personal loans offer competitive rates, fast funding, and no origination fees, suitable for various borrowing needs.
APR
8.99% - 23.99%
Loan Amount
$2,000 - $50,000
Term
3 - 5 years
Min score
N/A
TD Bank personal loans offer competitive rates, fast funding, and no origination fees, suitable for various borrowing needs.
APR
8.99% - 23.99%
Loan Amount
$2,000 - $50,000
Term
3 - 5 years
Min score
N/A
Overview
What It Takes to Qualify?
To apply for a TD Bank personal loan, you'll need to meet specific requirements:
- Credit Score Requirements: While TD Bank doesn't disclose a minimum credit score, a strong credit score will improve your chances of approval and secure better interest rates.
- Income Requirements: TD Bank doesn't specify minimum income requirements, but you'll need to demonstrate a stable income to reassure the lender that you can repay the loan.
- Co-signers and Co-applicants: Unfortunately, TD Bank doesn't allow co-signers or co-applicants for personal loans, so you'll need to qualify based on your own credit and income.
- Additional Documentation: You'll need to provide personal information such as your Social Security number, employment details, and proof of income, such as recent pay stubs or tax returns.
- Identification: Have a valid form of identification ready, such as a driver's license or passport, as TD Bank may require it during the application process.
Understanding TD Bank Repayment Options
When you take out a personal loan with TD Bank, you'll have several repayment options to consider:
- Payment Options: You can typically make payments online, through the TD Bank mobile app, or by setting up automatic payments from your bank account.
- Missed Payments: If you miss a payment, TD Bank may charge a late fee, typically 5% of the payment amount or $10, whichever is less. Additionally, late payments could negatively impact your credit score.
- Rescheduling Payments: TD Bank may allow you to reschedule payments in certain circumstances, but it's essential to contact them as soon as possible if you're experiencing difficulties.
- Changing Payment Dates: While you can't choose your payment date initially, TD Bank may allow you to change it once during the life of the loan, offering flexibility to adjust your repayment schedule to better fit your financial situation.
TD Bank Personal Loan Pros & Cons
Pros | Cons |
|---|---|
No Origination Fees | Limited Availability |
Fast Funding | Limited Customer Service Hours |
Flexible Loan Amounts | Limited Loan Terms |
Online Prequalification | No Specific Credit Score Requirements |
Competitive Interest Rates | |
Co-Signer Option |
- No Origination Fees
TD Bank personal loans do not come with any origination fees, saving you money upfront.
- Competitive Interest Rates
With interest rates starting at 8.99%, TD Bank offers competitive rates compared to other lenders.
- Fast Funding
Approved borrowers can receive funds as soon as the next business day, providing quick access to the money you need.
- Flexible Loan Amounts
Borrowers can take out loans ranging from $2,000 to $50,000, allowing for various financing needs.
- Online Prequalification
You can check your rates online without impacting your credit score, making it convenient to explore your options.
- Co-Signer Option
While not available for all applicants, TD Bank allows you to apply with a co-signer, potentially improving your chances of approval.
- Limited Availability
TD Bank loans are only available in 15 states and Washington, D.C., restricting access for borrowers outside these areas.
- Limited Loan Terms
Borrowers are limited to repayment terms between three to five years, which may not suit everyone's budget or financial situation.
- No Specific Credit Score Requirements
TD Bank does not disclose minimum credit score requirements, making it unclear who qualifies for the best rates.
- Limited Customer Service Hours
TD Bank has limited customer service hours compared to other lenders, potentially causing delays in resolving issues.
Customer Experience
Customer reviews for TD Bank personal loans are mixed. While the bank has received an A- rating from the Better Business Bureau, customer feedback on platforms like Trustpilot and the BBB website is predominantly negative.
Many customers complain about long processing times, unhelpful customer service, and high fees. However, some satisfied customers mention positive experiences, particularly citing helpful TD Bank team members.
TD Bank | |
|---|---|
iOS App Score | 4.8 |
Android App Score | 4.1 |
BBB Rating | A+ |
Contact Options | Phone: 1-877-300-4020 or
X: @TDBank_US |
Availability | Weekdays from 9 a.m. to 5 p.m. ET Saturdays from 10 a.m. to 5 p.m. ET Sundays from 10 a.m. to 2 p.m. ET |
What Else You Should Know?
Before applying for a personal loan with TD, it's important to understand additional factors that could impact your borrowing experience:
-
Can I pay off the TD Bank loan early?
-
What is the funding time?
TD Bank offers fast funding for personal loans, with approved borrowers typically receiving their funds as soon as the next business day after approval.
This quick turnaround time allows borrowers to access the money they need promptly for various purposes, such as debt consolidation, home improvements, or unexpected expenses.
-
What Happens If I miss a payment?
If you miss a payment on your TD Bank personal loan, you may be charged a late fee, usually 5% of the payment amount or $10, whichever is lower. Late payments can also hurt your credit score. If you're having trouble making payments, it's important to contact TD Bank as soon as possible to discuss your options.
What Can a TD Bank Personal Loan Be Used For?
TD Bank personal loans offer flexibility, making them a great option for various needs like debt consolidation, unexpected expenses, home improvements, vacations, or large purchases.
However, there are restrictions on how you can use the funds. TD Bank personal loans cannot be used for business expenses or educational costs related to secondary education, such as tuition, fees, books, or housing.
