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TD Bank Personal Loan Review
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
What is TD Bank?
Established in 1852 as Portland Savings Bank, in Portland, Maine, the company rebranded as TD Bank in 2008 following a number of mergers, including one with the Canadian financial institution TD Bank Group. At this time, the company adopted the tagline “America’s Most Convenient Bank,” which it still uses today. The bank touts a commitment to diversity and a mission to be “the best-run, customer-focused, integrated financial institution,” one that possesses “a unique and inclusive employee culture.”
One of the 10 largest banks in the U.S., TD Bank offers a wide variety of retail, small business and commercial banking products and services to more than 9 million customers. It has roughly 1,250 locations in the Northeast and Mid-Atlantic, the D.C. metro area, the Carolinas and Florida.
In this review, we will discuss TD Bank’s personal loan products, with an emphasis on its unsecured loan and Express Loan. That way, you can decide whether or not you want to apply for a personal loan with them.
TD Bank personal loan highlights
- No origination fee or prepayment penalties: TD Bank doesn’t charge any origination fees for its unsecured personal loans. Additionally, if you want to pay your loan off early, you won’t incur a prepayment penalty.
- Fast cash: The TD Bank Express loan can be funded as quickly as 48 hours after your application is completed
- Online and mobile access: Enjoy the convenience of online and mobile banking access with TD Bank loans. Customer service is also available on a 24/7 basis.
- Flexible terms: Choose a payment schedule that fits your budget with terms ranging from 12 to 60 months.
APR
6.99%
To
18.99%
Credit Req.
660
Minimum Credit Score
Terms
12 to 60
months
Origination Fee
No origination fee
on TD Bank Express Loan’s secure website
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TD Bank product details
If you’re looking to pay off debt, TD Bank has an online calculator that can help you determine the date you can become debt-free. Simply enter your amount of outstanding debt and the tool will help you see how quickly you can pay it off by adjusting the terms to create a monthly payment you can afford. Do note, your minimum payment on both the Express loan and the unsecured loan will never be less than $125.
Existing TD Bank customers can benefit from a rate reduction on both the Express Loan and the unsecured loan. A 0.25% rate discount is offered when loan payments are automatically deducted from a TD Bank personal checking or savings account. APR is fixed and the 6.99% to 18.99% range assumes the 0.25% rate discount.
TD Bank also offers a secured personal loan. Use your TD Savings account, Money Market Savings account or TD Certificate of Deposit as collateral to receive $5,000 to $50,000 in funding. The loan is attached to a No origination fees origination fee and a 7.92% variable interest rate. Both the Express loan and the unsecured loan are subject to credit approval; to be approved for either loan, borrowers will need a credit score of 660 or higher. The credit score minimum for the secured loan has not been specified.
TD Bank Express Loan product details
If you need cash fast, the TD Bank Express loan offers up to $25,000 in funding that can be available in as quickly as 48 hours. Just as with the unsecured loan, you’ll incur no origination fee or prepayment penalties. Rates are fixed and range from 6.99% to 18.99%. Loans are subject to credit approval and require a 660 minimum credit score.
Eligibility requirements
- Minimum credit score: 660
- Minimum credit history: Not specified
- Maximum debt-to-income ratio: Not specified
Detailed eligibility requirements for TD bank personal loans are not listed on the company website.
Applying for a personal loan from TD Bank
A TD Bank personal loan application can be completed online in approximately 15 minutes. To fill out the application, you’ll need:
- Your Social Security Number
- A list of expenses (i.e., monthly mortgage or rent payments)
- Your employment history
- Income information
Upon completion of your application, a lending specialist will be in touch within one business day. A funding timeline for the unsecured loan is not readily available on the bank’s website. Funding for Express Loans can happen as quickly as 48 hours after you complete the application.
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Who’s the best fit for a TD Bank personal loan?
Considering it can be funded as quickly as 48 hours after you complete the application, a TD Bank Express loan might be the right choice if you have an immediate need for cash. Assuming your borrowing requirements fall into the $2,000 to $25,000 range, this loan can provide funding without subjecting you to costly fees.
If you’re already a TD Bank customer, getting a loan from the company can be a savvy option, because you may receive an automatic APR discount. Offered with both the Express Loan and the unsecured loan, you’ll get a 0.25% rate deduction for opting to have your monthly payment automatically withdrawn from your TD Bank personal checking or savings account.
Since the minimum credit score is 660, TD Bank personal loans can be a good choice if your credit score falls into the “fair” FICO range, as many lenders have more stringent credit requirements. Additionally, the flexible terms, consisting of 12 to 60 months, allow you to choose a payment that fits your budget.
Before committing to a personal loan, it’s important to explore your options. Reading TD Bank reviews and learning as much as possible about personal loan products offered by other lenders will help you make an informed decision.
TD Bank consumer reviews
TD Bank currently has a BBB rating of A+. For more detailed information about past and present borrowers and their experiences with lenders, consumer reviews can be found on LendingTree, our parent company. However, TD Bank has not yet been reviewed.
TD Bank FAQ
TD Bank offers both secured and unsecured personal loans.
TD Bank offers borrowers the option to apply for personal loans online, in person at a TD Bank store and over the phone with the assistance of a lending specialist.
TD Bank does not allow borrowers to use its personal loans to cover the cost of educational expenses.
If you do not qualify for a TD Bank personal loan due to the various loan requirements, there are steps you can take to make yourself a more viable candidate should you decide to apply again, including raising your credit score and improving your debt-to-income ratio.
Cancelling your automatic payments will result in the termination of your rate discount and a 0.25% interest rate increase.
Paying your monthly bill late will result in a late payment fee that will be equal to the lesser of 5% of the minimum payment due or $10.
There is no fee charged to borrowers for loan payments that are returned due to insufficient funds.
Alternative personal loan options
Discover Bank
APR
6.99%
To
24.99%
Credit Req.
Not specified
Terms
36 to 84
months
Origination Fee
No origination fee
Discover is a financial services firm that offers credit cards, deposit accounts and personal loans. ... Read More
The APR ranges from 6.99% to 24.99% APR based on creditworthiness at time of application. Loans up to $35,000. Fast & Easy Process. Terms are 36 to 84 months. No prepayment penalty. This is not a firm offer of credit. Any results displayed are estimates and we do not guarantee the applicability or accuracy to your specific circumstance. For example, for a $15,000 loan with an APR of 10.99% and 60 month term, the estimated monthly payment would be $326. The estimated total cost of the loan in this example would be $19,560.
Discover Bank offers personal loans up to $35,000. It only takes a few minutes to check your rate, and decisions are typically made the same day. You don’t need a Discover credit card to be eligible for a loan, and if you’re able to repay the money within 30 days, you won’t incur any interest fees. This can be a good alternative to the TD Bank Express Loan, especially if you can return the funds in full within 30 days.
LightStream
Credit Req.
Not specified
Origination Fee
No origination fee
LightStream is the online lending division of SunTrust Bank.... Read More
*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.
LightStream, a division of SunTrust Bank, grants personal loans in increments from $5,000 to $100,000. The lender’s rates are competitive, but do note, a 0.50% autopay discount — available only prior to funding — is factored in. The bank also offers to beat any qualifying rate and charges no fees, including prepayment penalties. This can be a good choice if you’re looking for a more competitive APR or longer terms than offered by TD Bank.
SoFi
APR
5.99%
To
18.07%
Credit Req.
680
Minimum Credit Score
Terms
24 to 84
months
Origination Fee
No origination fee
SoFi offers some of the best rates and terms on the market. ... Read More
Fixed rates from 5.99% APR to 18.07% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of October 10, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.74% APR assumes current 1-month LIBOR rate of 2.05% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
See Consumer Licenses.
SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.
If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
SoFi offers personal loans from $5,000 to $100,000. The lender charges no fees, and the loans come with unemployment protection. This would allow you to temporarily pause payments if you lose your job, while SoFi assists you in getting your career back on track. (Do note, however, that rates are based on a 0.25% autopay discount.) If you’re looking for a product with longer terms than a TD loan, this might be a solid choice.
