TD Bank Personal Loans Review
While TD Bank claims to be “America’s Most Convenient Bank” today, the company has humble beginnings and a history that dates back to 1852. Founded in Portland, Maine, as Portland Savings Bank, the company grew through a series of mergers until its transition to Peoples Heritage Bank in 1983.
TD Bank eventually became Banknorth, which was acquired by TD Bank Group of Toronto, Canada, in 2007. Since those days, the bank has expanded to offer a wide range of banking products to consumers in states they service. Offerings include checking and savings accounts, home equity loans, mortgage loans, and more.
TD Bank is also well known for their popular personal loan options that come with fixed interest rates, fixed monthly payments, and a fixed repayment schedule. If you’re in the market for a personal loan, keep reading to learn more about TD Bank unsecured personal loans and who they’re best for.
TD Bank Personal Loans: Key Takeaways
- Borrow up to $25,000 with a TD Express Loan.
- Unsecured loans are offered in amounts up to $50,000.
- Lines of credit are offered in amounts up to $50,000.
- Interest rates range from 6.99% APR to 18.99% APR.
- TD Bank loans and lines of credit come with no origination fees or hidden fees.
- A minimum credit score of 660 applies for TD Express Loans.
TD Bank Personal Loans Review
TD Bank offers a wide range of loan and banking options to consumers that live in its East Coast service area. Banking options include checking and savings accounts, home equity loan products, credit cards, and personal loans. TD Bank even offers IRAs and additional investing options to customers who prefer to keep most of their banking with one company.
In terms of their personal loan options, TD Bank offers three main unsecured loan products:
- TD Bank Express Loans let you borrow between $2,000 and $25,000 with a low fixed APR between 6.99% and 18.99%. These loans come with no origination fees or application fees.
- Unsecured Loans let you borrow between $2,000 and $50,000 with a low fixed APR between 6.99% and 18.99%. These loans come with no origination fees and no application fees.
- Unsecured Lines of Credit are available in amounts between $20,000 and $50,000 with variable rates that range between 10.50% and 15.50%. This line of credit comes with no origination fee and no application fee.
TD Bank also offers a secured personal loan product that lets you borrow against your savings. Their secured loan option comes with a low variable rate of 7.92% and you can borrow up to $50,000. A $50 origination fee applies.
For all three types of unsecured loans from TD Bank, you can choose to repay your balance over 12 to 60 months. TD Bank also allows you to apply jointly for an unsecured personal loan, which is a benefit not all banks offer.
The main benefits of TD Bank include the fact they don’t charge origination fees on their personal loans and that their interest rates start at 6.99% APR. We also like the fact consumers can apply online and receive their funds in as little as 48 hours. Also keep in mind that you can get a 0.25% discount on your loan APR if you have a TD Bank checking or savings account and set up automatic payments.
Where TD Bank Personal Loans Come Up Short
The main downside of TD Bank is their limited geographic reach. TD Bank is an East Coast bank with locations that climb the coast from Florida to Maine, but they don’t offer loans nationwide. Also note you have to visit a TD Bank branch to finalize your personal loan paperwork. You can search for a TD Bank location here to see if you live near one within driving distance.
Another potential downside of TD Bank is their minimum credit score requirement. TD Bank states the minimum credit score for their TD Express Loan is 660, which is somewhat higher than some other competing banks. If your credit score is on the lower end, you may have to look for a lender that offers personal loans for bad credit.
Finally, keep in mind that while TD Bank’s rates are very competitive (and even their highest rates are still somewhat reasonable), they don’t offer the very lowest interest rates you can find for personal loans. Borrowers with excellent credit may be able to find unsecured personal loans with an APR in the 5% range if they shop around and compare rates. In addition, they do not make it possible to get pre-qualified for a personal loan without a hard inquiry to your credit report. This makes it difficult to know whether you can qualify — and for how much — unless you’re willing to move forward with a full loan application.
TD Bank Personal Loans Are Best For:
- Consumers who want to borrow up to $50,000 with no origination fee and no application fees.
- Anyone who lives near a TD Bank location who can finalize their loan documents in person.
- Borrowers with good or excellent credit who can qualify for TD Bank’s lowest rates.
How We Rate TD Bank
At The Simple Dollar, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how TD Bank stacks up:
|TD Bank Personal Loans at a Glance|
||Affordability (interest rates, fees, and terms)|
|Availability (credit requirements, geographic reach)|
|Ease of Use|
How to Apply for a Personal Loan from TD Bank
If you live close enough to a TD Bank branch and believe you have the credit score to qualify for one of their unsecured loan options, your next step is applying for a loan. Fortunately, TD Bank does let you complete your loan application online for unsecured loans. Note: You will have to apply in-branch if you opt for one of their secured loan options.
To apply for a personal loan from TD Bank, you’ll need to submit the following information on your application:
- TD Bank location where you agree to close your loan
- Desired loan amount
- Preferred repayment term between 12 and 60 months
- Address of residence
- Email address
- Phone number
- Social Security number
- Housing expenses
- Employment history
- Income information
Once you submit your loan application, a TD Bank representative will contact you within one business day. They’ll go over the loan you qualified for and discuss your options with you. If you decide to move forward with the loan, you’ll need to visit the physical branch you chose during your application to close on the loan and receive your funds.
The Bottom Line
Because TD Bank doesn’t charge any origination fees or application fees on their unsecured personal loans, they are easily one of the top loan options in this space. Their initial starting APR of 6.99% for borrowers with excellent credit is also on par with many of the best personal loan companies online, including Earnest.
Still, it never hurts to shop around — particularly if you have excellent credit. You may find you can get a lower rate from a different lender, and potentially with no fees, but you’ll never know unless you take time to compare.
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