Posted by: Adam McCann

Quick Review: There are three types of TD Bank personal loans: express loans, regular unsecured loans and secured personal loans. Express loans are unsecured loans up to $25,000 that can be processed and funded in as little as 48 hours. These loans are best for people who have an existing relationship with TD Bank. Applicants with a TD checking or savings account have a much lower credit score requirement: only 640, compared to 750 for people without a TD account.

The second type of TD Bank personal loan is a normal unsecured loan. It’s exactly like the express loan terms-wise, except that you can request up to $50,000 and it can take up to 7 calendar days to fund.

Lastly, TD Bank offers secured personal loans, which are available to people with bad credit. However, these loans aren’t for people in need of cash. They’re strictly for credit building, as the loan has to be secured by money in a TD Bank savings account, money market account or certificate of deposit. You still earn interest on your collateral, which can help defray a bit of the loan’s cost.

Overall, TD Bank has a lot of good options. The bad thing is they only operate in 15 states plus the District of Columbia. Read on for our editors’ full evaluation of TD Bank personal loans and how they compare to the competition.

TD Bank Personal Loan Terms

APRs	6.99% - 18.99%
Loan lengths	12 - 60 months
Loan amounts	$2,000 - $50,000
Approval time	1 business day
Funds delivery time	7 calendar days
Min. credit score (unsecured loan)	660 for TD Bank customers 750 for non-customers
Origination fee	$0 for unsecured $50 for secured
Late payment fee	$5
Early payoff fee	$0
Income requirement	Not disclosed
Other requirements (all must apply)	18 years old U.S. citizen or permanent resident SSN

TD Bank Personal Loan Rates & Fees

TD Bank personal loan rates vary by the type of personal loan you want to get. For They range from 6.99% to 18.99% for express loans and other unsecured personal loans. Your credit history and income will largely determine what rate you get. These rates are fixed, but all TD Bank unsecured personal loans offer a 0.25% rate discount when you make automatic payments from a TD Bank checking or savings account.

Secured TD Bank personal loan rates are different. There is no range, just one APR: 7.92%. But that rate is variable, so it may go up and down as the market changes over the years.

Unsecured TD Bank personal loans don’t charge origination fees. Their secured loans have a one-time $50 origination fee when you sign the papers to open the loan. TD Bank does not charge prepayment fees, but they will charge a $5 fee for a late payment.

TD Bank Personal Loan Requirements & Application Info

The TD Bank credit score requirement for an unsecured personal loan is 660 if you have an existing TD checking or savings account that has been open for at least 30 days. If you don’t, the minimum credit score requirement is 750. There is no disclosed minimum credit score requirement for secured personal loans – they are open to people with bad credit. TD Bank does not disclose a minimum income requirement for any of its loans, but income is factored into the decision process.

Unfortunately, TD Bank personal loans are only available to people in 15 states and the District of Columbia. If you live in one of the areas where TD Bank does business, you have to be at least 18 years old to qualify. TD Bank also requires all applicants to be either a U.S. citizen or a permanent resident with a Social Security number.

If you get a secured personal loan from TD Bank, you will need to provide a savings account, money market savings account or certificate of deposit as collateral. Since you’re borrowing based on money you already have, these loans are for credit building only.

TD Bank does not allow applicants to prequalify before applying. If you choose to apply for a loan with TD, you can do so online, by phone (1-800-937-5020) or at any of TD’s 1,300 U.S. branches. TD Bank does allow co-signers.

TD Bank Personal Loan Reviews & Transparency

TD Bank is highly rated by its customers as well as by the Better Business Bureau. And compared to many other lenders, they have a small number of complaints filed with the Consumer Financial Protection Bureau regarding their personal loans.

• Better Business Bureau: TD Bank has been accredited with the BBB since 2002, and it scores top marks – an A+ rating.
• Consumer Financial Protection Bureau: The CFPB has collected around 9,500 complaints about TD Bank. But the vast majority of those are about non-loan related concerns. Only 97 complaints are about personal installment loans, with the most recent dating to January 2019. Some examples include customers having trouble setting up auto-pay and TD reporting incorrect loan amounts to the credit bureaus.
• WalletHub: TD Bank has earned a WalletHub user rating of 4/5 across almost 2,400 reviews. WalletHub’s editors give TD Bank personal loans 4.5/5.

TD Bank has a high level of transparency about their personal loan terms, although their lack of a prequalification check prevents customers from getting more specific quotes before they apply. Unlike some lenders, TD Bank is very open about their credit score requirements, but they still don’t disclose minimum income requirements.

TD Bank Personal Loans vs. Popular Competitors

Lender	TD Bank	Marcus by Goldman Sachs	American Express
APR	6.99% - 18.99%	5.99% - 28.99%	6.90% - 19.98%
Loan amounts	$2,000 - $50,000	$3,500 - $40,000	$3,500 - $40,000
Loan lengths	12 - 60 months	36 - 72 months	12, 24, 36, or 48 months
Credit score required	750 (660 for TD customers)	680-700*	660

*According to multiple third-party sources Methodology

WalletHub rated TD Bank personal loans based on 23 metrics distributed across 7 major categories: the application process, loan requirements, loan amounts, APR, fees, transparency and customer satisfaction. Below, you can see the categories and their individual metrics. Keep in mind that some metrics were given more importance than others based on how much they affect the borrower.

• Application process: We looked at the different ways to apply, plus whether it’s possible to co-sign. We also researched how long it takes to receive a decision and get funded.
• Requirements: We looked at TD Bank’s credit score and income requirements, along with their requirements regarding citizenship and identification.
• Loan amounts: We considered the minimum and maximum that customers can borrow, along with the number of months available for payoff.
• APR: Our editors researched TD Bank’s minimum and maximum APRs. We also checked whether those APRs are fixed or variable.
• Transparency: We considered how clear TD Bank is about what’s required to get one of their loans and what the terms of those loans are.
• Fees: We looked up TD Bank’s personal loan fees, namely fees to open the loan, penalties for paying early and fees for making payments late.
• Customer satisfaction: Our editors checked WalletHub user reviews for TD Bank, along with TD Bank’s Better Business Bureau rating and Consumer Financial Protection Bureau complaints.

from Wallet HubWallet Hub


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