TD Bank Personal Loan Review: Good for Existing Customers Who Dont Want to Branch Out

TD Bank Personal Loan Review: Good for Existing Customers Who Dont Want to Branch Out

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TD Bank makes unsecured and secured personal loans, and you don’t have to be a member of the bank to apply. However, we only recommend TD Bank for existing customers who have good to excellent credit and want to keep their financial accounts in one place. This is because the rates at TD Bank are high compared to other lenders that require borrowers have good to excellent credit.

TD Bank Personal Loan Review: Should You Apply?

We think a TD Bank personal loan is the best choice for existing customers of the bank who want to keep their banking and borrowing at one place. While you don’t have to be a bank customer to apply, you may be able to score a lower interest rate elsewhere — especially because the bank requires a 680 credit score for unsecured loans.

  • Existing TD Bank customers who want to keep their borrowing and banking in the same place
  • Borrowers with good to excellent credit who can get a better deal elsewhere
  • Borrowers with credit scores under 680

For existing TD Bank customers with a checking or savings account, the bank provides a 0.25% APR discount for enrolling in automatic payment from the account. This APR discount is fairly standard across banks that offer personal loans as way to incentivize current customers to stay with the bank for their borrowing needs. While you won’t save a ton through this discount, it can amount to a hundred or so dollars over the life of your loan for doing something very simple. On a $50,000 5 -year loan, for instance, you could save over $70.

While TD Bank has competitive loan amounts and terms, we think the bank falls short with its rates, especially since the bank requires a 680 credit score to qualify for unsecured loans. Rates on unsecured personal loans range from 6.99% and % with AutoPay. If you’re not an existing TD bank member and you have a credit score of 680 or higher, we recommend checking your rate at other lenders before applying to TD Bank.

Eligibility Criteria

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TD Bank requires borrowers have good to excellent credit, which is any FICO score above 680. We look at eligibility criteria below, as well as our recommendations for improving your chances of getting approved.

  • Must be in an area TD Bank serves
  • At least 18 years old
  • Credit score of 680 or higher for unsecured loans

TD Bank Personal Loan Terms and Requirements

TD Bank makes both secured and unsecured personal loans. You can also opt to take out an unsecured personal line of credit if you want more flexibility.

Unsecured Personal Loan Terms and Requirements

You can borrow between $2,000 and $50,000 with terms from 1 to 5 years. TD Bank also offers an express version of its unsecured loan, allowing you to apply for up to $15,000 with funds in as fast as two days.

  • No origination fee
  • Late payment fee: Lesser of 5% of minimum payment due or $10
APR Range 6.99% – % with AutoPay
Fees
Loan Terms 1 to 5 years
Repayment Options Monthly
Direct Payment to Creditors No

Unsecured Personal Line of Credit Terms and Requirements

APR Range % – % with AutoPay
Fees
Loan Terms 10 year draw period followed by 10 year repayment period
Repayment Options Monthly
Direct Payment to Creditors No

Secured Personal Loan Terms and Requirements

For borrowers who need more than $50,000 , the bank makes secured loans up to the value of your TD deposit account with terms from 1 to 5 years.

APR Range 7.92% variable rate
Fees
Loan Terms 1 to 5 years
Repayment Options Monthly
Direct Payment to Creditors No

Application Process

You can apply online for an unsecured loan or line of credit, but you may need to visit a branch to sign closing paperwork. If you want payday loans cash advances Kentucky a secured loan, you’ll need to call or make a visit in branch.

Time to Get Funds 2+ days
Credit Check Hard credit check when you apply
Credit Reporting Yes
Cosigners/Co-borrowers Allowed? Yes

When you start the application, you’ll need to select whether you’re applying for a loan or line of credit. You’ll also need to put in your ZIP code and select the closest TD Bank to your location. You’ll then need to provide some information about the loan you’re seeking, including the number of co-applicants, if any; whether you want to enroll in AutoPay; how much you need and how you plan to use the funds. You’ll then need to select the term for your loan (the bank will provide estimates of monthly payments to help your decision).

After completing that portion, you’ll need to provide the bank with personal information, such as your name, address, phone number, birthdate and Social Security Number. You’ll also need to provide information on your employment and annual income, as well as major monthly expenses, such as mortgage or rent payments and other debts. You’ll then be able to submit the application for approval. If approved, you may need to visit the TD branch you selected to sign your closing paperwork. Funding takes at least a few business days.

How Does TD Bank Compare to Other Lenders?

If you’re planning on getting a personal loan, it’s generally recommended to shop around before you commit to one lender. We take a look at some of the other lenders who offer unsecured and secured personal loans.