Editor’s Rating
4.3 / 5
Bottom Line: TD Bank offers competitive APRs, large loan amounts and long payoff periods. A credit score of 660 or better is required for a personal loan if you have a TD Bank checking or savings account. If not, a score of 750 is required.
This review is not provided, commissioned or endorsed by any company. Opinions and ratings are our own.
Pros
Cons
TD Bank Personal Loan Review Summary
TD Bank personal loans offer up to $50,000 in funding, with APRs as low as 8.99%. The loans last for 36 - 60 months. In addition, borrowers can get their funds as soon as the next business day after approval. To top it off, the origination fee is $0. Unfortunately, these loans are only available in 16 states plus the District of Columbia.
Read on for our editors’ full evaluation of TD Bank personal loans and see how WalletHub rates them in our three key categories: Terms, Requirements & Application, and Fees & Transparency. We’ll also show how these loans compare to the competition.
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TD Bank Personal Loan Terms
 | |
| APRs | 8.99% - 23.99% |
| Loan Amount | $2,000 - $50,000 |
| Loan Terms | 36 - 60 months |
| Origination Fee | $0 |
| Prepayment Fee | $0 |
| Late Fee | $5 |
| Minimum Credit Score | Good* |
| Minimum Income | Not disclosed |
| Loan Purpose | Debt Consolidation, Home Improvement, Big Purchase, Medical Loans, Vacation Loans |
| Time to Receive Loan Money | As soon as the next business day |
| Other Requirements |
|
*According to multiple third-party sources
TD Bank Personal Loan Rates, Fees & Other Terms
Category Rating: 92% (4.6 out of 5)
- APR: TD Bank personal loan rates range from 8.99% - 23.99%. That’s a competitive minimum and a very low maximum.
- Origination fee: The TD Bank personal loan origination fee is $0.
- Loan amounts and payoff periods: TD Bank provides a lot of funding, with amounts ranging from $2,000 - $50,000. The payoff periods can be quite long, too, at 36 - 60 months.
TD Bank scores well in this category because their loans are much cheaper than what many other lenders offer. In addition, they get credit for their large loans and long payoff periods.
TD Bank Personal Loan Requirements & Application Info
Category Rating: 80% (4 out of 5)
- Credit score: TD Bank does not disclose a specific credit score requirement for personal loans.
- Citizenship: TD Bank requires all applicants to be either a U.S. citizen or a permanent resident.
- Identification: You must have a Social Security number.
- Pre-qualification: TD bank offers pre-qualification on its website with a soft credit pull before you actually apply.
- Ways to apply: 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 1,100+ U.S. branches.
- Joint applications: TD Bank does allow joint applications.
TD Bank scores well in this category for giving people multiple ways to apply and offering pre-qualification. However, a few things reduce their score a bit, such as their lack of alternatives to an SSN and the fact that you can’t submit joint applications.
TD Bank Personal Loan Reviews & Transparency
Category Rating: 70% (3.5 out of 5)
- Better Business Bureau: TD Bank has been accredited with the BBB since 2002, and it scores an A+ rating.
- Consumer Financial Protection Bureau: The CFPB has collected more than 180 complaints about TD Bank’s personal installment loans. 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 user rating of 3.6/5 across over 4,000 reviews.
- Transparency: TD Bank has a high level of transparency about their personal loan terms. However, the bank does not disclose credit score or income requirements.
TD Bank scores decently because of its good reputation, but loses some points due to its lack of transparency about requirements.
TD Bank Personal Loan Score by Review Category
| Category | Score |
|---|---|
| Rates, Fees & Other Terms | 4.6/5 |
| Requirements & Application Info | 4/5 |
| Reviews & Transparency | 3.5/5 |
| OVERALL | 12.1/15 |
Other Key Things to Know
- Age: You have to be at least 18 years old to qualify.
- Late Fee: TD Bank will charge a late payment fee of $5.
- Prepayment Fee: The prepayment fee is $0.
- Minimum Income: TD Bank does not disclose a minimum income requirement for personal loans.
- Residence: Unfortunately, TD Bank personal loans are only available to people in 15 states and the District of Columbia.
TD Bank Personal Loans vs. Popular Competitors
| TD Bank | Marcus by Goldman Sachs | American Express | |
| Reviews | ***** | ***** | ***** |
| APRs | 8.99% - 23.99% | 6.99% - 24.99% | 5.91% - 19.97% |
| Loan Amounts | $2,000 - $50,000 | $3,500 - $40,000 | $3,500 - $40,000 |
| Loan Terms | 36 - 60 months | 36 - 72 months | 12 - 60 months |
| Minimum Credit Score | Good* | Good* | Fair* |
| Winner | TD Bank | ||
*According to multiple third-party sources
Methodology
In order to provide the most accurate TD Bank personal loan review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. TD Bank loan terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
Questions & Answers(37 questions)
Editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Most Popular
Upvotes
How long does it take to get approved by TD Bank?
Reply
Grace Enfield, Content Writer
@grace_enfield
TD Bank may approve you the same day you apply for a personal loan or within two to six business days. After your application is approved and you accept the offer, it takes as soon as the next business day to receive your funds, which TD Bank will send to you by electronic bank transfer.
Key Things to Know About TD Bank Loan Approval
- Minimum Credit Score: 750 if you don't have a bank account with them (660 if you do)
- Approval Timeline: 1 - 6 business days
- Funding Timeline: As soon as the next business day
- Fund Delivery Method: Electronic bank transfer
- Loan Amount: $2,000 - $50,000
- APR: 8.99% - 23.99%
- Repayment Period: 36 - 60 months
- Origination Fee: $0
If you think a TD Bank loan is right for you, check out the full TD Bank personal loan review on WalletHub. You can also estimate your potential rates with our free pre-qualification tool.
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Upvote
Does TD Bank do home improvement loans?
Reply
Rick Bormin, Personal Loans Moderator
@rhandoo2020
Yes, TD Bank does home improvement loans. You can take out a personal loan from TD Bank and use it to pay for home improvement expenses, such as remodeling a kitchen, finishing a basem*nt, putting on siding or many other projects. TD Bank does not specifically refer to their loans as “home improvement loans,” so you'll need to take out a general-purpose personal loan.
Quick Facts About TD Bank Home Improvement Loans
- ...
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Upvotes
Is it difficult to get a TD Bank personal loan?
Reply
Grace Enfield, Content Writer
@grace_enfield
It is hard to get a personal loan from TD Bank because they require a credit score of 750 or better if you don't have a bank account with them (660 or better if you do). Other TD Bank requirements include being at least 18 years old, being a U.S. citizen or permanent resident, and having enough income to afford monthly loan payments.
TD Bank Personal Loan Requirements
- Minimum Credit Score: 750 if...
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Upvotes
What are TD Bank's requirements for borrowers?
Reply
Grace Enfield, Content Writer
@grace_enfield
TD Bank's requirements include being at least 18 years old, having enough income or assets to make the monthly payments and having a Social Security number. You will also need to have a verifiable bank account to qualify for a TD Bank personal loan.
TD Bank Requirements for Borrowers
- Credit Score: 750 if you don't have a bank account with them (660 if you do)
- Income: Not disclosed
- Age: 18+
- ...
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Upvotes
Does TD Bank do debt consolidation loans?
Reply
Adam McCann, Financial Writer
@adam_mcan
Yes, TD Bank does offer debt consolidation loans. You can take out a personal loan from TD Bank and use it to pay off existing debts, thus consolidating those debts into a single new balance with one monthly payment that you must make to TD Bank. TD Bank does not specifically refer to their loans as "debt consolidation loans," so you%ll need to take out a general-purpose personal loan.
Quick Facts About TD Bank Debt...
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Upvotes
Does TD Bank offer small personal loans?
Reply
Grace Enfield, Content Writer
@grace_enfield
Yes, TD Bank does offer small personal loans. TD Bank personal loans can be as small as $2,000, and you can use these loans for nearly anything as long as you have a good enough credit score to get approved (750 if you don't have a bank account with them (660 if you do)+).
Key Things to Know About TD Bank's Small Personal Loans
- Loan amounts: $2,000 - $50,000
- APR range: N/A
- Repayment...
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Upvotes
How do I know if TD Bank approved me for a loan?
Reply
Gino Rodriguez, Writer
@gino_rodriguez
You will know if TD Bank approved you because you will receive an application decision via email. TD Bank may approve you as early as one day after you apply, or within 45 days, depending on the type of product you apply for.
You can check your application status online or going into a branch in the meantime. Just keep in mind that approval for a TD Bank loan or credit card is never guaranteed.
Upvotes
How can I check my TD Bank loan status?
Reply
Gino Rodriguez, Writer
@gino_rodriguez
You can check your TD Bank loan status by logging in to your account online or going into a branch. When you check the status of your TD Bank loan application, you will find out whether you have been approved or denied, or if the application is still pending. You may also learn that more information is needed from you before TD Bank can make a final decision.
How to Check Your TD Bank...
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Upvotes
Does a TD Bank loan help build credit?
Reply
Rick Bormin, Personal Loans Moderator
@rhandoo2020
A TD Bank personal loan does help you build credit, as long as you make the monthly payments on time. If you do make payments on time, TD Bank will relay positive information to all three major credit bureaus each month, which will improve your credit score.
You can try the free credit score simulator on WalletHub to get a better idea of how a TD Bank loan might impact your credit-building efforts in particular. Just keep in...
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Upvotes
Does TD Bank give instant approval?
Reply
Grace Enfield, Content Writer
@grace_enfield
TD Bank doesn't give instant approval for personal loans, but they may approve you the same day you apply. If they need to verify any of your information, the approval process may take a little longer, but you can expect to get the funds as soon as the next business day after you're approved and you accept the offer.
Key Things to Know About TD Bank Personal Loan Approval
- Minimum credit score: 750...
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