Item: TD Bank Personal Loan
Rating: 4.5

4.5

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4.5

NerdWallet Rating

Est. APR

7.99 - 23.99%

Min. credit score

None

Time to fund

1 day

Loan amount

$2K - $50K

Loan term

3 to 5 years

Overview

TD Bank provides unsecured personal loans to good- or excellent-credit borrowers in 15 states along the East Coast and in Washington, D.C. Like other banks, TD Bank may have lower interest rates on personal loans than online lenders.

The lender can fund loans quickly with a 100% online process. However, it lacks some helpful customer-centric features, like a rate discount or the option to send loan funds directly to creditors for debt consolidation loans.

» COMPARE: The best personal loans

Detailed breakdown

Affordability

(25%)

4.5/5

We review lenders’ annual percentage rate offerings and the competitiveness of each lenders’ APR range. We also assess whether a lender charges an origination fee and any opportunity for borrowers to receive a rate discount.

Customer experience

(20%)

4.5/5

We consider the experience of the consumer trying to manage a personal loan, which means accessibility of customer service representatives, whether borrowers can choose and change their payment due date, and the ability to track their loan on a mobile app.

Underwriting and eligibility

(20%)

4/5

We consider the rigorousness of each lender’s underwriting practices and how widely available their loans are. This category includes whether a lender does a hard credit check before providing a loan, the range of credit profiles they accept and how many states their loans are offered in.

Loan flexibility

(20%)

4/5

We assess how flexible lenders can be with borrowers, including whether they offer multiple loan types, personal loan amounts and repayment term options and whether they offer direct payment to creditors on debt consolidation loans.

Application process

(15%)

5/5

We consider the lender’s full application process, including a borrower’s ability to preview their loan offer via pre-qualification, whether basic loan information such as APR range and repayment terms are available and easy to find online and how quickly a loan can be funded after approval.

Overall

4.5/5

Read more about our ratings methodologies for personal loans.

Where TD Bank personal loans stand out

Option to pre-qualify with a soft credit check: Unlike some other banks, TD Bank lets borrowers — including non-customers — pre-qualify for its personal loan. That means they can check their potential rate without hurting their credit score.
No origination fee: TD Bank does not charge an origination fee, which other lenders often deduct from the loan before disbursing funds. This means borrowers receive the full amount of money they’re approved for.
Next-day funding: According to the lender, borrowers who pre-qualify can see their loan options instantly, and approved applicants can receive funds the next business day.
Wide range of loan amounts: TD Bank offers many loan sizes so borrowers can choose the amount that best fits their needs. The lender says existing bank customers may be eligible for larger loan amounts than non-customers.
Hardship assistance for borrowers in need: For borrowers having trouble making payments, TD Bank may set them up with smaller payments on a temporary basis or a loan modification with a lower rate and longer repayment term. Borrowers can also change their payment date once throughout the life of the loan.

Where TD Bank personal loans fall short

Available in a limited number of states: TD Bank only operates in 15 states and Washington, D.C. You won’t be able to get a personal loan with this lender unless you live in the following places: CT, DE, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VT, VA or the nation’s capital.
No rate discount: TD Bank doesn't offer a rate discount on loans. Several other lenders issue discounts, usually a fraction of a percentage point, for things like setting up automatic payments or being an existing customer. This can help borrowers save money on interest.
No direct payment to creditors: TD Bank doesn't send funds directly to creditors for debt consolidation loans, which is a feature offered by some other lenders to streamline the debt payoff process. Instead, the money will be deposited into your bank account, and you’ll have to send it to creditors yourself.
No co-signed, joint or secured loan options: Borrowers can’t add a co-signer or co-borrower to their personal loan application, nor secure the loan with collateral. Other lenders may offer these options to help borrowers qualify for a higher loan amount or lower rate.

How to qualify

TD Bank says it typically lends to borrowers with good or excellent credit. You must live in one of the following 15 states, or Washington, D.C., to get a TD Bank personal loan: CT, DE, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VT or VA.

TD Bank’s borrowing requirements

Minimum credit score: None.
Must provide a Social Security number.
Must have a valid U.S. bank account and email address.

» MORE: How to get a personal loan

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Compare TD Bank to the best lenders

Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.

4.5	4.5	5.0	5.0
EST. APR 7.99-23.99%	EST. APR 8.74-35.49%	EST. APR 7.90-35.99%	EST. APR 7.74-35.99%
LOAN AMOUNT $2K-$50K	LOAN AMOUNT $5K-$100K	LOAN AMOUNT $1K-$60K	LOAN AMOUNT $1K-$50K
MIN. CREDIT SCORE None Get My Rate	MIN. CREDIT SCORE None Get My Rate	MIN. CREDIT SCORE 600 Get My Rate	MIN. CREDIT SCORE 600 Get My Rate