TD Bank Personal Loans: 2021 Review

TD Bank’s unsecured personal loans have minimal fees and fast funding and are available to non-customers.
Jackie VelingSep 1, 2021

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Our Take

4.5

NerdWallet rating 

The bottom line:

TD Bank promises fast approval and funding time, but its loans are offered in only 15 states.

TD Bank Personal Loan

TD Bank Personal Loan

Min. Credit Score

None

Est. APR

6.99-21.99%

Loan Amount

$2,000-$50,000

Pros & Cons

Pros

  • Soft credit check with pre-qualification.
  • No origination or prepayment fees.
  • Option to change your payment date.
  • Able to fund loans the next business day.
  • Offers wide range of loan amounts.

Cons

  • Available in a limited number of states.
  • No rate discount for autopay.
  • Charges a late fee.
  • Doesn't offer direct payment to creditors for debt consolidation loans.
  • No co-sign, joint or secured loan option.

Compare to Other Lenders

Marcus by Goldman Sachs
Lightstream
NerdWallet rating 
NerdWallet rating 
Est. APR

6.99-19.99%

Est. APR

4.49-20.49%

Loan Term

3 to 6 years

Loan Term

2 to 7 years

Loan Amount

$3,500-$40,000

Loan Amount

$5,000-$100,000

Min. Credit Score

660

Min. Credit Score

660

Compare estimated rates from multiple lenders

Compare Rates

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Full Review

TD Bank provides unsecured personal loans to borrowers in 15 East Coast states and Washington, D.C.

The lender promises fast approval and funding time and a 100% online application process. Borrowers have a wide range of loan amounts to choose from and three repayment options.

Though the loan comes with no origination or prepayment fees, it lacks some key features, like a rate discount for setting up automated payments and the option to send loan funds directly to creditors for debt consolidation loans.

TD Bank is best for borrowers who:

  • Have good or excellent credit (690 FICO score or higher).

  • Live near a TD Bank location.

  • Want quick access to funds.

TD Bank at a glance

Affordability

  • APRs are consistent among lenders targeting similar borrowers.

  • No origination or prepayment fees.

  • No rate discount for autopayments.

  • Charges late fee.

Loan flexibility

  • Offers only unsecured loans.

  • Allows changes to payment date.

  • Funds loans the next business day.

  • Doesn't offer direct payment to creditors for debt consolidation loans.

  • Loans available in CT, DE, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VT, VA and Washington, D.C.

Transparency

  • Soft credit check to pre-qualify.

  • Clearly discloses rates, fees and terms on website.

  • Offers comprehensive FAQ that answers key borrower questions.

Customer experience

  • Offers multiple customer contact channels and extended hours.

  • Offers limited financial education.

Key terms to know about personal loans

Annual percentage rate is the interest rate on your loan plus all fees, calculated on an annual basis and expressed as a percentage. Use the APR to compare loan costs from multiple lenders.

An origination fee is a one-time, upfront fee that some lenders charge for processing a loan. The fee can range from 1% to 10% of the loan amount, and lenders typically deduct it from your loan proceeds.

The debt-to-income ratio divides your total monthly debt payments by your gross monthly income, giving you a percentage. Lenders use DTI — along with credit history and other factors — to evaluate a borrower's financial ability to repay a loan.

Lenders that offer pre-qualification typically do so using a soft credit check, which allows you to see rates and terms you qualify for without affecting your credit score. If you accept the loan offer, the lender will perform a hard check to confirm your information. Hard checks knock a few points off your credit score.

» COMPARE: Best bank loans

Where TD stands out

Quick approval and funding: TD Bank has a quick approval and funding process. According to the lender, borrowers can be approved the day they apply — some as fast as 60 seconds — and funds are typically received the next business day. If TD requires additional documents, like proof of income, processing the application could take longer.

Option to change payment date: Though borrowers can't choose their payment date when signing a loan agreement, they can change it afterward. Having a flexible payment date is beneficial for borrowers whose payday may change over the life of the loan.

Transparency: Compared with other banks, TD has an intuitive and easy-to-navigate website. Rates, fees and terms are clearly listed, and TD provides a comprehensive FAQ page to answer borrowers' questions. These features allow borrowers to easily compare loan products across lenders.

Customer support: TD’s main customer service line is available 24 hours a day, seven days a week. It also provides a number for personal loans, which is available seven days a week for extended business hours.

Where TD falls short

No joint, co-sign or secured loan option: TD Bank offers unsecured personal loans only, and borrowers don't have the option to add a co-borrower or co-signer to their application, nor to secure the loan with collateral. These options can allow borrowers to qualify for a higher loan amount or get a lower rate.

No direct payment to creditors: If borrowers want to use a TD loan to consolidate high-interest debt, TD doesn't send funds directly to creditors, which is a feature offered by some other lenders. Instead, the money will be deposited into your bank account, and you’ll have to pay off your creditors.

No autopay discount: TD Bank doesn't offer a rate discount for setting up autopayments. Many lenders will issue a discount ranging from 0.25 to 0.5 percentage points to encourage on-time payments.

Limited loan terms: Borrowers can choose from a three-, four- or five-year repayment term. Though those repayment terms aren’t uncommon, some lenders offer longer repayment terms, which could lower your monthly payment.

How to qualify for a TD loan

TD Bank doesn't publicly disclose many of its borrower requirements, but the lender says your credit score, credit history and debt-to-income ratio will be considered on an application. Here’s what you need to qualify:

  • Minimum credit score: The lender says it accepts applications from all credit backgrounds, but you'll likely need good credit (at least 690 FICO score) to qualify for a competitive rate.

  • Must be at least 18 years old.

  • Must provide a Social Security number.

Loan example: A four-year, $20,000 loan with a 15.5% APR would cost $562 in monthly payments. You’d pay $6,976 in total interest on that loan.

How to get a TD loan

Apply on TD Bank

You can fill out an application on TD Bank’s website. After entering some personal information, you’ll be presented with loan options for which you pre-qualify.

Pre-qualify on NerdWallet

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify and receive a personalized rate from lenders that partner with NerdWallet.

Personal Loans Rating Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 30 lenders. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read our editorial guidelines.