TD Bank Personal Loans: 2021 Review

TD Bank’s unsecured personal loans have minimal fees and fast funding, but they’re available in a limited number of states.

Jackie VelingDec 10, 2020
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Our Take

4.5

NerdWallet rating 

The bottom line: TD Bank has rates similar to other lenders, but the fast approval and funding time could tip the scale for good-credit borrowers who want speed.

TD Bank Personal Loan

TD Bank Personal Loan

Min. Credit Score

700

Est. APR

6.99 - 21.99%

Loan Amount

$2,000 - $50,000

Pros & Cons

Pros

  • Soft credit check with pre-qualification.

  • No origination fee.

  • 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

3.99 - 19.99%

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

To review TD Bank’s personal loans, NerdWallet collected more than 40 data points from the lender, confirmed details with several customer service representatives and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.

TD Bank provides unsecured loans to borrowers with good credit in the 15 East Coast states and Washington, D.C., where it has branches.

Known as the TD Fit Loan, its personal loan promises fast approval and funding time with a 100% online application process. Borrowers have a wide range of loan amounts to choose from and three repayment options.

Though TD’s rates are similar to other banks and come with no origination or prepayment fees, the lender lacks features like a rate discount for setting up automated payments and the option to send loan funds directly to creditors with debt consolidation loans.

TD Bank is best for borrowers who:

  • Have good credit (at least 690 FICO).

  • Live near a TD Bank location.

  • Want quick access to funds.

TD Bank at a glance

Credit building

  • Soft credit check to pre-qualify.

  • Reports payments to three credit bureaus.

Affordability

  • APRs are consistent among lenders targeting similar borrowers.

  • No origination or prepayment fees.

  • No rate discount for autopayments.

Loan flexibility

  • Offers only unsecured loans.

  • Allows changes to payment date.

  • Funds loans the next business day.

  • Does not 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

  • Clearly discloses rates, fees and terms on website.

  • Offers FAQ that answers key borrower questions.

Customer experience

  • Offers multiple customer contact channels and extended hours.

  • Offers limited financial education.

» COMPARE: Best bank loans

Where TD stands out

Quick approval and funding: TD Bank has a quick approval and funding process. According to customer service representatives, borrowers are 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 your application could take longer.

Option to change payment date: Though borrowers cannot choose their payment date when signing a loan agreement, they can change it afterward, as long as they submit the request in writing. 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 borrower’s 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 or to secure the loan with collateral. These options can allow borrowers to qualify for a higher loan amount or to 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 other lenders. Instead, funds will be deposited into your bank account, and you'll have to send the funds.

No autopay discount: TD Bank doesn't offer a rate discount for setting up autopayments. Many lenders will discount your annual percentage rate by 0.25% to 0.5% 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 will likely need good credit (at least 690 FICO) 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 17.4% APR would cost $581 in monthly payments. You’d pay $7,888 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 ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.