TD Bank Personal Loans: 2024 Review

TD Bank’s unsecured personal loans have minimal fees and fast funding, but are only offered in a limited number of states.
Jackie Veling
By
Last updated on October 4, 2023
Edited by
✅ Fact checked and reviewed
Kim Lowe
Edited by
✅ Fact checked and reviewed

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Our Take

5.0

NerdWallet rating
The Nerdy headline:

TD Bank promises fast approval and funding time for a wide range of loan amounts, but they’re only available in 15 states.

Jump to:Full Review
TD Bank Personal Loan
TD Bank Personal Loan

Est. APR
8.99-23.99%
Loan amount
$2,000 - $50,000
Min. credit score
None
on NerdWallet

Pros

  • Option to pre-qualify with a soft credit check.
  • No origination fee.
  • Fast funding.
  • Option to change your payment date.
  • Wide range of loan amounts.

Cons

  • Available in a limited number of states.
  • No rate discount.
  • No direct payment to creditors with debt consolidation loans.
  • No co-sign or joint loan option.
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Full Review

TD Bank provides unsecured personal loans to borrowers in 15 states along the East Coast and 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, but it lacks some key customer-centric features, like a rate discount and the option to send loan funds directly to creditors for debt consolidation loans.

» MORE: Best bank loans

Table of contents

TD Bank personal loans at a glance

Minimum credit score

Not disclosed.

APR

8.99% - 23.99%.

Fees

Late fee: $10 or 5% of minimum payment (whichever is less).

Loan amount

$2,000 to $50,000.

Repayment terms

3 to 5 years.

Time to fund after approval

1 business day.

Loan availability

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

Where TD Bank personal loans stand out

Soft credit check: Unlike some other banks, TD Bank lets borrowers — including non-customers — pre-qualify for its personal loan, meaning they can check their potential loan amount and interest rate without hurting their credit score.

Quick approval and funding: TD Bank has a quick approval and funding process. According to the lender, borrowers who pre-qualify can see their loan options within 60 seconds and may receive funds the next business day. If TD Bank requires additional documents, the application process 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 once during the course of the loan. Having a flexible payment date is beneficial for borrowers whose payday may change over the life of the loan.

Wide range of loan amounts: TD Bank offers many loan sizes so borrowers can choose the amount that best fits their needs. While a smaller loan amount may be right for an emergency car repair, a larger loan can help fund a major expense like a home improvement project.

Where TD Bank personal loans fall short

No joint, co-sign or secured loan option: TD Bank offers only unsecured personal loans, and borrowers can’t add a co-borrower or co-signer to their 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.

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. Instead, the money will be deposited into your bank account, and you’ll have to send it to creditors.

No rate discount: TD Bank doesn't offer a rate discount on loans. Many lenders will issue a discount, ranging from 0.25 to 0.5 percentage points, for things like setting up automatic payments. The discount can help borrowers save money on interest.

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 terms, which could help lower your monthly payment.

Do you qualify for a TD Bank personal loan

TD Bank doesn't publicly disclose many of its borrower requirements, but lenders typically look at your credit score, credit history and debt-to-income ratio to qualify you. Here are TD Bank’s basic eligibility requirements:

  • Must be at least 18 years old.

  • Must be a U.S. citizen.

  • Must provide a Social Security number.

Before you apply

  • Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. Doing so will help you spot and fix any errors before you apply.

  • Calculate your monthly payments. Use a personal loan calculator to determine what APR and repayment term you’d need to get a loan with affordable monthly payments.

  • Make a plan to repay the loan. Review your budget to see how the loan’s monthly payments impact your cash flow. If you have to cut other expenses to repay the loan, it’s better to know that before you borrow.

  • Gather your documents. TD Bank may require proof of income, which can be a W-2 or paystub, as well as proof of address and a Social Security number. Having these documents handy can speed up the application process.

How to apply for a TD Bank personal loan

Here are the steps to apply for a TD Bank loan.

  1. Pre-qualify on TD Bank’s website. You’ll be asked how much you want to borrow and what the funds are for, as well as personal information like your name, birthdate and address. Then, the lender will ask for information about your income, employment and whether you own your home. There’s no hard credit pull at this stage.

  2. Preview loan offers and accept the one that fits your budget. Once you accept a loan offer, you’ll submit a formal personal loan application. This could require more documents, like W-2s, pay stubs and bank statements to confirm the information you gave during pre-qualification. TD Bank will also do a hard credit check when you apply, so your credit score could temporarily dip.

  3. Stay on top of your loan payments. TD Bank reports payments to all three major credit bureaus (Experian, Equifax and TransUnion), so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments and keeping an eye on your budget are two ways to manage your loan payments.

Check rates on NerdWallet

Compare TD Bank with other 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.

Best Egg and LendingClub are two online lenders that offer similar loan amounts and repayment terms as TD Bank, but they are available in more states nationwide.

TD Bank vs. Best Egg

Like TD Bank, Best Egg lets borrowers pre-qualify online with a soft credit check. But Best Egg offers direct payment to creditors and a secured personal loan option. The lender also charges an origination fee, while TD Bank does not.

TD Bank vs. LendingClub

LendingClub offers smaller loans and a shorter loan term than TD Bank, but borrowers can expect to pay an origination fee. LendingClub can be a good fit for borrowers who want to add a joint applicant or to consolidate debt, since the lender offers direct payment to creditors. However, TD Bank may have lower rates than LendingClub.

How we rate TD Bank personal loans

NerdWallet writers rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s what we prioritized this year:

Category

Star rating

Affordability

Underwriting

Loan flexibility

Transparency

Customer experience

Overall

  • Affordability (30%) An affordable loan has low rates and fees compared to other similar loans and may offer rate discounts.

    Underwriting and eligibility (25%) The lender reviews borrowers credit reports and credit history, and tries to understand their ability to repay a loan, before making a final application decision.

    Loan flexibility (20%) A flexible loan is one that lets users customize terms and payments. That means offering a wide range of repayment term options, allowing the borrower to change their payment date, offering loans in most states and funding it quickly.

    Customer experience (15%) A good customer experience can include a fully online application process, financial education on the lender’s website and a customer service team that’s available most of the time and can be reached multiple ways.

    Transparency (10%) A transparent lender makes information about the loan easy to find on its website, including rates, terms and loan amounts. Transparency also means allowing users to pre-qualify online to preview potential loan offers and reporting payment information with the major credit bureaus.

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Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions. We collect over 50 data points from each lender and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. 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. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. 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.

NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.

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