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TD Bank Personal Loans: 2023 Review
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At a glance
Best for predictable monthly payments
TD Bank pros and cons
Undisclosed eligibility requirements
Average maximum amount
Do you qualify?
Aside from its minimum credit score requirement of 660, TD Bank doesn't disclose many of its eligibility criteria. However, most lenders and banks generally favor borrowers with a low debt-to-income (DTI) ratio, high credit score and steady income.
What TD Bank doesn't allow loan funds to be used for
TD Bank doesn't allow its personal loans to be used for business or education-related expenses.
How this lender compares4.6Bankrate ScoreAPR from8.99% – 23.99%Loan Amount$2,000 – $50,000Term Length12 to 60 monthsMin Credit Score7004.7Bankrate ScoreAPR from8.49% - 35.99%Loan Amount$1,000 – $50,000Term Length24-84 monthsMin Credit Score6004.7Bankrate ScoreAPR from6.99% – 35.99%Loan Amount$2,000 - $50,000Term Length24 to 60 monthsMin Credit Score640
TD Bank vs. UpgradeUpgrade has similar credit requirements and the same maximum loan amount of $50,000; however, Upgrade does charge an origination fee between 1.85 percent to 9.99 percent, which can significantly detract from the value of your loan. TD Bank doesn't charge origination fees, which can make the bank a more affordable option when compared to Upgrade.
TD Bank vs. ProsperBoth personal loan companies offer the same minimum APR, but TD Bank's maximum rates are lower than Prosper's maximum of 35.99 percent. Borrowers in good financial standing with a fair credit score may want to consider TD Bank before turning to Prosper to save money on potentially high rates.
TD Bank: in the detailsLoan Amount$2,000 – $50,000APR from8.99% – 23.99%Min. credit score700Term lengths12 to 60 monthsFunds available inAs little as one business day, depending on application
What we like and what we don’t like
Here's what we like about TD Bank and what the financial institution is lacking.
What we like
- Same day approval: Known for offering fast, same-day approvals on its TD Fit Loan, this bank is a good choice for those seeking an expedited process to access a personal loan.
- Brick-and-mortar option: For those who prefer an in-person banking experience, TD Bank has 1,100 stores and 700 ATMs across the country.
- Low APRs: TD Bank's rates are competitive for its most creditworthy applicants.
What we don’t like
- Undisclosed eligibility requirements: The bank doesn't disclose its eligibility criteria on its website so borrowers don't know if they qualify until after they apply.
- Limited availability: TD Bank's personal loans aren't available in every U.S. state, unlike other online lenders and banks.
- Average maximum amount: It has a maximum borrowing amount of $50,000, which is average compared to other lenders, some of which offer maximum amounts of up to $100,000.
How to contact TD BankYou can call TD Bank at 877-300-4080, visit a physical bank, reach out via its Facebook Messenger or message the bank on Twitter with any general questions.
How to apply for a personal loan with TD Bank
You can apply for an unsecured loan on the bank’s website. TD Bank claims that consumers can get initial approval in as little as a minute and have their funds as soon as the next business day.
To complete the loan application, you’ll need basic personal information and the following additional information:
- Your Social Security number.
- Any expenses, such as mortgage or rent, you currently have.
- Your employment history and income.
Features and additional perksTD Bank won the 2022 Bankrate Award for best personal loan from a bank. It received the highest Bankrate Score of bank lenders and has the online resources borrowers need and wants.
Fees and penaltiesTD Bank keeps fees for its loans to a minimum. It doesn’t charge an origination fee, application fee, monthly fee, annual fee or prepayment fee. However, loans come with a late payment fee that’s 5 percent of the minimum payment due or $10, whichever is less. In addition, Florida residents will pay a document stamp fee.
How Bankrate rates TD Bank
Overall Score 4.6 Explanation Availability 4.4 Quick, same-day approval and funding in as little as one business day. Affordability 4.7 Very few fees charged overall and low 8.99 percent APR. Customer Experience 5.0 24/7 customer support, highly rated mobile apps and online access and application. Transparency 4.2 Not all credit requirements are listed, but it does offer prequalification.
To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:
- Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
- Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
- Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
- Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
Santander Bank4.4 Bankrate Score
With over 450 brick-and-mortar locations, Santander Bank offers personal loans that come with low fees and flexible repayment options.
Achieve4.7 Bankrate Score
Achieve (formerly known as FreedomPlus) is an online personal loan provider with same-day loan decisions and funding within 24 hours for loans up to $50,000.
LendingClub4.3 Bankrate Score
LendingClub’s unsecured personal loans offer $1,000 to $40,000 with relatively affordable APRs. It charges origination fees and requires fair credit.
LightStream4.6 Bankrate Score
LightStream has no fees for personal loans and offers very competitive rates. Its loans can be used for nearly anything, including debt consolidation.
Best Egg4.6 Bankrate Score
Best Egg is an online lender known for offering borrowers low rates and quick funding, often in as little as one business day.
Mariner Finance4.1 Bankrate Score
Mariner Finance offers loans as small as $1,000 and accepts joint applications, but applicants may have to visit a branch in one of 24 states.
Personify4.0 Bankrate Score
Personify is known for offering loans to people with below-average credit.
Municipal Credit Union4.4 Bankrate Score
Municipal Credit Union offers low rates on personal loans, but you must become a member to qualify.
American Express4.4 Bankrate Score
American Express offers personal loans to card members who qualify.