MoneyGeek’s Take: TD Bank Personal Loan Review

TD Bank boasts of exceptional customer service for over 150 years and appeals to a wide variety of customers. The bank’s personal loans are ideal for individuals who don’t want to pay origination or application fees and have a minimum credit score of 660.

Last Updated: 6/24/2022
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TD Bank provides personal loans from $2,000 to $50,000. Borrowers can use loans to cover any expense, including vacations, home improvement and consolidating debt. It takes as little as one day for the loan to be approved, and the interest rate varies between 6.99% and 21.99%.

At a Glance: TD Bank Personal Loans


  • TD Bank

    • 6.99% to 21.99%APR Range
    • 660Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime To Recieve Funds

    on TD Bank Website

MoneyGeek Breakdown - TD Bank Personal Loan Details and Requirements

  • APR

    TD Bank has an annual percentage rate (APR) that ranges between 6.99% and 21.99%.

  • Credit Score Requirements

    You need a credit score of at least 660 to get a TD Bank loan.

  • Income Requirements

    This lender doesn’t share specific income requirements needed to get a loan.

  • Loan Amounts

    TD Bank provides personal loan amounts that range from $2,000 to $50,000.

  • Loan Terms

    Borrowers can repay the personal loan from TD Bank in 36 - 60 months.

  • Permitted Uses

    You can use your personal loan from TD Bank for home improvement, debt consolidation, vacations, large expenses and more.

  • Prohibited Uses

    You are not allowed to use your TD Bank personal loan to fund your business or education.

  • Time to Receive Funds

    You may receive funds in your account within the next business day after loan approval.

  • Origination Fees

    TD Bank does not charge any origination fees on personal loans.

  • Late Fees

    You might pay a late fee of up to 5% of your monthly charges if you miss a payment beyond the grace period.

  • Prepayment Penalty Fees

    Personal loans from TD Bank do not have any prepayment penalty.

  • Co-signers and Co-applicants

    TD Bank does not accept co-signers.

  • Perks

    TD Bank’s soft credit check preserves your credit rating.

  • Mobile Application

    You can use TD Bank’s free mobile application to view your account information, transfer funds and pay bills.

Is TD Bank Right for You?

You should consider several factors when selecting the best lender for your needs. You can use MoneyGeek’s TD Bank personal loan review to determine whether it’s the best option for you.

Who TD Bank Is Perfect For

TD Bank is ideal for individuals with a credit score of at least 660. The lender is also good if you need funding ranging between $2,000 and $50,000 with a repayment duration of no more than five years.

Additionally, if you do not mind paying a late fee or if you are confident that you can make all your payments on time, TD Bank might be a great option for your needs.

The bank’s services are convenient for borrowers who prefer digital or mobile-based banking as opposed to in-person services.

Who Should Not Choose TD Bank

Before applying for a personal loan with TD Bank, you need to understand the lender’s drawbacks. For example, if you need a loan of more than $50,000, TD Bank may not be suitable for you.

Individuals who wish to consolidate their debt should also note that the bank does not make direct payments to third-party companies.

Additionally, TD Bank is not an option if you have a poor credit score or are looking for a lender that does not charge a late fee. The interest rates are also higher than most insurers.

How to Apply for a TD Bank Personal Loan

Once you decide on TD Bank as your preferred lender, you can submit your personal loan application. MoneyGeek detailed various steps that you can follow when applying for a loan. These include:

1

Prequalify

To prequalify, you will need to choose between a personal loan and loan credit. State the reason for the loan and specify the amount of money you need. You will then choose a fixed or variable interest rate and enter how much money you need, your preferred loan terms and the purpose of the loan.

2

Fill Out Application Form

Complete the application form by providing the information required, including your personal details, credit score and credit history.

3

Wait for Approval

After submitting your application and completing the verification process, the TD Bank team will review your application and communicate whether your loan has been approved.

4

Review Loan Agreement

Once you receive your loan offer, review the agreement and make sure that the approved amount is sufficient for your needs.

5

Sign Loan Agreement

After ensuring that you understand all the terms of your loan, you can sign the agreement.

6

Receive or Direct Funds

TD bank will then send the funds directly to your bank account within one to three business days.

7

Make Payments

You will need to make monthly payments for your loan and must ensure that you do not delay beyond the grace period. Otherwise, you will be charged a late fee of 5%.

What to Do if You Are Rejected From TD Bank

Your lender may decline your loan application for various reasons. These include missing or inaccurate information on your application form, insufficient income or a low credit score. The best step to take after this happens is to review the factors that may have influenced the lender’s decision.

Generally, the bank will provide you with information about why your loan wasn’t approved. Ensure that you go through the details and note the areas that need improvement. You can also ask the lender for more clarification before submitting another application.

You can still submit a new application in the future. However, you must meet all the lender's requirements, including the income level, credit score and debt-to-income ratio.

While you may decide to apply to a different lender, this can affect your credit score rating. MoneyGeek recommends you improve your score or the fact that caused your initial rejection before submitting a new personal loan application.

Frequently Asked Questions About TD Bank Personal Loans

The best personal loan lender for you depends on your needs and whether you meet all the requirements. MoneyGeek answered some of the commonly asked questions about TD Bank’s personal loans to provide you with the information you need to get started.

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