MoneyGeek’s Take: TD Bank Personal Loan Review

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%.

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.

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.

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:

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.

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.