TD Bank Personal Loan Lender Review

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ByChristopher Boston
Edited byJonathan Ramos
ByChristopher Boston
Edited byJonathan Ramos

Updated: February 14, 2024

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TD Bank has a no-fee policy, offering loans without application, origination or prepayment fees. Its fixed APR ensures predictable monthly payments; quick funding is also a major plus. However, the lack of co-signer options and restrictions to specific states might limit some borrowers. TD Bank is ideal for those needing fast, uncomplicated loans, especially in the 15 states and Washington, D.C., where it operates. Its straightforward approach and accessible support make it a solid choice for many borrowers.


  • TD Bank

    • 8.99% to 23.99%APR Range
    • UndisclosedMinimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next business dayTime to Receive Funds

    At TD Bank, the TD Fit Loan stands out for its borrower-friendly features, making it an appealing choice for various profiles. A significant pro is the absence of extra fees — you won't face any charges for applying, creating the loan or even paying it off early. It simplifies the borrowing process, removing the worry of unexpected costs and making things easier to manage.

    Its fixed APR ensures your monthly payments remain constant throughout the loan term. This predictability makes for effective budgeting, eliminating surprises in your monthly financial planning. Additionally, TD Bank's potential for next-day funding can be incredibly helpful for urgent financial needs, providing a quick solution when time is of the essence.

    TD Bank further supports its borrowers with easily accessible customer service and online management tools. These simplify your loan management experience and help you stay on top of payments. Plus, the initial rate check won't impact your credit score, allowing you to explore your options without any negative consequences.

    TD Bank's personal loans offer a hassle-free, transparent and swift financial solution for various needs, backed by supportive customer care. These features, combined with the no-collateral requirement, make it a compelling option in the personal loan market.

    Pros

    • No application, origination or prepayment fees
    • Fixed APR for predictable monthly payments
    • Fast funding, potentially next business day
    • Accessible customer support and online management tools
    • Initial rate check has no impact on credit score

    Cons

    • Relatively low cap for loan amounts
    • No co-signers or co-applicants allowed
    • Not available in all states
    • No rate discounts for auto-payments
    • Charges late fees and, for those in Florida, document stamp fees
    TD Bank

Features of TD Bank

TD Bank's personal loan, known as the TD Fit Loan, offers several key features borrowers must know. For example, you can use these loans for various purposes, like consolidating debt, making home improvements or covering unexpected expenses. It provides flexible terms and a straightforward fee structure, making financial planning easier. TD Bank also has a solid customer service team and convenient online tools to help you manage your loan. By considering these aspects, you can better determine if TD Fit Loan meets your personal financial needs.

What Can You Use Your Funds For?

While some lenders limit how you can spend your loan, TD Bank offers flexibility for a variety of personal needs. However, remember that these loans are for personal use only and can't be used for business or educational expenses. So, what can you do with your funds? Here are some ideas:

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    Consolidating Debt

    If you're juggling multiple debts with varying interest rates, a TD Bank personal loan can simplify things by consolidating them into one loan. You could reduce your overall interest payments and streamline your monthly budgeting.

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    Home Renovations

    Whether it's a major remodel or minor home improvements, a TD Fit loan can help bring your vision to life. From upgrading your kitchen to landscaping your garden, use the funds to enhance your living space and potentially increase your home's value.

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    Car Purchase or Repair

    Having a reliable vehicle is essential for many. With a TD Bank personal loan, you can finance the purchase of a new or used car or cover the costs of necessary repairs, ensuring your transportation needs are met without financial strain.

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    Vacation

    Everyone deserves a break. Use the loan to cover travel expenses, whether it’s a road trip across the country or an international adventure. This way, you can enjoy your vacation without worrying about the immediate financial impact.

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    Wedding Expenses

    Your big day comes with big expenses. From booking the venue to the honeymoon, a personal loan can help you cover various wedding costs, allowing you to focus on making memorable moments.

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    Medical Bills

    Unexpected health care costs can be overwhelming. A personal loan can provide a financial cushion, helping you manage these expenses without depleting your savings.

Remember, you can’t use your TD Fit loan to pay off existing debts with TD Bank or its affiliates or to purchase TD assets or securities. Understanding these specific uses can help you decide how a TD Bank personal loan would best serve your financial needs and goals.

Loan Terms for a TD Bank Personal Loan

TD Bank's APR is fixed, so your monthly payment stays the same throughout the loan period. That means no surprises in your budget, even if interest rates in the market go up.

You can choose a loan amount that suits your needs, from $2,000 to $50,000. The repayment period ranges from 36 to 60 months, allowing you to pick a monthly payment that fits your budget.

TD Bank also offers flexibility in managing your loan. If you need to change your repayment date or amount, you can easily log into your dashboard or call their support at 877-300-4030.

Fees for a TD Bank Personal Loan

TD Bank does not impose several fees that are commonly found with other lenders. These include annual fees, application fees, origination fees or prepayment penalties. It allows you to focus more on managing your loan repayment without the burden of unexpected charges.

However, there are a couple of fees to keep in mind:

  • Late Fee: TD Bank charges a late fee if a payment is missed. That's 5% of the minimum payment due or $10, whichever is less, and it's applied 16 days after your payment due date.

  • Document Stamp Fee: Only applies to Florida residents.

TD Bank does not offer a rate discount for setting up automatic payments, a common practice with some lenders. Being aware of these fee details ensures you clearly understand the total cost of your loan with TD Bank.

TD Bank Customer Service

TD Bank stands out for its accessible and proactive customer service. The TD Fit team can answer your questions if you need support during the application process. They're available Monday to Friday from 9:00 a.m. to 9:00 p.m. ET and Saturday from 9:00 a.m. to 1:00 p.m. ET at 1-877-300-4020.

TD Bank's customer service is available 24/7 at 1-888-751-9000. Log in to the TD Bank app and use TD ASAP for quicker assistance. Depending on your circumstances, the following numbers may make TD Bank more accessible:

  • TTY Users: 1-800-852-7899 (Relay Service Number)
  • Customers from Canada: 1-800-819-1243
  • International Customers: 1-888-751-9000 or 1-215-569-0518 to call collect with operator assistance.

This comprehensive support ensures that TD Bank is there for you at every step of your loan journey, whether you have a quick question or need in-depth help.

TD Bank Personal Loan Online Resources

Choosing a personal loan lender is not just about the loan itself but also their resources. TD Bank provides valuable online tools and resources, making managing your finances and understanding loans easier. Here’s what you can expect:

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    Check My Rate

    Allows you to see your personalized loan options based on your provided information. It's a commitment-free process that doesn't impact your credit score. If you find an option that fits your needs, you can apply immediately.

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    Personal Loan Payment Calculator

    Use it to estimate how much you'll need to pay each month. It can help you budget, plan and manage your finances.

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    24/7 Online Account Management

    With around-the-clock access, you can manage your loan at any time. This includes making payments, checking balances and accessing account details — all from the comfort of your home.

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    Learning Center

    Here, you'll find a wealth of information on how to get the most out of your TD Bank accounts. The center offers articles, videos and tips on budgeting, planning for life events, paying down debt and more.

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    Mobile App

    The TD Bank app provides secure access to both personal and small business accounts. Key features include the ability to deposit checks (where the app assists with the photo), pay bills, transfer money and view account activity. It's designed for both Apple® and Android™ devices.

These TD Bank resources can help you manage your personal loan effectively. They're convenient, enhance your financial literacy and ensure you have the tools to handle your loan responsibly.

Qualifying for a TD Bank Personal Loan

TD Bank considers a variety of factors, not just your credit score. The lender understands that everyone's financial situation is unique. Let’s look at what TD Bank typically considers:

  • Credit Score: While TD Bank doesn’t specify a minimum credit score, most lenders prefer a score of at least 600-650. A higher figure increases your chances of approval and may help you secure a better interest rate.

  • Income and Debt Payments: Lenders typically look at your debt-to-income ratio (DTI) to determine if you can comfortably manage additional loan payments.

  • Credit Experience and Repayment History: A history of responsibly managing credit and making timely payments can positively impact your application.

Since TD Bank offers only unsecured personal loans, you can’t add a co-signer or file a joint application. You can’t use collateral, either.

Understanding these criteria can guide you in strengthening your loan application and choosing the right options for your financial needs.

Is a TD Bank Personal Loan Right for You?

Determining if a TD Bank personal loan suits you is pivotal for your long-term financial well-being. Contemplating factors such as loan terms, fees, customer service and online resources increases your likelihood of finding the right loan. Remember that a personal loan is a commitment that affects your budget and financial future.

Who Can Benefit From a Personal Loan From TD Bank?

If you need funds for an unexpected expense or urgent project, TD Bank is a great fit. Its streamlined process offers the possibility of next-business-day funding. The quick turnaround time can be a significant relief in time-sensitive situations.

For those who value consistency in their financial planning, TD Bank's personal loans come with fixed APRs. That means your monthly payment remains the same throughout the life of the loan, providing a sense of stability and predictability in your budgeting. It's an excellent option if you prefer to avoid any surprises in your monthly expenses.

TD Bank can also be an appealing choice for borrowers looking for a straightforward, no-frills borrowing experience. It doesn't charge application, origination or prepayment fees, making the loan process simpler and more transparent.

Who Shouldn’t Secure a Personal Loan From TD Bank?

Securing a personal loan from TD Bank isn't an option for individuals living outside Washington, D.C., and the 15 states in which the company operates. You'll need to look at other lenders that serve your location. Another consideration is that TD Bank doesn't allow co-signers or co-applicants on personal loan applications. It can be a drawback for borrowers who might need additional support to qualify for a loan due to their credit history or income levels. If having a co-signer is crucial for your loan approval, TD Bank may not meet your needs.

TD Bank may not be the best fit if you're seeking a higher loan amount. Its loans cap at $50,000, which, while sufficient for many purposes, might not meet the requirements of those who need larger sums of money.

While TD Bank offers many advantages, it's important for borrowers to consider these specific limitations. If you fall into one of these borrower profiles, we recommend exploring other lending options that better align with your circumstances.

How to Apply for a TD Bank Personal Loan

Securing a TD Bank personal loan involves a clear, step-by-step process that’s easy to follow. Knowing these steps in advance can help you prepare effectively, ensuring a smoother and faster application experience. Here’s what you have to do:

1
Gather Your Information

Before starting, have your personal information ready. This includes your Social Security Number, details about your employment history, income and regular expenses like mortgage or rent payments. Having all this information on hand can get you through the following steps more efficiently.

2
Check Your Loan Options

With your information ready, see what loan options are available to you. This step typically only takes about 60 seconds and won't affect your credit score. TD Bank will show you various loan options based on the details you provide.

3
Select and Apply for Your Loan

After reviewing your options and finding one that fits your needs, formally apply. TD Bank will conduct a hard credit check, which can temporarily impact your credit score. You will need to confirm your details as part of this process and then wait for a decision from TD Bank, which will be communicated via email.

4
Receive Your Funds

Once your loan is approved, TD Bank works towards processing your funds quickly, often on the same day. Funds are typically available in your account as soon as the next business day. However, the time it takes for your bank to process these funds can vary — generally ranging from one to three business days.

Comprehending and adhering to these steps aids in navigating the loan application process with TD Bank, bringing you closer to securing a personal loan that aligns with your financial objectives.

What to Do if You’re Denied

A denial can be disappointing, but it's not the end of your financial journey. You can take several actions to address this setback and improve your chances in the future. Here are some of them:

    loanCon icon

    Understand the Reasons for Denial

    Find out why TD Bank denied your application. Whether it concerns your credit score, income or debt-to-income ratio, knowing the specific reasons can guide you on what to improve.

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    Boost Your Financial Profile

    Work on enhancing the areas that led to your loan denial. That may mean paying down existing debts to improve your debt-to-income ratio, increasing your income or working to improve your credit score by making timely payments and reducing credit card balances.

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    Look for Other Financing Options

    If a personal loan isn't working out, there are other ways to secure funds. It might include a home equity line of credit (if you own a home), credit cards or borrowing from friends and family. Each option has its own set of considerations, so weigh them carefully.

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    Seek Professional Financial Advice

    Sometimes, getting advice from a financial expert can help. They can offer personalized advice on improving your financial situation and might suggest alternative financing strategies that align with your needs.

Remember, being denied a loan doesn't define your financial future. Use it as an opportunity to reassess and strengthen your financial standing. With patience and careful planning, you can put yourself in a better position for future financial endeavors.

Frequently Asked Questions About TD Bank as a Personal Loan Lender

You’ll likely have questions if you’re considering a TD Fit Loan. We provided more information by answering some common queries from borrowers. These can help you understand what TD Bank offers and how its personal loans work.

Does TD Bank have restrictions on how you can use your funds from a personal loan?
What is the minimum credit score requirement for a TD Bank personal loan?
How long does TD Bank take to approve a personal loan?
Does TD Bank have a mobile app?
Is a TD Bank personal loan secured or unsecured?
How much can I borrow using a TD Bank personal loan?
What fees will I encounter with a TD Bank personal loan?
How does applying for a TD Bank personal loan affect my credit score?
Does TD Bank offer an autopay discount for personal loans?
Can you have co-signers on a TD Bank personal loan?

About Christopher Boston


Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.


sources
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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.