TD Bank Personal Loan Review

TD Bank offers a wide range of financial products, including checking and savings accounts, credit cards and personal loans. Its flexible loan can offer fast funding, with no origination fees and APRs ranging from 7.99% to 23.99%. Lending is limited to those residing in the 15 eligible states as well as District of Columbia. Here's how you can decide if it's the right fit.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

Key Takeaways

• TD Bank offers one flexible personal loan with APRs from 7.99% to 23.99%, loan amounts up to $50,000 and repayment terms of 36 to 60 months. You can check your rate without affecting your credit score.

• No origination, application or prepayment fees apply, and late fees are capped at 5% or $10, whichever is less. Funds typically land in your account within one business day of approval.

• Shop around before committing — TD Bank works best if you qualify for a low APR. Otherwise compare offers from SoFi, Discover or American Express to find better rates or higher loan limits.

Summary generated by AI, verified by MoneyLion editors

Key Features

Here's what you need to know about getting a personal loan from TD Bank:

APR

Annual percentage rates (APRs) range from 7.99% to 23.99%. The rate you're offered will be determined by your:

• Credit score and experience

• Debt-to-income ratio

• Repayment history

TD Bank allows you to view your rate without affecting your credit score.

Loan Amounts

You can borrow up to $50,000 and your funds will be available within one business day of your application being approved.

Repayment Terms

You can choose from repayment terms that range from 36 to 60 months. Remember that your repayment term affects how high your monthly loan payment is.

Fees

With TD Bank, you won't have to worry about fees including:

• Origination

• Application

• Prepayment penalties

If you're late on a payment, you'll be charged a 5% or $10 late fee, whichever is less.

What Are the Pros and Cons of a TD Bank Personal Loan?

Pros

• No origination, application or prepayment fees

• Funds should be in your account within one business day of approval

• Low late fees of 5% or $10 (whichever is less)

Cons

• Only worth it if you qualify for the lowest APR

What Are TD Bank Personal Loan Rates and Terms?

TD Bank's personal loan offers term lengths between 36 and up to 60 months, with APRs ranging from 7.99% to 23.99%, depending on your credit profile. The more creditworthy, the lower the rate you might be eligible for. Conversely, say you have a longer loan term or imperfect credit — you may see higher rates.

How They Compare To Other Lenders

You should always shop around before you commit to a lender. Other lenders to consider include:

SoFi

If you need more than $50,000, SoFi is a good lender to consider. It offers loans up to $100,000. Their APRs range from 6.99% to 35.49%. However, setting up auto payments through a SoFi bank account can earn you a 0.25% rate discount.

Discover

TD Bank offers higher loan amounts than Discover. Discover only offers loans up to $40,000. The one place Discover has TD Bank beat is that it doesn't charge any fees at all, including late fees. Discover APRs range from 6.99% to 24.99%.

American Express

American Express also offers personal loans, but you have to be a cardholder. They're competitive with TD Bank personal loans in that they offer amounts up to $50,000. However, it doesn't publish its APRs, so you'll have to get preapproved to find out what you qualify for.

How TD Bank Compares to MoneyLion's Marketplace

TD Bank may be a solid option if you live in one of the 15 states it serves and want to stay with a traditional bank as a lender. It's easy to locate details on its terms, rates and any other requirements to borrow.

MoneyLion's Marketplace allows you to compare multiple lender offerings so you can choose which one suits your borrowing needs best. So, if you're the type who prefers to evaluate a wide range and weigh out your decisions before making a choice, then MoneyLion Marketplace might be more helpful to you. You can look at the factors that matter to you, based on which state you live in, your credit history and any other factors, so you can see all of the different possibilities. For example, perhaps you live outside of the East Coast states that TD Bank serves and want to see other options.

In short, TD Bank doesn't have origination fees and you can receive funding in as little as one business day, and may be better suited if you know you want to go with a bank. MoneyLion Marketplace can give you a larger scope to view different lending options. The better fit is whether or not you need the choice to compare before you apply.

How To Apply For a TD Bank Loan

1. Get prequalified — this may be done with a soft credit check.

2. Take a look at the rate, term and monthly payment estimate. Make sure this product is the best one for your situation. To do that, fill out this form.

3. You'll need to provide your income details and identification.

4. If you agree to the terms that TD Bank offers, click "Agree". At this time, TD Bank will do a hard credit pull that will affect your credit score.

5. Wait for confirmation that your application was approved.

6. Sign your loan agreement after getting approved.

7. Receive your funds within one business day of approval.

Who Is a TD Bank Personal Loan Best For?

If you're offered an APR on the lower end, TD Bank can be a great option for you. Otherwise, you should consider shopping around for other loan products.

If you're a homeowner, TD Bank also offers home equity loans and lines of credit for qualifying applicants.

Key Terms

• Annual percentage rate (APR): The yearly cost of borrowing money, including interest and certain lender fees, shown as a percentage.

• Debt-to-income ratio: Your total monthly debt payments divided by your gross monthly income. Lenders use it to see if you can handle a new loan payment.

• Credit score: A number that predicts how likely you are to repay borrowed money on time, based on information in your credit reports.

• Hard inquiry: A credit check a lender makes when you formally apply for credit. It may lower your credit score by a few points.

• Soft inquiry: A credit check used for preapproval or when you check your own credit. It does not affect your credit score.

Sources

• What is a debt-to-income ratio? — Consumer Financial Protection Bureau

• What is a credit score? — Consumer Financial Protection Bureau

• How does a down payment affect my auto loan? — Consumer Financial Protection Bureau

Key terms generated by AI, verified by MoneyLion editors

Photo Credit: Jacob Wackerhausen / iStock.com