TD Bank Personal Loan Review

TD Bank offers a wide range of financial products, including checking and savings accounts, credit cards and personal loans. In the past, TD Bank offered several types of personal loan options, including a line of credit. Now, it offers one flexible loan.

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.

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

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.

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 8.74% and 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 7.99% to 24.99%

American Express

American Express also offers personal loans, but you have to be a cardholder. They're competitive with TD bank in that it offers loans 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 To Apply For a TD Bank Review

1. Check your rates to make sure this product is the best one for your situation. To do that, fill out this form.

2. 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.

3. Wait for confirmation that your application was approved.

4. 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 home owner, TD Bank also offers home equity loans and lines of credit for qualifying applicants.