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Who is TD Bank Best For?
TD Bank personal loans are good for borrowers who live on the East Coast and have strong enough credit to qualify for a top rate. The bank has 24/7 customer support over the phone, making it a great option for borrowers who place a high value on customer service. However, if you aren't a resident of the states TD Bank operates in, you won't be able to get a loan.
TD Bank Personal Loan Details
TD Bank offers unsecured personal loans, which don't have to be backed by collateral. TD Bank Fit Loans range from $2,000 to $50,000, making the lender a great option if you need a little bit of cash to tide you over or a significant amount to cover a large expense. You'll only be able to get a loan if you are a resident of the following states:
- Connecticut
- Delaware
- Florida
- Maine
- Maryland
- Massachusetts
- New Hampshire
- New Jersey
- New York
- North Carolina
- Pennsylvania
- Rhode Island
- South Carolina
- Virginia
- Vermont
- Washington, DC
TD Bank's term lengths are between 36 to 60 months. A shorter term length means higher monthly payments — but you'll save more in overall interest.
Its APR range is 8.99% to 23.99%. The bank doesn't charge origination fees or prepayment penalties, but you will fork over a late fee of 5% of the minimum payment due or $10, whichever is less if you fall behind on your payments.
TD Bank Personal Loans Pros and Cons
| Pros | Cons |
Fast funding. You're able to get your money in as little as one business day if approved by 4:30 p.m. ET Monday through Friday. It may take a little longer if the bank requests verification documents. | Only available to borrowers in certain states. TD Bank only lends to borrowers in 15 states along the East Coast and in Washington, DC. If you live in a different region of the US, you won't be eligible for a loan. |
No origination fees or prepayment penalties. TD Bank won't charge you for paying off your loan early, and you won't pay an origination fee — a percentage of your loan amount deducted from your overall loan proceeds. | Late fee. The late fee of 5% of the minimum payment due or $10, whichever is less. While this isn't a hefty fee compared to other competitors, it could still be a problem if you are late on your payments. |
Competitive rates. TD Bank's rates are in line with some of the top lenders on our list of best online personal loans. Keep in mind that you'll need good credit to qualify for the best rates. | No cosigned loans available. You aren't able to apply with a cosigner, so if you have bad credit, you can't enlist one to get a loan or land a lower rate. |
Wide range of loan amounts. The lender offers loans from $2,000 to $50,000. | |
24/7 customer service. TD Bank's customer support line is available by phone 24 hours a day, seven days a week. |
How to Apply for TD Bank Personal Loans
1. Gather and input required information on TD Bank's website. You'll put in basic personal information as well as your Social Security number, employment history and income, and expenses like mortgage or rent.
2. Review your loan options. TD Bank offers loan prequalification, meaning you'll see your rates with no impact on your credit score. You'll be presented with personalized loan options as soon as one minute after you apply.
3. Choose your preferred option and sign your loan agreement. After you sign your loan agreement, you're able to get your money in as little as one business day if approved by 4:30 p.m. ET Monday through Friday.
4. Work loan payments into your budget. Make sure you have enough money to cover all of your financial responsibilities before signing on the dotted line.
TD Bank Personal Loan Frequently Asked Questions
TD Bank is one of the largest banks operating in the US, with assets of more than $390 billion. It has an A+ rating from the Better Business Bureau.
This depends on your financial profile and creditworthiness. Some borrowers may be immediately approved with a very low rate, while others may have to apply multiple times to qualify at all.
You're able to get your money in as little as one business day if approved by 4:30 p.m. ET Monday through Friday.
TD bank offers personal loans of as much as $50,000 to qualified borrowers.
Yes, TD Bank does check credit before approving its Fit Loans, which is the bank's name for its personal loans.
TD Bank doesn't disclose the minimum credit score you need to get a loan. However, you're less likely to qualify with poor credit. TD Bank doesn't allow you to apply with a cosigner, so if your credit isn't in the best shape, you can't use one to boost your chances of getting a loan or to qualify for a lower rate.
TD Bank Personal Loans Competitors
TD Bank personal loans vs. LightStream personal loans
You can only get a TD Bank loan if you live in one of 15 states or Washington, DC. LightStream Personal Loan are available to borrowers across the US.
TD Bank has no origination fee or prepayment penalty, but it charges a small late fee of 5% of the minimum payment due or $10, whichever is less. LightStream doesn't have any fees on their personal loans.
See our picks for the best debt consolidation loans »
TD Bank personal loans vs. SoFi personal loans
While SoFi Personal Loan is available to borrowers across the US, TD Bank only serves residents of 15 states and Washington, DC.
SoFi separates itself from the pack with its unemployment protection. The company offers forbearance for any personal loan borrower who loses their job during their loan repayment. Borrowers can apply for forbearance in three-month increments, for a total of up to 12 months.
TD Bank has a loan amount range of $2,000 to $50,000, while SoFi has a $5,000 to $100,000 range.
Why You Should Trust Us: How We Rated TD Bank
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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