TD Bank Personal Loans: 2024 Review | Bankrate (2024)

Written by

Edited by

At a glance

TD Bank is best for a mix of online and in-person service

TD Bank has locations across the East Coast, while also offering online service. If you need help in person, you can walk into one of its over 1,000 locations and work with someone directly. And if you prefer to do all of your banking from the comfort of home or on the go, TD Bank has a well-rated mobile app for Apple and Android products.

TD Bank personal loan purposes

You can use a personal loan from TD Bank for almost any legitimate expense, but there are two notable exceptions. TD Bank doesn't allow its personal loans to be used for business or education-related expenses.

TD Bank personal loan fees

TD Bank keeps fees for its loans to a minimum. It doesn’t charge an origination fee, application fee, monthly fee, annual fee or prepayment fee. However, loans come with a late payment fee that’s 5 percent of the minimum payment due or $10, whichever is less. In addition, Florida residents will pay a document stamp fee.

Where TD Bank personal loans stands out

• Online and in-person support: Borrowing from a TD Bank carries the benefit of in-person support that working with an online lender does not afford. It also has a robust online experience, making it accessible regardless of how you prefer to manage your loan.
• Change your payment date: You can edit the date of your payment by contacting TD Bank in advance of the due date.
• Low maximum APR and no origination fee: Compared to online-only lenders especially, TD Bank offers a low maximum APR cap. It also doesn't charge an origination fee

Where TD Bank personal loans falls short

• Limited footprint: TD Bank is only available to residents of 15 states and Washington, D.C.
• High minimum credit requirement: You will need a credit score of at least 700 in order to qualify for a personal loan with TD Bank.
• Few loan terms: Most lenders offer terms from at least 24 to 60 months — TD Bank only offers terms from 36 to 60 months.

TD Bank customer experience

Customer support

You can call TD Bank 24/7 for live customer support over the phone, visit a physical bank during business hours, ask the bank's virtual assistant chatbot or reach out via its social media accounts with any general questions.

Digital experience

TD Bank can make managing your finances easier with its mobile app. Available to both Apple and Android users, it functions essentially as a mobile bank for your TD Bank products. Plus, the app offers personalized account alerts that you can customize to help you remember your payment dates.

What people are saying about TD Bank

TD Bank does not have any reviews on Trustpilot for its U.S.-based banking services. The TD Bank Canada page has over 2,200 reviews as of June 16, 2024 and an average rating of 1.3 out of 5 stars. Most reviews are from Canadian customers and don't mention loan products.

That said, TD Bank did take top honors for the 2024 J.D. Power Online Banking Satisfaction study. Based on a 1,000-point scale, it earned 672, beating out Capital One by a single point.

Do you qualify for a TD Bank personal loan?

Outside of the bank’s credit score requirement of 700, it has fairly little information on its site regarding requirements. The score falls under the “good” category. That said, the higher your credit score and the stronger your income, the more likely you are to receive a low rate.

How to apply for a personal loan with TD Bank

You can apply for a personal loan on the TD Bank website. TD Bank claims that people can get initial approval in as little as a minute and have their funds as soon as the next business day.

1. Get a quote: TD Bank offers an online prequalification tool that allows you to see your potential rates and predicted eligibility odds without affecting your credit. Once you complete the process, compare your offer with those from other lenders to make sure a TD Bank loan is the best fit for you.
2. Add information and finalize your application: After prequalifying, you'll be led through the online application process. To complete the loan application, you'll need to provide basic information, such as your Social Security number, mortgage or rent payments and your employment history.
3. Review the loan details: According to TD Bank, you could get your official offer within one minute and get your funds as soon as the next business day. Once you've accepted the offer, you'll be notified of next steps and how you're going to receive your funds.

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

• Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
• Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
• Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
• Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Compare Rates

Up next