No, TD Bank does not offer credit-builder loans. Alternatives to credit-builder loans from TD Bank include the Upgrade Visa® Card with Cash Rewards which is available to applicants with no credit history and will help you build credit if used responsibly.
If you're set on getting a credit-builder loan, there are some options available from other companies. Most major banks and credit unions do not offer them, however.
Yes, TD Bank does offer debt consolidation loans. You can take out a personal loan from TD Bank and use it to pay off existing debts, thus consolidating those debts into a single new balance with one monthly payment that you must make to TD Bank. TD Bank does not specifically refer to their loans as "debt consolidation loans," so you%ll need to take out a general-purpose personal loan.… read full answer
Quick Facts About TD Bank Debt Consolidation Loans
APR: 6.99% - 21.99%
Origination fee: $0
Loan amount: $2,000 - $50,000
Payoff period: 13 - 60 months
Credit score required: 660 if you have an existing TD checking or savings account that has been open for at least 30 days or 730, otherwise
Keep in mind that a debt consolidation loan from TD Bank will be worthwhile if it saves you money compared to the interest rates you are paying on your existing debts. In addition to the loan%s APR, you should also consider any potential fees, as well as the available loan amounts and payoff periods.
Before you apply for a TD Bank debt consolidation loan, it%s a good idea to compare it to WalletHub%s editors% picks for the best debt consolidation loans. That way, you%ll be able to see how the offer stacks up against loans from leading competitors.
Yes, TD Bank does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
TD Bank's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.
It's worth noting that some people may be uncertain about whether TD Bank does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.
If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include Opploans and Integra Credit.
Yes, TD Bank will verify your income when you apply for a personal loan. If you do not have any income, you can apply for a TD Bank personal loan with a co-signer, and TD Bank will verify that person's income instead.
TD Bank may verify income by requesting financial information like pay stubs, bank statements, or W-2 forms. In other cases, they'll just use credit report information. Either way, you will also have to meet other TD Bank requirements to be considered for loan approval.… read full answer
TD Bank Personal Loan Requirements
Be at least 18 years old
Be a US citizen or permanent resident
Have a Social Security number
Have a credit score of 750 if you don't have a bank account with them (660 if you do have one opened for at least 30 days prior to your application)
Have to be in one of the 15 states or DC that TD is in to apply
You have a good chance of getting approved for a loan from TD Bank if you meet all of these requirements.
If you want a better idea of what other personal loans you may qualify for with your income, you can use WalletHub's free pre-qualification tool.
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