How long does it take to get money from a TD Bank personal loan?

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.… read full answer

Wells Fargo normally requires a credit score of 660 for their unsecured personal loans. However, they also offer secured personal loans that are available even with lower scores. Wells Fargo’s secured loans require collateral in the form of money in a Wells Fargo savings account or CD.

Most banks that offer personal loans require a credit score of at least 660. Some require even higher scores, like Citizens Bank (680) and Barclays (700).

Easiest Banks to Get a Personal Loan From:

• USAA: Will lend to people with less than fair credit (scores below 640)
• Wells Fargo: 660 minimum credit score for unsecured; no minimum for secured
• American Express: 660 minimum credit score
• Discover: 660 minimum credit score
• TD Bank: 660 minimum credit score for existing customers (750 for non-TD customers)

These credit score requirements are either official info from the lender or the consensus of third-party sources.

The average person’s credit score is over 660, which puts them in a decent position to qualify for a personal loan from most banks. But if your score is lower, you can apply with USAA or get a secured loan from Wells Fargo.

You might also want to look outside of banks. Some credit unions and online lenders offer better chances of being approved with bad credit. For example, Avant’s minimum score requirement is reportedly 600 and LendingPoint’s is 585.

Personal loans let you borrow a sum of money from a lender and then pay it back in monthly installments over a set term – usually anywhere from 12 to 84 months. Those monthly payments include equal portions of the original loan amount, plus interest and fees. Personal loans can be used for debt consolidation, home improvements, vacations, big purchases and more. Understanding how things will go, from the time you apply to when you submit your final payment, is the key to making personal loans work for you.… read full answer

How Personal Loans Work

• Lenders Review Applications.

  You will need to provide personal information (such as your address and SSN), financial information (such as your income and employment status) and more. The lender will evaluate and hopefully approve you.

• Applicants Receive Funds After Approval.

  The issuer of the loan will deposit the money into your bank account as a lump sum. You can do whatever you wish with the money, unless the terms of the loan say otherwise.

• Interest Charges Accrue.

  From the day you take out the loan, the amount will begin accruing interest at a rate set by the issuer. So no matter how long it takes you to pay the loan back, you’ll always owe more than you originally took out.

• Borrowers Make Monthly Payments.

  The lender will give you a required amount to pay each month. You can pay more if you’d like, but make sure that there’s no penalty for paying the loan off earlier than the terms of the contract stipulate. Some lenders may charge a fee.

• Loan Payments Build Credit.

  The lender will report to the credit bureaus whether you’ve paid on time each month. Once you’ve paid off the entire balance, including interest and fees, the lender will report your loan as paid in full. Abiding by the terms of your loan can help increase your credit score.

Personal loans are pretty simple. You just have to make sure to submit your payments every month, and setting up automatic monthly payments from a bank account can go a long way in that regard. The most complicated part of the process is probably selecting the correct loan, but WalletHub’s comparison tool makes that easy.

To get a loan from a credit union, you must first determine which credit unions you’re eligible to join. Unlike with a bank or an online lender, you have to be a member of a credit union to get any of their financial products, including personal loans. You may qualify by living or working in a certain area, by having a relative who is a member, or by making a small one-time donation to an organization.… read full answer

Next, you’ll have to consider the available options carefully and join the credit union with the best loan. The most important factors to consider include the loans’ APRs and fees, the amount of money you can borrow, and the length of the payoff period.

Lastly, fill out an application and wait to hear back. Many credit unions will let you apply online, but you can also apply in person with a credit specialist or submit an application over the phone in some cases. It usually won’t take more than a few days to get a decision.

How to get a loan from a credit union:

1. Find credit unions in your area. WalletHub’s credit union search tool can help you find credit unions that you may qualify to join. Several are open to anyone who makes a small one-time donation.
2. Compare the credit unions’ personal loans. Visit the credit unions or look at their websites to see the terms of their personal loans. Compare things such as the APRs, fees, available loan amounts, and lengths of time available for payoff. Ask about any minimum credit score or income requirements. Use these factors to determine the best loan for you.
3. Join the credit union. Joining is typically free, but you might have to open an account with a small deposit.
4. Apply for the personal loan. Most credit unions allow you to apply in person, but you’ll likely have the option to apply online as well. You might even be able to apply by phone. Make sure you fill out everything accurately on the application, or that could hold up the approval process.
5. Wait for approval. In most cases, you’ll have your loan approved and funded within 7 business days. But it all depends on the lender.

It’s not too hard to get a personal loan from a credit union, as long as you meet their qualifications. However, you shouldn’t entirely rule out banks and online lenders. Many of them have enticing offers for personal loans as well.

Notable Credit Union Personal Loans: