Applicants need a credit score of 660 to get a personal loan from TD Bank, according to the company. That means the TD Bank personal loan credit score requirement is in the fair credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.
Keep in mind that just having a 660 credit score is not enough to qualify you for a TD Bank personal loan. TD Bank will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from TD Bank with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.
TD Bank has many different options for debt consolidation, including personal loans and lines of credit, home equity loans and lines of credit, and credit cards. These methods differ in important ways, such as their collateral requirements (or lack thereof), how long they last, what rates they offer, and if you can use them to borrow more than once.… read full answer
TD Bank Debt Consolidation Options:
Unsecured personal loan
Personal line of credit (unsecured)
Home equity loan
Home equity line of credit (HELOC)
Secured personal loan
Below, you’ll find a more detailed description of each TD Bank debt consolidation option. Hopefully, this will give you a sense of the advantages and disadvantages each might have in your situation.
TD Bank Debt Consolidation Details:
Personal unsecured loan. Borrow $2,000 to $50,000 for 12 to 60 months with no collateral. APRs range from 6.99% to 18.99%, and there is no origination fee. You’ll need a credit score of 660+ if you have a TD checking or savings account that has been open for at least 30 days. Otherwise, you need a score of 750+.
Personal unsecured line of credit. Get a credit line of $20,000 to $50,000 with no collateral. There is a 10-year draw period during which you can borrow up to your credit line at any time. After that, there is a 10-year repayment period for any remaining balance. The APRs range from 9.75% to 14.75%, and there is a $25 annual fee. You need a credit score of 680+ to qualify.
Home equity loan. Borrow $25,000 to $500,000+ for 5 to 30 years, based on the amount of equity in your home. The loan is secured by your house, so if you cannot repay what you owe, TD Bank can foreclose on you. The APR range is 4.29% to 9.76%. There is an origination fee of $99. You need a credit score of 660+ to qualify.
Home equity line of credit. Get a credit line of $25,000 to $500,000+, secured by your house. There is an origination fee of $99 and an annual fee of $50 after the first year. APRs range from 3.99% to 8.79%. Draw periods and repayment periods depend on your loan amount. You need a credit score of 660+ to qualify.
Credit card. Transfer existing debts to a TD Bank credit card through a balance transfer. The APRs, fees and other terms vary greatly from card to card. If you can qualify for a credit card with a 0% introductory APR, that’s the best option.
Secured personal loan. Use money in a TD savings account, money market account or certificate of deposit as collateral for a loan of $5,000 to $50,000 with an APR of 7.17% and an origination fee of $50. Loans last for 12 to 60 months. It’s not the best option for debt consolidation because you’re borrowing against money you already have. But you still earn interest on your money in the bank. There’s no minimum credit score.
Since there are many TD Bank debt consolidation options, it may be difficult to choose the best one. Luckily, different ways of consolidating debt are better in different situations. If your existing debts are very small and you can pay them off in around a year’s time, a credit card may be the best choice. If you need more funding, you should go with an unsecured personal loan because it doesn’t require any collateral. If your highest priority is getting the absolute lowest rates possible, or if you need to borrow over $50,000, a home equity loan or HELOC is the best choice, though it puts your house on the line.
Getting a personal loan is a lot easier than many people think. Most people are familiar with the credit card application process, however, and getting a personal loan is very similar. In general, you comparison shop to find an offer that suits your needs in terms of loan amount, length and APR. Then, you check for pre-approval to gauge your odds of success. Once you’re confident you want to apply, you fill out an application with some key personal and financial information, submit it and wait for a decision. Applying for a personal loan can be done in a matter of minutes, and you may find out whether you’re approved within a few days.… read full answer
How to Get a Personal Loan:
Compare offers after checking your credit score.
Check for pre-qualification.
Fill out an online application.
Get a decision.
Receive a bank transfer for the loan amount.
The first step in the personal loan process is always to check your credit score. Personal loan companies, just like credit card issuers, will look at your credit when you apply to see if you qualify. The higher your credit score is, the more loans you’ll qualify for and the better terms you’ll get. You can check your credit score for free with WalletHub. It’s also a good idea to take a look at your credit report and dispute any errors before applying.
Once you know your credit score, you’re ready to compare personal loan offers. Take note of the credit requirements that each available loan has, and narrow them down to ones you can likely qualify for. Then, compare other terms, like interest rates, estimated monthly payments, loan amounts and timeframes. These can vary widely depending on the lender.
After you’ve narrowed down your selections to a few personal loans with the best terms you can find, you’ll want to see whether any of the lenders offer pre-qualification. Pre-qualification is a way to check how likely you are to get approved for a loan without actually applying. You’ll just have to give the lender some basic personal information like your Social Security number. Pre-qualification will not affect your credit. If you are pre-qualified, you won’t necessarily be approved. But your chances are about as high as they can get.
By this point, you should make a decision on which loan to apply for. When you apply, it’s best to do so online. That way, you’ll have the potential for the fastest decision possible. The application will ask for basic personal information like your name and address, plus financial information like your income, employment status and monthly housing payment. Be sure to fill out everything accurately and truthfully.
All that’s left now is to wait for a decision. It could happen instantly or could take a few weeks, based on how well you meet the loan’s credit and income requirements and how quickly the lender can verify your personal information. If you’re approved, the lender will send you a bank transfer for the amount of the loan. Make sure you manage the loan responsibly after that. Pay on time every month, and pay more than the monthly minimum if you’re able to.
There are no personal loans with guaranteed instant approval. Many lenders offer the opportunity for near-instant approval, with a decision minutes to hours after they receive the application. But personal loan approval is never guaranteed under any circumstance. All lenders have some sort of requirements for approval, even those that accept people with bad credit. Plus, getting approved for a loan doesn’t mean that the applicant has the funds yet. It’s rare for a lender to fund a loan the same day the prospective borrower applies.… read full answer
Personal Loans with Nearly-Guaranteed/Instant Approval
LendingPoint: Approval and funding in 1 business day. Instant approval and same-day funding are possible. Requires a credit score of at least 580. APRs range from 9.99% to 35.99%.
Avant: Approval and funding in 2 to 3 business days. Instant approval is possible, but same-day funding is not. Reportedly requires a credit score of at least 600. APRs range from 9.95% to 35.99%.
FreedomPlus: Approval and funding in 2 to 3 business days. Instant approval is possible, but same-day funding is not. Requires a credit score of at least 620. APRs range from 5.99% to 29.99%.
Some lenders will not do a credit check when you apply. But they’ll still require you to have some form of income, along with other basic requirements like providing identification or proof of a bank account. In addition, lenders that don’t do a credit check are primarily predatory auto title lenders and payday lenders that charge overwhelmingly high APRs and fees.
Personal loans are a much safer choice. And even though personal loans with guaranteed instant approval don’t exist, there are still some loans that are relatively easy to get, with fast approval and funding timelines.
The closest thing to a personal loan with guaranteed instant approval is a secured personal loan. This type of loan requires collateral, so you’ll have to put a valuable possession on the line. That could be money in a savings account or CD, a vehicle, real estate, or collectible items like art. Because the lender can keep and sell the collateral if you don’t pay the loan back, it’s relatively easy to get approved with any credit score. Just be sure to ask the lender how long their approval and funding process takes, along with the conditions under which they can take ownership of your collateral.
You might also be able to instantly get a loan from a friend or family member who’s willing to lend you the cash. But you shouldn’t take the money without first writing and signing an agreement to pay it back.
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