Pros
- APRs as low as 6.99%
- Loans as high as $50,000
- $0 origination fee
- $0 prepayment fee
Cons
- Only available to people in 15 states and D.C.
- Late fee of $5
TD Bank Personal Loan Review Summary
TD Bank personal loans offer up to $50,000 in funding, with APRs as low as 6.99%. The loans last for 12 - 60 months. In addition, borrowers can get their funds as soon as the next business day after approval. To top it off, the origination fee is $0. Unfortunately, these loans are only available in 15 states plus the District of Columbia.
Read on for our editors’ full evaluation of TD Bank personal loans and see how WalletHub rates them in our three key categories: Terms, Requirements & Application, and Fees & Transparency. We’ll also show how these loans compare to the competition.
TD Bank Personal Loan Terms
 | |
| APRs | 6.99% - 18.99% |
| Loan Amount | $2,000 - $50,000 |
| Loan Terms | 12 - 60 months |
| Origination Fee | $0 |
| Prepayment Fee | $0 |
| Late Fee | $5 |
| Minimum Credit Score | Good* |
| Minimum Income | Not disclosed |
| Loan Purpose | Debt Consolidation, Home Improvement, Big Purchase |
| Time to Receive Loan Money | 2 - 6 business days |
| Other Requirements |
|
TD Bank Personal Loan Rates, Fees & Other Terms
Category Rating: 5/5
- APR: TD Bank personal loan rates range from 6.99% - 18.99%. That’s a competitive minimum and a very low maximum.
- Origination fee: The TD Bank personal loan origination fee is $0.
- Other fees: The prepayment fee is $0. TD Bank will charge a late payment fee of $5.
- Loan amounts and payoff periods: TD Bank provides a lot of funding, with amounts ranging from $2,000 - $50,000. The payoff periods can be quite long, too, at 12 - 60 months.
TD Bank scores well in this category because their loans are much cheaper than what many other lenders offer. In addition, they get credit for their large loans and long payoff periods.
TD Bank Personal Loan Requirements & Application Info
Category Rating: 4/5
- Credit score: TD Bank does not disclose a specific credit score requirement for personal loans.
- Income: TD Bank does not disclose a minimum income requirement for personal loans.
- Location: Unfortunately, TD Bank personal loans are only available to people in 15 states and the District of Columbia.
- Age: You have to be at least 18 years old to qualify.
- Citizenship: TD Bank requires all applicants to be either a U.S. citizen or a permanent resident.
- Identification: You must have a Social Security number.
- Pre-qualification: TD bank offers pre-qualification on its website with a soft credit pull before you actually apply.
- Ways to apply: If you choose to apply for a loan with TD, you can do so online, by phone (1-800-937-5020) or at any of TD’s 1,100+ U.S. branches.
- Joint applications: TD Bank does allow joint applications.
TD Bank scores well in this category for giving people multiple ways to apply and offering pre-qualification. However, a few things reduce their score a bit, such as their lack of alternatives to an SSN and the fact that you can’t submit joint applications.
TD Bank Personal Loan Reviews & Transparency
Category Rating: 3.5/5
- Better Business Bureau: TD Bank has been accredited with the BBB since 2002, and it scores an A rating.
- Consumer Financial Protection Bureau: The CFPB has collected more than 160 complaints about TD Bank’s personal installment loans. Some examples include customers having trouble setting up auto-pay and TD reporting incorrect loan amounts to the credit bureaus.
- WalletHub: TD Bank has earned a user rating of 3.6/5 across over 4,000 reviews.
- Transparency: TD Bank has a high level of transparency about their personal loan terms. However, the bank does not disclose credit score or income requirements.
TD Bank scores decently because of its good reputation, but loses some points due to its lack of transparency about requirements.
TD Bank Personal Loan Score by Review Category
| Category | Score |
|---|---|
| Rates, Fees & Other Terms | 5/5 |
| Requirements & Application Info | 4/5 |
| Reviews & Transparency | 3.5/5 |
| OVERALL | 12.5/15 |
TD Bank Personal Loans vs. Popular Competitors
| Info | TD Bank | Marcus by Goldman Sachs | American Express |
|---|---|---|---|
| Reviews | |||
| APRs | 6.99% - 18.99% | 6.99% - 24.99% | 6.98% - 19.98% |
| Loan Amounts | $2,000 - $50,000 | $3,500 - $40,000 | $3,500 - $40,000 |
| Loan Terms | 12 - 60 months | 36 - 72 months | 12, 24 or 36 months |
| Minimum Credit Score | Good* | Good* | Fair* |
| Winner | TD Bank | ||
Methodology
In order to provide the most accurate TD Bank personal loan review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back.For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. TD Bank loan terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
