2020 TD Bank Personal Loan Review
Quick Review: There are three types of TD Bank personal loans: express loans, regular unsecured loans and secured personal loans. Express loans are unsecured loans up to $25,000 that can be processed and funded in as little as 48 hours. These loans are best for people who have an existing relationship with TD Bank. Applicants with a TD checking or savings account have a much lower credit score requirement: only 640, compared to 750 for people without a TD account.
The second type of TD Bank personal loan is a normal unsecured loan. It’s exactly like the express loan terms-wise, except that you can request up to $50,000 and it can take up to 7 calendar days to fund.
Lastly, TD Bank offers secured personal loans, which are available to people with bad credit. However, these loans aren’t for people in need of cash. They’re strictly for credit building, as the loan has to be secured by money in a TD Bank savings account, money market account or certificate of deposit. You still earn interest on your collateral, which can help defray a bit of the loan’s cost.
Overall, TD Bank has a lot of good options. The bad thing is they only operate 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|
|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|
TD Bank Personal Loan Rates, Fees & Other Terms
Category Rating: 5/5
TD Bank personal loan rates vary by the type of personal loan you want to get. They range from 6.99% to 18.99% for express loans and other unsecured personal loans. Your credit history and income will largely determine what rate you get. These rates are fixed, but all TD Bank unsecured personal loans offer a 0.25% rate discount when you make automatic payments from a TD Bank checking or savings account.
Secured TD Bank personal loan rates are different. There is no range, just one APR: 5.67%. But that rate is variable, so it may go up and down as the market changes over the years.
Unsecured TD Bank personal loans don’t charge origination fees. Their secured loans have a one-time $50 origination fee when you sign the papers to open the loan. TD Bank does not charge prepayment fees, but they will charge a $5 fee for a late payment.
TD Bank scores well in this category because their loans are much cheaper than what many other lenders offer. On top of that, TD Bank provides a lot of funding, with amounts ranging from $2,000 to $50,000. The payoff periods can be quite long, too, at 12 to 60 months.
TD Bank Personal Loan Requirements & Application Info
Category Rating: 3.5/5
The TD Bank credit score requirement for an unsecured personal loan is 660 if you have an existing TD checking or savings account that has been open for at least 30 days. If you don’t, the minimum credit score requirement is 750. There is no disclosed minimum credit score requirement for secured personal loans – they are open to people with bad credit. TD Bank does not disclose a minimum income requirement for any of its loans, but income is factored into the decision process.
Unfortunately, TD Bank personal loans are only available to people in 15 states and the District of Columbia. If you live in one of the areas where TD Bank does business, you have to be at least 18 years old to qualify. TD Bank also requires all applicants to be either a U.S. citizen or a permanent resident with a Social Security number.
If you get a secured personal loan from TD Bank, you will need to provide a savings account, money market savings account or certificate of deposit as collateral. Since you’re borrowing based on money you already have, these loans are for credit building only.
TD Bank does not allow applicants to prequalify before applying. 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 1,300 U.S. branches. TD Bank does allow co-signers.
TD Bank scores points in this category for giving people multiple ways to apply and making loans available to people with bad credit. However, a couple things that reduce their score include their lack of alternatives to an SSN and the fact that they don’t have pre-qualification.
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 top marks – an A+ rating.
- Consumer Financial Protection Bureau: The CFPB has collected more than 100 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 3.8/5 across over 2,500 reviews, which shows that their customers are generally satisfied.
- Transparency: TD Bank has a high level of transparency about their personal loan terms, although their lack of a prequalification check prevents customers from getting more specific quotes before they apply. Unlike some lenders, TD Bank is very open about their credit score requirements, but they still don’t disclose minimum income requirements.
TD Bank scores well due to being highly rated by its customers as well as by agencies that work to protect consumers.
TD Bank Personal Loans vs. Popular Competitors
Marcus by Goldman Sachs
|APRs||6.99% - 18.99%||6.99% - 19.99%||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*|
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.
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