TD Bank personal loans review: Two unsecured options

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In a Nutshell

TD Bank offers unsecured personal loans with competitive interest rates and limited fees. But TD Bank personal loans aren’t available in most states, and you’ll need credit scores of 700 or above to qualify.

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Pros Cons
No origination or prepayment penalty fees Not available in most states
Competitive interest rates Unsecured loans require minimum credit scores of 700

What you need to know about a TD Bank personal loan

TD Bank — one of the largest banks in the U.S., according to the Federal Reserve — offers unsecured personal loans in amounts up to $50,000.

Different loan options

TD Bank offers two types of personal loans.

  • TD Express Loan — This loan is offered in amounts ranging from $2,000 to $25,000. And if you’re approved, you may receive your funds as soon as 48 hours after you apply.
  • TD Fit Loan — Unsecured loan amounts range from $2,000 to $50,000. To qualify for an unsecured loan, you’ll need credit scores of 700 or above.

Competitive rates

TD Bank offers competitive fixed interest rates on its personal loans, based on factors including your credit, desired loan amount and where you live. And you’ll get a 0.25% rate discount on your personal loans if you set up automatic payments from a personal TD Bank checking or savings account.

Limited fees

TD Bank doesn’t charge prepayment penalties or origination fees on its personal loans. If you make a late payment, a fee of 5% of the minimum payment due or $10 (whichever is less) applies.

There’s no late payment fee or prepayment penalty.

A closer look at TD Bank personal loans

Here are a few additional things to know about TD Bank personal loans.

  • Not in most states: TD Bank personal loans are offered in Washington, D.C. and 15 states: Connecticut, Delaware, Florida, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia and Vermont.
  • Use limitations: TD Bank Express Loans can’t be used for educational expenses.
  • Loan terms: Personal loan terms range from 12 months to 60 months.

Who a TD Bank personal loan is good for

A TD Bank personal loan may be good for someone with fair or good credit who wants to borrow a large amount for home improvements or debt consolidation.

If you want a personal loan and your credit scores are below 700, or you live in a state where TD Bank doesn’t offer personal loans, you’ll need to consider other lenders.

How to apply with TD Bank

You can apply for a TD Bank personal loan online, over the phone or at a branch.

Regardless of how you apply, you’ll need to provide this information during the application process.

  • Social Security number
  • Address and housing information (for example, whether you rent or own)
  • Contact information
  • Date of birth
  • Monthly housing expenses
  • Employment history and income
  • Desired loan amount
  • Loan purpose

Once you submit your personal loan application, a TD Bank lending specialist should contact you with a decision within one business day.

Not sure if TD Bank is right for you? Consider these alternatives.

  • Wells Fargo: Wells Fargo might be good for someone who wants a larger loan amount.
  • LendingPointLendingPoint could be a good option for people with lower credit scores.

About the author: Ashley Chorpenning is a personal finance writer and content creator. In addition to being a contributing writer at Credit Karma, she writes for solo entrepreneurs and Fortune 500 compani… Read more.