TD Bank personal loans review: Secured and unsecured options

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In a Nutshell

TD Bank offers secured and unsecured personal loans with competitive interest rates and limited fees. But TD Bank personal loans aren’t available in every state, and you’ll need minimum credit scores of 660 to qualify for an unsecured loan.

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Pros Cons
Allows five or more co-applicants Available in only 15 states and Washington, D.C.
No origination or prepayment penalty fees on unsecured loans Unsecured loans require minimum credit scores of 660
Competitive interest rates on unsecured loans Must go into a bank branch to sign loan agreement

What you need to know about a TD Bank personal loan

TD Bank — one of the 10 largest banks in the U.S., according to the Federal Reserve — offers secured and unsecured personal loans in amounts of up to $50,000.

Different loan options

TD Bank offers three types of personal loans.

  • Unsecured 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.
  • Unsecured loan — Unsecured loan amounts range from $2,000 to $50,000. To qualify for an unsecured loan, you’ll need minimum credit scores of 660, according to TD Bank.
  • Secured personal loan — Secured loan amounts range from $5,000 to $50,000 and come with a variable interest rate. To apply, you must have a savings account, money market savings account or certificate of deposit with TD Bank. If you’re approved, your account funds will be used as collateral on your secured loan.

Competitive rates

TD Bank offers competitive fixed interest rates on its unsecured 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 unsecured 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 unsecured loans. If you make a late payment, a fee of 5% of the minimum payment due or $10 (whichever is less) applies.

Secured loans come with a $50 origination fee, but there’s no late payment fee or prepayment penalty.

Personal loan details

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

  • 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.
  • TD Bank allows co-applicants — you can apply online with up to five.
  • TD Bank Express Loans can’t be used for educational expenses.
  • Personal loan terms range from 12 months to 60 months.

Who a TD Bank personal loan is good for

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

A TD Express Loan might be ideal if you’re facing a financial emergency and need fast cash.

Lastly, a secured loan from TD Bank might be a good option if you want to build your credit. TD Bank doesn’t specify a minimum credit score requirement for its secured loans, though you must use your money in an eligible TD Bank account as collateral to secure the loan.

If you want an unsecured loan and your credit scores are below 660, or you live in a state where TD Bank doesn’t offer personal loans, you’ll need to consider other lenders.

Learn more about credit score ranges

How to apply with TD Bank

You can apply for a TD Bank personal loan online, over the phone or at a branch. If you apply online, you must select a branch location where you’d like to sign your loan agreement.

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

  • Preferred branch location
  • Social Security number
  • Address and housing information (for example, whether you rent or own)
  • Contact information
  • Date of birth
  • Name and address of closest friend or relative
  • Monthly housing expenses
  • Employment history and income (no income verification is required on TD Express Loans)
  • Desired loan amount
  • Loan purpose
  • Desired loan term

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.