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TD personal loan review
Find out if a TD Bank personal loan is right for your needs.
TD offers a choice between a fixed rate and variable rate for your personal loan. You can use this loan for many purposes, including consolidating debt, financing a home improvement project and making a large purchase. Borrow up to $50,000 and make payments according to your budget.
What are the benefits of a TD Bank personal loan?
- Flexible payment schedule. Choose weekly, bi-weekly, semi-monthly or monthly payments.
- No fees. TD does not charge fees to process your personal loan application.
- Fixed or variable rates. TD Bank personal loans can be offered with either a fixed interest rate or variable interest rate. Economists expect a series of rate hikes in 2022, so if you plan on getting a variable-personal loan now, be prepared for your interest rate to increase. When this happens, more of your payments will go towards the interest.
- Loan amount range. Borrow between $5,000 and $50,000.
- Use funds for a range of purposes. You can consider applying for a personal loan through TD Bank to help you finance a home renovation, to consolidate debt or to cover a financial shortfall.
- No prepayment penalties. Pay off a TD personal loan early without any fees or charges.
What’s the difference between a fixed and variable interest rate?
What to watch out for
- Good to excellent credit score required. Your credit score will likely need to be at least 660 if you want to take out an unsecured loan.
- Application process not completely online. You may be required to speak to a TD adviser in order to take out a personal loan.
- Unclear loan term range. TD does not specify what the loan terms are for personal loans, but to give you an idea, the personal calculator on its website has a minimum loan term of 1 year and a maximum loan term of 7 years.
How does borrowing through TD Bank work?
If you have a TD username, access card or connect ID, you can log in to your account and complete your personal loan application from there. If TD has enough information about you, you’ll be able to see your personalized loan interest rate options. If TD needs more information, you’ll be required to book an appointment with a TD adviser.
If you do not have login credentials, you will need to book an appointment. When booking an appointment, you’ll be asked to provide your contact details and select a branch. You can choose to have the meeting by phone or in person.
Do I qualify?
Although TD does not specify its eligibility requirements for personal loans, below are common requirements that banks have.
- Have good to excellent credit score (above 660 for unsecured loans).
- Be a Canadian citizen or permanent resident.
- Be at least the age of majority in the province where you take out the loan.
- Have a valid bank account.
- Have not been declined credit in the last several months.
- Have not declared bankruptcy in the last several years.
Alternatives to bank personal loans
What will a TD personal loan cost?
TD Bank fully discloses all fees and costs for your loan when you apply. The APR you’re offered will depend on personal factors, such as your credit score, income and debts. There are no other fees.
Your monthly payments depend on the amount you borrow and how long you’ll take to repay, with loan terms potentially ranging between 1 - 7 years.
What information will I need to provide?
In order to process your application quickly, you may be asked to provide details such as:
- The purpose for your application, such as home renovations, debt consolidation or a large purchase
- Personal details such as your name, address, birth date and Social Insurance Number (SIN optional)
- Employment and income details
- Details about a cosigner, if applicable
- Your assets, such as a car, bank accounts, investments, house, etc.
- Your liabilities, including any loans, credit card balances and mortgages, plus the total of your monthly payments
Once you’ve submitted this information, you will be given a preliminary decision. Remember to review the conditions of the TD personal loan before submitting your full application or accepting an offer. You can also compare other loan providers to be sure you’re getting the best offer.
Frequently asked questions
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