TD bank has a range of personal loan options, from express loans to secured and unsecured loans to lines of credit. Loans range from – $50,000 with an interest rate between 7.83% – 15.78%. You can apply for a loan over the phone, online or at your nearest TD Canada Trust branch and access your funds in as little as 48 hours, so long as you’re approved.
finder does not currently have access to this personal loan provider. Please review the product details, application criteria and terms and conditions on the provider website if you are considering applying for this product.
TD Bank versus TD Canada Trust: What’s the difference?
The Toronto-Dominion Bank provides a full range of financial products and services to Canadians through its Canada-based subsidiary, TD Canada Trust. It provides banking products and services to Americans through its US-based subsidiary, TD Bank.
Even though TD Canada Trust and TD Bank are both owned by the same company, they are separate financial institutions. Banking conducted from Canada can only be done through TD Canada Trust, while banking conducted from the States can only be done through TD Bank. On this site, we review products and services offered by TD Canada Trust, but sometimes refer to it as TD bank for convenience. To learn more about TD’s cross-border banking solutions or to find out if a U.S.-based account is right for you, speak to a representative at your local branch.
Do I qualify?
To qualify for a loan through TD Bank, you must:
Have credit score of at least 660 or above 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.
How does borrowing through TD Bank work?
You will need to submit personal details such as your Social Insurance Number as well as a detailed summary of your income and expenses. Once you’ve sent this information on to TD Bank, a lending specialist will contact you within one business day. If you qualify for a TD Express loan, you’ll typically receive your funds within 48 hours. Other types of loans may take a little bit longer.
What are the benefits of an TD Bank personal loan?
When you apply and are approved for a loan through TD Bank, you’ll enjoy the following features and benefits:
Minimal fees. Loans are fee-free, with the exception of a $50 origination fee for secured loans and an annual fee of $25 for unsecured lines of credit.
Easy application and quick turnaround time. The whole application process quick and easy, and you’ll be contacted by a TD Bank lender within 24 hours to discuss loan options.
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.
Automatic payments. You can save 0.25% on TD Express and unsecured personal loans with an automatic payment deduction from a TD bank account. You can save 0.25% on your line of credit with an open TD personal chequing account.
Reasonable late fees. Late fees are only $10 per month or 5% of your minimum payment, whichever is less.
What to watch out for
High credit score. Your credit score must be at least 660 to take out an unsecured loan.
High minimum loan amount. You must take out a loan of at least with TD Express and unsecured loans and at least $20,000 with a line of credit.
What will the loan cost?
TD Bank fully discloses all fees and costs for your loan when you apply. The APR you’re offered will depend on the type of loan you take out, with interest rates ranging between 7.83% – 15.78%. Your monthly payments depend on the amount you borrow and how long you’ll take to repay, with loan terms ranging between 1-5 years (or 12 – 60 months), except for lines of credit which have a 10 year draw followed by 10 year repayment term.
How to apply for a personal loan through TD Bank
If you’re interested in finding out your loan options through TD Bank or submitting your application, click the “Go to Site” button. You will need to meet some initial eligibility criteria, which include:
You must be a Canadian citizen or permanent resident.
You must be the age of majority in the province where you take out the loan.
You must have a valid bank account
In order to process your application quickly, you may be asked toprovide additional details such as:
The purpose for your application, such as home renovations or a new car purchase
Personal details such as your name, address, birth date and Social Insurance Number (SIN optional)
Employment and income details
Details about a co-signor, if applicable
Your assets, such as a car, bank accounts, investments, house etc.
Your liabilities, including any loans, credit card balances, mortgages etc., and 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 loan before submitting your full application or accepting an offer. You can also compare your other loan providers to be sure you’re getting the best offer.
Frequently asked questions
Yes. You’re still eligible to apply if you’re self-employed.
In some cases you may be able to refinance your unsecured loan. Be careful doing so, as continually refinancing loans could extend the length of your debt.
Interest is calculated daily on the outstanding principal balance and payable on a monthly basis.
You can pay off your personal loan any time you like with no early repayment penalties.
You can apply again with a co-signor or provide collateral to secure your loan to increase your chance of qualifying in the second round.
Claire Horwood graduated with a Bachelor of Arts from the University of Victoria, and became a freelance writer in 2017. She has traveled extensively (24 countries and counting) and enjoys working remotely for clients all over the world. In her spare time, Claire loves rock climbing, drinking inordinate amounts of coffee and reading the epic graphic novel series, SAGA.
Dealing with financial hardshipIf you've lost your job and are dealing with unexpected bills or expenses you could potentially qualify for financial help. Let us walk you through what you need to know.
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