If you need money to pay off debt, finance a vacation or start a business, TD Bank offers flexible terms and repayment options, making it possible to find the right loan for you. You’ll be able to use your loan funds for just about anything. As long as you meet some basic requirements, you may qualify for a loan from TD Bank.
First, am I eligible?
To qualify for a TD Bank loan, you must:
- Have a good credit of 680 or higher
- Live in a state where TD Bank offers loans
- Be a US citizen or permanent resident
- Be at least 18 years old
TD Bank doesn’t offer loans to residents of…
- North Carolina
- New Hampshire
- New Jersey
- New York
- Rhode Island
- South Carolina
- Washington, DC.
What type of loans does TD Bank offer?
TD Bank has multiple loan options to cover most borrowing needs.
- TD Express loans. Borrowers who need money in 48 hours can get up to $25,000. Terms range from 12 and 60 months.
- Personal unsecured loans. Borrow up to $50,000 with 12- to 60-month terms and fixed rates as low as 8.99%.
- Personal secured loans. Borrow funds with no maximum at a variable interest rate. TD Bank secured personal loans use your savings account, money market account or Certificate of Deposit as collateral.
- Home equity loans and lines of credit. Borrow up to 89.9% of the equity you own in your home with a fixed- or variable-rate home equity line of credit (HELOC) or a fixed-rate home equity loan.
- Small business loans. Start or expand a business with a small business loan of up to $1,000,000 and terms of three or five years. Competitive fixed rates vary by business and credit history.
What about other loan types?
TD Bank doesn’t offer auto loans directly, but it does offer financing through dealerships. If you’re looking for a direct offer, you can find TD Bank auto loan alternatives. This bank doesn’t offer student loans either. To borrow for school or refinance existing student debt, compare TD Bank student loan alternatives.
Why should I consider taking out a TD Bank loan?
- Easy online application. You can apply online for unsecured personal loans and schedule an appointment to meet with a representative about small business loans all from the comfort of your home.
- Autopay discounts. You may qualify for a discount of 0.25% on your rate when you set up autopay from a TD Bank account.
- No maximum with collateral. You can borrow as much as you need with a secured loan — provided you have the collateral to back it.
- No prepayment penalty. TD Bank charges no fees if you choose to pay your loan off ahead of schedule.
What are the drawbacks to borrowing?
- Not available in every state. While TD Bank has branches in a number of states, there are still places it isn’t available.
- Collateral required. If you’re planning on taking out a loan of more than $50,000, you’ll be required to provide collateral.
How much will it cost me to borrow with TD Bank?
The cost of your loan will depend entirely on which type of loan you’re after. However, the better your credit history and income, the lower your interest rate will likely be.
Fees also vary by loan. For instance, late fees for unsecured loans are an additional 5% of the minimum payment while secured loans have no late fee.
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Are TD Bank loans safe?
TD Bank uses a layered security system, including Transport Layer Security (TLS) or Secure Socket Layer (SSL) to protect your banking information. Employees are trained in security measures, and you’ll be asked to confirm security questions any time you sign in to your account from an unrecognized device.
What about TD Bank’s reputation?
TD bank gets relatively good ratings for a bank of its size. Even though it’s actually Canadian, TD Bank is still the 10th largest bank in the US. It’s been accredited by the Better Business Bureau (BBB) since 2002 and gets an A+ rating based on factors like how it handles customer complaints.
Online reviews of TD Bank tend to lean negative, including reviews of its personal loans. Top complaints included: Too many documents, poor customer service, lost checks and other problems with payments going through.
How to apply for a loan with TD Bank
Before you apply for a loan with TD Bank, make sure you’re eligible. Loans are only offered to US citizens or permanent residents who are over 18, have a credit score of at least 680 and live in a state where TD Bank has branches.
- Go to TD Bank’s website and click the Banking tab.
- Choose personal loans and then express loan or personal unsecured loan.
For a small business loan, you can navigate to the small business section to set up an appointment at a branch.
For all loans, be ready to provide:
- Your full name and contact information
- Your Social Security number and date of birth
- Information about how you intend to use your loan
- Financial information such as debts and annual income
TD Bank can provide you with a loan to fund many of life’s needs. Low fixed rates and variable terms make it an appealing option. But if services aren’t available in your state, you may need to look elsewhere. Be sure to compare your personal loan options or look into other business loan options to make an informed borrowing decision.
Frequently asked questions
Can I use money in my TD Bank savings account as collateral for a secured loan?
Yes, and you’ll still accrue interest on the money in that savings account.
What if I can't repay a loan from TD Bank?
You should call the customer service line to discuss a possible repayment plan.
Can I apply for a TD Bank small business loan online?
No. At this time, you can only set up appointments online. You must meet with a representative in person at a branch to apply.
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