TD Bank Express Loan review
Apply for a fixed rate loan and receive funds in as little as 48 hours.
It’s not always possible to find a bank that offers quick turnaround, but TD Bank has you covered. Its Express Loan program allows you to borrow a midsized loan, and you may be able to receive funding in as little as 48 hours. There’s always downsides, though. You may be able to find more competitive rates elsewhere, and if you don’t live in one of TD Bank’s serviced states, you won’t be able to apply.
|Min. Loan Amount||$2,000|
|Max. Loan Amount||$25,000|
|APR||6.99% to 18.99%|
|Interest Rate Type||Fixed|
|Min. Credit Score||Have a credit score of at least 660, at least 18 years old and a resident of a serviced state|
|Turnaround Time||as little as 48 hours|
What is a TD Express Loan?
TD Express Loans are small to midsized personal loans with amounts ranging between $2,000 to $25,000 and terms ranging from one to five years. There are no origination or application fees, and interest rates are low — 6.99% to 18.99% with an automatic rate discount of 0.25%.
You’ll need to have a score of at least 660 to qualify, but because there’s no income verification required, you may be able to have your funds deposited into your bank account in as little as 48 hours.
Other types of loans available from TD Bank
- Unsecured loans. While not as fast, you can take out a term loan between $2,000 to $50,000. TD Bank charges interest between 8.99% to 15.99%.
- Unsecured lines of credit. If you need flexibility with your funds, you can apply for a line of credit between $20,000 and $50,000. APR ranges from 10% to 15% and includes the $25 annual fee.
Compare your other personal loan options
What are the benefits of a TD Express Loan
- Quick funding. You can apply online and finish the application process within a couple business days. If approved, your loan will be available in as little as 48 hours.
- No income requirement. TD Bank relies on your credit history when processing your application, but you may still have to show proof of income when you apply.
- Autopay discount. You can save 0.25% on your interest rate if you set up autopay from a TD Bank account.
- No extra fees. TD Bank doesn’t charge an origination or an application fee, keeping the cost of your loan down.
- No prepayment penalty. TD Bank doesn’t charge a prepayment penalty if you choose to pay your loan off early.
What to watch out for
- Potentially high APRs. Your rate could be higher if you have a lower credit score. But it may still be less than some other personal loan options.
- Good to excellent credit required. You’ll need good to excellent credit — a score of at least 660 — in order to qualify for a loan.
- Not available in all states. You’ll need to live in one of the 15 eligible states or Washington, DC if you want to apply. Otherwise, you may want to compare your other options.
Am I eligible for a TD Express Loan?
While TD Express Loans don’t require a specific income, you’ll still need to meet three basic eligibility criteria in order to qualify.
- Have a credit score of at least 660
- Be at least 18 years old
- Be a resident of a serviced state
How do I apply?
When you’re ready to apply for a TD Express Loan, visit the TD Bank loans page and click Apply now. You’ll need to be ready to enter your Social Security number, expenses, employment and income in addition to your personal information.
- Select Personal Unsecured Loan from the drop down menu, then select the branch you want to close your loan with.
- Enter how many people are applying for, if you want to set up automatic deductions, how much you want to borrow, the loan purpose and if you are a TD Bank or TD Ameritrade employee.
- Select the term you want to apply for.
- Read over the e-Sign Disclosure and Patriot Act information.
- Enter information about yourself or the first borrower.
- Enter information about your employment and income.
- Enter the combined expenses of each applicant.
- Submit your application by reviewing the disclosure sheet and selection Review and Print.
- Read over your application and submit. A TD Bank lending specialist will contact you within one business day to finalize your application.
I got a TD Express Loan. Now what?
Once you’ve received a TD Express loan, it’s important that you keep up with monthly payments. TD Bank charges a late fee of either 5% of the minimum payment due or $10, whichever is lesser.
You may also want to set up automatic payments to avoid the chance of paying a late fee. As a bonus, you’ll also receive an APR discount of 0.25%. And if you want to save on interest, there are no prepayment penalties.
TD Express Loans can get you money in as little as 48 hours. With decently low interest rates and long terms, it might be a solution if you need to borrow money quickly to cover an unexpected expense. However, if you live in a state that TD Bank doesn’t service or don’t have good to excellent credit, you might want to compare other loan options before making your final decision.