TD Bank personal unsecured loans review December 2018 | finder.com
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TD Bank personal unsecured loan review

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Get a personal unsecured loan to borrow the funds you need without collateral.

If you’re looking to borrow a large amount, then TD Bank might have the right product for you. You can borrow as much as $50,000 without having to provide any collateral. But if you don’t live in one of its 16 serviced states, you may be out of luck.

What is a TD Bank personal unsecured loan?

TD Bank personal unsecured loans are a convenient option when you need a large lump sum to cover a big expense. Because interest rates are fixed between 6.99% and 18.99%, it’s easy to budget for your monthly payment. And because they’re unsecured, you won’t need to use your house, car or other assets as collateral to secure your loan.

You can borrow between $2,000 to $50,000. There are no application fees or origination fees, which means your APR will be the same as your interest rate — a feature that will certainly save you money.

You won’t need a checking or savings account with TD Bank to borrow, but you will need to live in one of its 16 serviced states. And if you do have an account, you can choose to set up automatic payments to save 0.25% off your rate.

Compare your other personal loan options

Rates last updated December 19th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
550
$100,000
3.84% to 35.99% (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
4.99% to 36% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
640
$40,000
6.95% to 35.89% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit.
550
$100,000
3.34% to 35.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34% to 155% (Varies by state) (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
7.24% to 15.24% (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
$40,000
6.99% to 24.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95% to 35.99% (fixed)

Compare up to 4 providers

What are the benefits of a TD Bank unsecured personal loan?

  • Easy application. TD Bank has a simple online application that takes only a few minutes to fill out. You may even hear back on your application status as soon as the next business day.
  • No collateral. These loans are unsecured, which means you don’t need to put up an asset as collateral to secure your loan.
  • Autopay discount. If you set up automatic payments from a TD Bank checking or savings account, you may receive a 0.25% rate discount.
  • Minimal fees. There are no application fees, no origination fees and no prepayment penalties. You’ll receive your full loan amount upfront, and you can close out your loan early at no additional cost to you.

What to watch out for

  • Potentially high APR. If you don’t have the best credit, your rate may be as high as 18.99%. And if your credit score is in the lower range, you may not qualify at all.
  • Late fees. Although TD Bank doesn’t have any big fees, it still charges a late fee as high as 5% of your minimum payment.
  • Limited region. TD Bank only serves borrowers who live in one of sixteen states. If you don’t live in one of them, you’ll have to go elsewhere for a loan.

Personal unsecured lines of credit from TD Bank

Personal unsecured lines of credit from TD Bank are available for anyone. There is no origination fee or minimum draw amount, and you only pay an annual fee of $25. Interest is variable and calculated based on the Prime Rate. Your potential APR will range from to 10.00% to 18.00%, and you may be eligible to borrow anywhere from $20,000 to $50,000.* A rate discount of 0.25% may also be available if you’re an eligible account holder.

To apply, you’ll need to have information about yourself, your income, your employment and your monthly expenses ready. Once your application is finished, a lending specialist will contact you as soon as the next business day. If you’re approved, you’ll have access to your line of credit for up to 10 years. You can withdraw as much as you need up to your credit limit, and monthly payments can be as low as $500.

* APR and loan amounts may vary by state

Am I eligible?

TD Bank personal unsecured loans don’t require proof of your income. To be eligible, you must:

  • Have a good to excellent credit score
  • Reside in one of the 16 states that TD Bank services
  • Be at least 18 years old

How do I apply?

To start your online application, visit TD Bank’s website. Navigate to its personal loans section and click Apply now under the unsecured loan option.

  1. Select your loan product and whether it will be used for home improvement.
  2. Search for a closing store where you’ll sign your paperwork and select one near you.
  3. Select how many people will be applying for the loan, whether you want to set up automatic payments, how much you want to borrow, what your funds will be for and if you or your borrowers are a TD Ameritrade employee.
  4. Select the loan term you’d prefer.
  5. Read the e-Sign Disclosure and agree to continue with your loan application.
  6. Enter information about yourself, including your contact details and Social Security number.
  7. Select your employment status and enter information about it.
  8. Enter your monthly mortgage or rent payment and if you’re required to pay alimony or child support.
  9. Read the Authorizations and Disclosures statement and click Review and Print to submit your application.
  10. Review your application then click Submit Application.

Your application will be reviewed by a TD Bank employee. You can check on its status at any time through TD Bank. How to do so will be listed on the final page of your application.
More about TD Bank loans

I got a TD Bank unsecured personal loan. Now what?

Once you have your TD Bank unsecured personal loan, it’s important that you keep up with monthly payments.

  • Set up automatic payments. Avoid late payment fees by setting up automatic withdrawals from a TD Bank or another bank account. You may also save 0.25% on interest with this option.
  • Avoid excessive interest. To avoid excessive interest charges over the life of your loan, consider paying more than the amount required each month. There’s no fee for early repayment.

Bottom line

TS Bank unsecured loans can get you the money you need with low fixed APR, even if you don’t have an account. However, if you live in a state that TD Bank doesn’t service or need a loan for higher education, you might want to compare other loan options.

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US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Even Financial Personal Loans

Get connected to competitive loan offers instantly from top online consumer lenders.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Even Financial Personal Loans

Get connected to competitive loan offers instantly from top online consumer lenders.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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