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TD Bank personal unsecured loans review
Borrow up to $50,000 with no origination or prepayment fees.
finder.com’s rating: 3.1 / 5.0
★★★★★
- Best for current TD Bank account holders looking to keep their finances all in one place.
- Pick something else if you don't have good credit or live in an eligible state.
Details
| Min. Loan Amount | $2,000 |
|---|---|
| Max. Loan Amount | $50,000 |
| APR | 6.99% to 19.99% |
| Interest Rate Type | Fixed |
| Min. Credit Score | Varies |
| Loan Term | 1 to 5 years |
First, am I eligible?
To qualify for an unsecured personal loan from TD Bank, you must meet the following criteria at a minimum:
- Have a good to excellent credit score
- Reside in one of the 16 states that TD Bank services
- Be at least 18 years old
What states does TD Bank service?
TD Bank is open to residents of the following states:
- Connecticut
- Delaware
- Florida
- Maine
- Maryland
- Massachusetts
- North Carolina
- New Hampshire
- New Jersey
- New York
- Pennsylvania
- Rhode Island
- South Carolina
- Virginia
- Vermont
- Washington, DC
Pros
- Simple online application for a bank
- Don’t need to be a TD Bank customer to borrow
- No collateral required
- 0.25% interest rate discount for signing up for autopay
- No origination, application or prepayment fees
Cons
- Potentially high APR
- Only open to borrowers with good to excellent credit
- Limited state availability
- Poor customer reviews
- Must visit a branch to finalize your loan in person
Compare your other personal loan options
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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 could range from 10% to 18%, 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 your income, employment and monthly expenses on hand. 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.
* APRs and loan amounts may vary by state
What do customers say about TD Bank?
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1 out of 5 stars, based on 128 customer reviews |
| Trustpilot Score | 1.3 out of 5 stars, based on 175 customer reviews |
| Customer reviews verified as of | 24 December 2019 |
TD Bank gets pretty negative reviews from former customers. Complaints center around high fees, a glitchy website and rude customer service representatives. One borrower had the APR on their loan increase suddenly out of nowhere. Another had difficulty qualifying for a personal line of credit, even when they improved their credit score to 740 — which is what a customer service representative told them to do.
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.
- Select your loan product and whether it will be used for home improvement.
- Search for a closing store where you’ll sign your paperwork and select one near you.
- 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.
- Select the loan term you’d prefer.
- Read the disclosures and agree to continue with your loan application.
- Enter information about yourself, including your contact details and Social Security number.
- Select your employment status and enter information about it.
- Enter your monthly mortgage or rent payment and if you’re required to pay alimony or child support.
- Read the disclosures statement and click Review and Print to submit your application.
- 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.
How do repayments work with TD Bank?
TD Bank’s unsecured personal loans come with monthly repayments with terms as long as five years. We recommend setting up automatic payments from your TD Bank checking or savings account to avoid late payment fees — which can be as high as 5% of the amount due. This will also score you a 0.25% rate discount. 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.
Keep an eye on your bank account and loan balance. If you notice anything off, reach out to a TD Bank customer service representative as soon as possible.
See how TD Bank compares to the competition with our guide to personal loans.
Frequently asked questions
Personal loan ratings
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We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.
Read the full methodology of how we rate personal loan providers.
Review by
Aliyyah Camp
aliyyah.camp@finder.comAliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
Expert review
TD Bank is ideal for current customers looking to keep their finances all in one place. You can borrow as much as $50,000 without having to provide any collateral. Its loans don’t come with any origination, application or prepayment fees. And you can even score a 0.25% rate discount by signing up for automatic payments from your TD Bank checking or savings account.
But you’ll need good to excellent credit to qualify. And you must live in one of the 16 states it services to be eligible. It’s also not a good option if you want a fully online application process — you’ll need to visit your local branch to finalize your loan and sign your documents. It also doesn’t have the best customer reviews.
Not sold on TD Bank? Compare your other options below.