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TD Bank personal unsecured loans review

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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.

$50,000

Max. Loan Amount

6.99% to 18.99%

APR

Varies

Min. Credit Score

Details

Product NameTD Bank personal loans
Min. Loan Amount$2,000
Max. Loan Amount$50,000
APR6.99% to 18.99%
Interest Rate TypeFixed
Min. Credit ScoreVaries
Loan Term1 to 5 years

Expert review

Aliyyah Camp

Review by


Aliyyah 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.

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

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible personal loans
4.99% to 35.99%
Fair to excellent credit
$100,000
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Monevo personal loans
3.49% to 35.99%
None
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
Fiona personal loans
4.99% to 35.99%
Good
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
LendingTree personal loans
Starting from 2.49%
Good to excellent credit
$50,000
Receive up to five loan offers in just minutes through LendingTree's simple online form.
SoFi personal loans
5.99% to 18.28%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
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Compare up to 4 providers

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 accreditedYes
BBB ratingA+
BBB customer reviews1 out of 5 stars, based on 128 customer reviews
Trustpilot score1.3 out of 5 stars, based on 175 customer reviews
Customer reviews verified as of24 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.

  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 disclosures 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 disclosures statement and click Review and Print to submit your application.
  10. Review your application then click Submit Application.

What happens after I apply?

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

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

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

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.

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2 Comments

  1. Default Gravatar
    Marylin
    March 13, 2019

    Good morning,
    I’m interested in the line of credit or small business loan for my start up. I don’t have collateral but I do have investment account with TD Ameritrade. I’m looking for up to 40,000 to 50,000 start up amount.

    • Avatarfinder Customer Care
      johnbasanes
      March 14, 2019

      Hi Marilyn,

      Thank you for reaching out to Finder.

      Please click on this link to be routed to our Finder page on Start up loans. The page offers a comparison table for lenders that assist in start up loans. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. The page also offers valuable information that could be helpful to start up business owners like yourself. Hope this helps!

      Cheers,
      Reggie

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