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TD Bank Personal Loans Review: For Borrowers Who Can't Stand Fees

Review Updated
Dana George
Dana George
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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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TD Bank Personal Loans are versatile enough to finance a home remodel, restore a classic car, or consolidate high-interest debt into one easy monthly payment. In this TD Bank Personal Loans review, we'll cover what we appreciate, what we'd love to see changed, and how a TD Bank loan may fit into your life.

TD Bank Personal Loans

Great for: Low fees and low interest rates

Logo for TD Bank Personal Loans
Rating image, 4.5 out of 5 stars.
4.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Minimum Credit Score
660
Loan Amounts
$2,000 - $50,000
APR Range
8.99%-23.99%
Term Length
36 - 60 months

TD Bank offers personal loans with a maximum interest rate significantly lower than other lenders. In states TD serves, it's a great option for applicants with less than perfect credit. There is no origination fee, and your loan term can be as long as 60 months.

  • Low minimum loan amount
  • No fees (other than late fees)
  • Funds available as early as the next day
  • Only available to residents of 15 states and Washington, D.C.
  • Unsecured loans only
  • No autopay discount offered

Compare the best personal loans

Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.

Lender APR Range Loan Amount Min. Credit Score Next Steps
Fixed: 8.99%-29.99% APR (with all discounts)
$5,000 - $100,000
680
7.99% - 24.99%
$2,500 - $40,000
660
6.70% - 35.99%³
$1,000 - $50,000¹
300

Full TD Bank Personal Loans review

This personal loan is a good fit for: A borrower with a good credit score who doesn't want to pay extra loan fees. Those with excellent credit will find lower interest rates elsewhere. See our alternatives section below for more information.

Top perks

Low minimum loan amount: TD Bank Personal Loans are available from $2,000 to $50,000, meaning you can borrow as much or as little as you need without getting locked into a personal loan that doesn't fit your needs. With APRs ranging from 8.99% to 23.99%, it's essential to borrow what you can easily afford to repay.

One single fee: With TD Bank Personal Loans, you may never pay a fee. There's no origination fee, monthly fee, annual fee, or prepayment fee. According to TD Bank, there's not even a fee for non-sufficient funds -- as long as you get your payment in by the due date. The only fee is for late payments, and it's 5% of the minimum payment due or $10, whichever is less.

Fast funding: If you're in a pinch and need money fast, TD Bank can have it in your bank account in as little as one day. As long as your application is relatively simple and the lender doesn't require additional documents for verification, you can apply for a loan one day and have the money the next.

What could be improved

Limited availability: TD Bank Personal Loans are only available to residents of Connecticut, New Jersey, Delaware, New York, North Carolina, Florida, Pennsylvania, Maine, Rhode Island, Maryland, South Carolina, Massachusetts, Vermont, New Hampshire, Virginia, and the District of Columbia.

Interest rate: There are lenders with lower APRs than TD Bank's lowest personal loan rate of 8.99%. For well-qualified borrowers, it makes sense to look elsewhere.

How to qualify for TD Bank Personal Loans

Qualifying for TD Bank Personal Loans is a straightforward affair. You will need:

Application process

According to TD Bank, here's how to apply for a personal loan:

  1. Provide your Social Security number, expenses (including rent or mortgage), and employment history (including income).
  2. Complete an application, either online or at a TD Bank branch.
  3. Once you've received a loan decision, look at the options available and decide if you want to proceed.
  4. At this point, TD Bank may ask for other documentation, like proof of identity or pay stubs. It will also run a "hard" credit check to verify your information.
  5. Sign the loan document and wait for funds to arrive in your bank account.

TD Bank Personal Loans is right for you if:

  • Your credit score is good but not high enough to qualify for a lower personal loan interest rate.
  • You want a brick-and-mortar bank to visit with questions or concerns.
  • You're looking for a personal loan with almost no fees.

Taking out a personal loan is serious business. Whether you plan to consolidate debt, make home repairs, or pay for your parents' 50th-anniversary party, take time to study your options. The goal is to choose the loan offering the lowest interest rate, best repayment terms, lowest fees, and most dependable customer service.

FAQs

  • Lenders typically reserve the lowest rates for the most highly-qualified borrowers. So if your credit score is high, there's a good chance you'll land a personal loan rate you're happy with.

  • If you have a low credit score, TD Bank Personal Loans may not be the best option for you. However, there are lenders that specialize in loans for people with low credit scores. If you can wait, the ideal solution is to take time to build your credit score before applying for a personal loan.