TD Bank Personal Loans: 2024 Review
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- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Our Take
4.5
TD Bank’s unsecured personal loans have minimal fees and fast funding for good- and excellent-credit borrowers, but they’re offered in a limited number of states.
Pros
- Option to pre-qualify with a soft credit check.
- No origination fee.
- Fast funding.
- Option to change your payment date.
- Wide range of loan amounts.
Cons
- Available in a limited number of states.
- No rate discount.
- No direct payment to creditors with debt consolidation loans.
- No co-sign or joint loan option.
Lender | Est. APR | Loan amount | Min. credit score | |
|---|---|---|---|---|
2024 BEST PERSONAL LOAN OVERALL | 8.99-
29.99% | $5,000-
$100,000 | None | Visit Lenderon SoFi's website on SoFi's website Check Rateson NerdWallet on NerdWallet |
 Visit Lenderon LightStream's website on LightStream's website Check Rateson NerdWallet on NerdWallet | 6.99-
25.29% | $5,000-
$100,000 | 660 | Visit Lenderon LightStream's website on LightStream's website Check Rateson NerdWallet on NerdWallet |
7.99-
24.99% | $2,500-
$40,000 | 660 | Visit Lenderon Discover's website on Discover's website Check Rateson NerdWallet on NerdWallet | |
7.80-
35.99% | $1,000-
$50,000 | None | Visit Lenderon Upstart's website on Upstart's website Check Rateson NerdWallet on NerdWallet | |
9.99-
35.99% | $1,000-
$50,000 | 580 | Visit Lenderon Upgrade's website on Upgrade's website Check Rateson NerdWallet on NerdWallet |
Full Review
TD Bank provides unsecured personal loans to good- or excellent-credit borrowers (with credit scores above 689) in 15 states along the East Coast and Washington, D.C. Like other banks, TD Bank may have lower interest rates on personal loans than online lenders.
The lender can fund loans quickly with a 100% online process, but it lacks some helpful customer-centric features, like a rate discount and the option to send loan funds directly to creditors for debt consolidation loans.
» MORE: Best bank loans
Table of contents
TD Bank personal loans at a glance
Minimum credit score | Not disclosed. |
APR | 8.99% - 23.99%. |
Fees | Late fee: $10 or 5% of minimum payment (whichever is less). |
Loan amount | $2,000 to $50,000. |
Repayment terms | 3 to 5 years. |
Time to fund after approval | 1 business day. |
Loan availability | Loans available in CT, DE, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VT, VA and Washington, D.C. |
Where TD Bank personal loans stand out
Soft credit check: Unlike some other banks, TD Bank lets borrowers — including non-customers — pre-qualify for its personal loan, meaning they can check their potential loan amount and interest rate without hurting their credit score.
Quick approval and funding: According to the lender, borrowers who pre-qualify can see their loan options within 60 seconds and may receive funds the next business day. If TD Bank requires additional documents, the application process could take longer.
» COMPARE: Fast personal loans
Option to change payment date: Though borrowers can't choose their payment date when signing a loan agreement, they can change it once during the course of the loan. Having a flexible payment date is beneficial for borrowers whose payday may change over the life of the loan.
Wide range of loan amounts: TD Bank offers many loan sizes so borrowers can choose the amount that best fits their needs. While a smaller loan amount may be right for an emergency car repair, a larger loan can help fund a major expense like a home improvement project.
» MORE: Best home improvement loans
Where TD Bank personal loans fall short
No joint, co-sign or secured loan option: Borrowers can’t add a co-borrower or co-signer to their personal loan application, nor secure the loan with collateral. Other lenders may offer these options to help borrowers qualify for a higher loan amount or lower rate.
No direct payment to creditors: TD Bank doesn't send funds directly to creditors for debt consolidation loans, which is a feature offered by some other lenders. Instead, the money will be deposited into your bank account, and you’ll have to send it to creditors yourself.
» COMPARE: Best debt consolidation loans
No rate discount: TD Bank doesn't offer a rate discount on loans. Many lenders will issue a discount, ranging from 0.25 to 0.5 percentage points, for things like setting up automatic payments. The discount can help borrowers save money on interest.
Limited loan terms: Borrowers can choose from a three-, four- or five-year repayment term. Though those repayment terms aren’t uncommon, some lenders offer longer terms, which could help lower your monthly payment.
How to use TD Bank personal loans
You can use a TD Bank personal loan for:
Credit card consolidation.
Debt consolidation.
Home improvement projects.
Emergencies.
Medical bills.
Vacations.
Weddings.
Funerals
Auto, motorcycle, RV and boat financing
TD Bank prohibits the use of its personal loans for:
College expenses.
Business expenses.
TD Bank personal loan customer reviews
As of August 2024, TD Bank had an A+ rating with the Better Business Bureau. The lender’s mobile app received 4.1 stars across 85,300 reviews on Google Play and 4.8 stars across 247,900 reviews on the Apple App Store.
Do you qualify for a TD Bank personal loan?
TD Bank doesn't publicly disclose many of its borrower requirements, but lenders typically look at your credit score, credit history and debt-to-income ratio to qualify you. Here are TD Bank’s basic eligibility requirements:
Must be at least 18 years old.
Must provide a Social Security number.
Must live in a state where TD Bank operates.
- TD Bank’s average borrower snapshot
Average loan amount: $15,000.
Most common loan term: 5 years.
Most common loan purposes: Debt consolidation.
Before you apply
Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. Doing so will help you spot and fix any errors before you apply.
Calculate your monthly payments. Use a personal loan calculator to determine what APR and repayment term you’d need to get a loan with affordable monthly payments.
Make a plan to repay the loan. Review your budget to see how the loan’s monthly payments impact your cash flow. If you have to cut other expenses in order to repay the loan, it’s better to know that before you borrow.
Gather your documents. Most lenders require proof of income, which can be a W-2 or paystub, as well as proof of address and a Social Security number. Having these documents handy can speed the application process.
How to apply for a TD Bank personal loan
Here are the steps to apply for a TD Bank loan.
Pre-qualify on TD Bank’s website. You’ll be asked how much you want to borrow and what the funds are for, as well as personal information like your name, birthdate and address. Then, the lender will ask for information about your income, employment and whether you own your home. There’s no hard credit pull at this stage.
Preview loan offers and accept the one that fits your budget. Once you accept a loan offer, you’ll submit a formal personal loan application. This could require more documents, like W-2s, pay stubs and bank statements to confirm the information you gave during pre-qualification. TD Bank will also do a hard credit check when you apply, so your credit score could temporarily dip.
Verify information and get funded. The final step is to verify the information you provided. TD Bank will email you with a loan decision and if approved, you’ll receive funds as fast as the next business day.
Stay on top of your loan payments. TD Bank reports payments to all three major credit bureaus (Experian, Equifax and TransUnion), so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments and keeping an eye on your budget are two ways to manage your loan payments.
Compare TD Bank with other lenders
Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.
Best Egg and LendingClub are two online lenders that offer similar loan amounts and repayment terms as TD Bank, but they lend in most states.
Best Egg
» MORE: Read our review of Best Egg
Minimum credit score | 600. |
APR | 7.99% - 35.99%. |
Fees | Origination: 0.99% to 9.99%. |
Loan amount | $2,000 to $50,000. |
Repayment terms | 3 to 5 years. |
Time to fund after approval | 1 business day. |
Loan availability | Loans not available in IA, VT, WV and Washington D.C. |
LendingClub
» MORE: Read our review of LendingClub
Minimum credit score | 600. |
APR | 9.06% - 35.99%. |
Fees |
|
Loan amount | $1,000 to $40,000. |
Repayment terms | 2 to 6 years. |
Time to fund after approval | 1 business day. |
Loan availability | Loans available in all 50 states and Washington, D.C. |
How we rate TD Bank personal loans
NerdWallet writers rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s what we prioritized this year:
Category | Star rating |
|---|---|
Affordability | |
Customer experience | |
Underwriting and elegibility | |
Loan flexibility | |
Application process | |
Overall |
- Category definitions
Affordability (25%)
An affordable loan has low rates and fees compared to other similar loans and may offer rate discounts.
Customer experience (20%)
A good customer experience includes allowing borrowers to choose and change their repayment date, a fully online application process, a mobile app to manage the loan and a customer service team with wide availability.
Underwriting and eligibility (20%)
The lender reviews borrowers’ credit reports and credit history and tries to understand their ability to repay a loan. It offers loans in most states and doesn’t restrict eligibility by requiring a pre-existing relationship.
Application process (20%)
Borrowers can pre-qualify to check their potential rate, loan amount, repayment term and APR without affecting their credit score. They can easily find answers to questions about the personal loan on the lender’s website. The application process is fast enough to allow funding within a couple of days or less.
Loan flexibility (15%)
A flexible loan is one that offers a wide range of loan amounts and repayment term options. It includes common features like additional loan types and direct payment to creditors on debt consolidation loans.
Discretionary
A lender’s star rating can be reduced if the lender is sued by a state or federal regulator for unfair consumer practices or has been accused by a reputable source of suspicious business practices.
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Find the Best Personal Loan
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 50 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
