Review
Updated
Fact Checked
Nathan Alderman
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
Rating image, 4.5 out of 5 stars.
4.5/5
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 |
|---|---|---|---|---|
Rating image, 5.0 out of 5 stars.
5.0/5
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.
= Best
= Excellent
= Good
= Fair = Poor |
Fixed: 8.99%-29.99% APR (with all discounts)
|
$5,000 - $100,000
|
680
|
|
Rating image, 4.0 out of 5 stars.
4.0/5
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.
= Best
= Excellent
= Good
= Fair = Poor |
5.20% - 35.99%
|
$1,000 - $50,000
|
None
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Rating image, 4.5 out of 5 stars.
4.5/5
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.
= Best
= Excellent
= Good
= Fair = Poor |
10.49% to 19.49%
|
$2,000 - $30,000
|
720
|
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:
- A minimum credit score of at 660
- An acceptable debt-to-income ratio
- Proof of income
Application process
According to TD Bank, here's how to apply for a personal loan:
- Provide your Social Security number, expenses (including rent or mortgage), and employment history (including income).
- Complete an application, either online or at a TD Bank branch.
- Once you've received a loan decision, look at the options available and decide if you want to proceed.
- 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.
- 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
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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.
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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.
Our Loans Experts
Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool 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 The Ascent'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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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Citigroup is an advertising partner of The Ascent, a Motley Fool company. Dana George has positions in Target. The Motley Fool has positions in and recommends Target and Upstart. The Motley Fool has a disclosure policy.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Citigroup is an advertising partner of The Ascent, a Motley Fool company. Dana George has positions in Target. The Motley Fool has positions in and recommends Target and Upstart. The Motley Fool has a disclosure policy.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
Citi Personal Loan disclaimer:
**Rates as of 10-06-2023 . Your APR may be as low as 10.49% or as high as 19.49% for the term of your loan. The lowest rate quoted assumes excellent credit, and a loan term of 36 months or shorter. Otherwise, a higher rate will apply. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the interest rate. If you are in default, your APR may increase by 2.00%. No down payment is required. Rates subject to change without notice.
You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Loan proceeds cannot be used for post-secondary educational or business purposes.
If you apply online, you must agree to receive the loan note and all other account disclosures provided at loan origination in an electronic format and provide your signature electronically.
Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.