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

by: Dana George | Updated July 5, 2022
Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

The TD Bank personal loan is 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.

Full TD Bank personal loan review

TD Bank Personal Loans

Logo for TD Bank Personal Loans
Rating image, 4.5 out of 5 stars.
4.5/5

Minimum Credit Score

660

Loan Amounts

$2,000 - $50,000

APR Range

6.99% - 19.99%

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

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 6.99% to 21.99%, it's essential to borrow what you can easily afford to repay.

One single fee

With a TD Bank personal loan, 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 plenty of lenders with lower APRs than TD Bank's lowest personal loan rate of 6.99%. For well-qualified borrowers, it makes sense to look elsewhere.

How to qualify for a TD Bank loan

Qualifying for a TD Bank personal loan 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. They 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.

Alternatives to consider

With a 660 or better credit score, you can take advantage of the Marcus promise of "Truly, no fees. Ever." In addition to no fees, once you've made 12 consecutive payments on your loan, you can defer one payment. And at 19.99%, its highest APR is still two points lower than TD Bank's high-end APR.

The Avant personal loan is designed for borrowers with credit scores as low as 580. If you have poor credit, this is a good lender to consider. And with loan amounts from $2,000 to $35,000, Avant is another lender that lets you borrow what you need.

This TD Bank personal loan is right for you if:

There's no one-size-fits-all personal loan, but if the following apply, TD Bank may be just what you're looking for:

  • 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.

About the Author

Dana George
Dana George icon-button-linkedin-2x

Dana has spent the last two decades as a business writer and news reporter, specializing in loans, debt management, investments, and business. She considers herself lucky to love her job and appreciates the opportunity to learn something new every day.