Review: 4 TD Bank Personal Loans to Help You Achieve Your Goals

td bank personal loans

Between medical bills and the cost of moving 900 miles, I racked up a frightening amount of credit card debt. Like a doofus, I let my balance grow to over $20,000 before I realized how serious the situation was.

Although I was determined to pay it off, I struggled to make any headway because of high interest rates. I did some research and found out I could use a personal loan to pay off debt at a lower rate. By doing so, I was able to put more money toward the principal each month. Taking out a loan made a huge difference in my journey to becoming debt-free.

If you’re struggling with debt and looking for options, TD Bank personal loans offer competitive interest rates and different kinds of loans to meet your needs and get you back on track.

TD Bank personal loans review

You might need a personal loan for several reasons. You can use a loan to consolidate your credit cards, pay for a wedding, or cover medical expenses. How you use the money is up to you. Applying for a personal loan with TD Bank is quick and easy, and you can get the money you need in just a few days.

TD Bank offers several loan options depending on your needs and comfort with risk. Also, the company is well-known for its excellent customer service, with rapid response times and in-person assistance.

However, TD Bank operates in only some states. If you live in the Midwest or on the West Coast, you might be ineligible for a TD Bank personal loan. Additionally, depending on your credit, the interest rates can be high. It’s a good idea to compare your options with other lenders to get the best deal.

How a TD Bank personal loan works

TD Bank has four options:

  1. TD express loan: If you need money fast, you can borrow up to $15,000 with a TD express loan, and the money will be available to you in as little as 48 hours. Interest rates can be as low as 8.99% and are fixed for the length of your loan. You also can ask for a term as long as 60 months to repay the loan.
  2. Personal unsecured loan: With an unsecured loan, you can borrow up to $50,000 for expenses such as home repairs. Unlike secured loans, unsecured loans don’t require you to use your home or another asset as collateral. Interest rates start at 8.99%, and you could have up to 60 months to repay your debt.
  3. Personal unsecured line of credit: If you’re making a large payment or are dealing with an unexpected emergency, a line of credit might be a better option for you. TD Bank allows you to borrow $20,000 to $50,000. Unlike a loan, a line of credit is available whenever you want to use it. If you make payments on the account, you can continue to use your available credit like a credit card.
  4. Personal secured loan: If you’re already a TD Bank customer and are willing to use your TD Bank savings or money market account as collateral, you can borrow however much you need (up to the amount in your TD deposit account) at a lower interest rate with a secured loan. Even better, the money you use to secure the loan continues to build interest.

TD Bank personal loan interest rates and fees

For all four TD Bank personal loans, the terms of your loan can vary depending on your credit report, the amount you’re borrowing, and your repayment term. Each loan type has its own terms, interest rate ranges, and fees:

Loan Amount APR Loan Term Collateral Fees
TD Express Loan $2,000 to $15,000 As low as 8.99% fixed 12 to 60 months No No annual or origination fees
Unsecured Loan $2,000 to $50,000 As low as 8.99% fixed 12 to 60 months No No annual or origination fees
Line of Credit $20,000 to $50,000 As low as 9.25% variable Up to 10 years No $25 annual fee
Secured Loan $5,000 to amount in customer’s TD deposit account As low as 5.92% variable 12 to 60 months Yes $50 origination fee

Depending on what you use it for, a personal loan could save you money. For example, let’s say you had $10,000 in credit card debt at 15.00% APR with a $200 minimum payment. Over the length of your repayment, you’d pay back $15,600. That’s $5,600 in extra charges thanks to interest.

But if you took out a personal loan for your credit card debt and qualified for an APR of 9.00%, you could pay off the debt much sooner. With a five-year term, you’d have a payment of $208. Even better, you’d pay back only $12,445, saving you more than $3,000.

TD Bank eligibility requirements

TD Bank operates in 16 states on the East Coast. For most TD Bank personal loans, you’ll need a credit score of at least 680 to qualify. The one exception is the personal secured loan; because you must offer collateral, there’s no set minimum for eligible credit scores.

To apply for a personal loan, you’ll need the following:

  • Social Security number
  • List of expenses, such as your monthly mortgage payment and utility bills
  • Employment history and income, including bonuses and other sources of earnings

You can complete the process online or apply in person at a TD Bank location near you.

TD Bank customer service

Although the number of TD Bank reviews is limited, the ones that are posted are positive. Customers say the loan application process is simple and straightforward and they get their money quickly.

TD Bank personal loans

Image credit: Best Company

If you have any questions about your application or your TD Bank account, you can visit a local branch for one-on-one assistance. Or you can call the service department at 1-888-751-9000 anytime, day or night. If you prefer to use your computer, you can contact TD Bank via chat.

Should you apply for a personal loan?

If you’re looking for a way to consolidate your debt or finance a big purchase, TD Bank personal loans might be a smart option for you. To sweeten the deal, the company offers a 0.25% rate discount if you make your monthly payments from a TD Bank personal checking or savings account.

However, it’s a good idea to shop around with several different personal loan lenders to find the best rate and repayment terms for you. By doing research now and comparing offers from various lenders, you can save money in interest payments and pay off your debt sooner.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
  2. Personal Loans: Fixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 5.29% APR to 11.44% APR (with AutoPay). SoFi rate ranges are current as of December 1, 2017 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.29% APR assumes current 1-month LIBOR rate of 1.34% plus 4.20% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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.

2 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2017, the one-month LIBOR rate is 1.23%. Variable interest rates range from 6.02% – 15.97% (6.02% – 15.97% APR) and will fluctuate over the term of your loan with changes in the LIBOR rate, and will vary based on applicable terms and presence of a co-applicant. Fixed interest rates range from 5.99% – 16.24% (5.99% – 16.24% APR) based on applicable terms and presence of a co-applicant. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with Citizens Bank at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, Citizens Bank checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Benefit: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
7.39% - 29.99%$1,000 - $50,000Visit Upstart
5.29% - 14.24%1$5,000 - $100,000Visit SoFi
8.00% - 25.00%$5,000 - $35,000Visit Payoff
5.99% - 16.24%2$5,000 - $50,000Visit Citizens
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.25% - 14.24%$2,000 - $50,000Visit Earnest
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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.