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:
- 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.
- 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.
- 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.
- 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.
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!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|7.73% – 29.99%||$1,000 - $50,000|
|6.26% – 14.87%1||$5,000 - $100,000|
|6.99% – 35.97%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|4.99% – 29.99%3||$10,000 - $35,000|
|5.99% – 18.99%4||$5,000 - $50,000|
|15.49% – 34.49%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|