TD Bank Personal Loan Review

• Fast funding: TD Bank funds personal loans as soon as the next business day after your application is complete.
• No origination fees: While some banks charge an origination fee, which is an administrative charge, TD Bank doesn’t. 
• Wide variety of loan amounts and terms: TD Bank offers loan amounts from $2,000 to $50,000 with terms from 36 to 60 months.
• Competitive rates: TD’s rates are competitive for the market, ranging from 7.99% to 23.99%.
• Limited availability: TD Bank’s personal loan is available only in select states.
• Best for East Coast borrowers who need fast funding: TD’s loans are available primarily to borrowers on the East Coast and may be especially appealing to those who need quick funding. 

TD Bank pros and cons

Like all lenders, there are pros and cons to taking out a TD Bank personal loan. Be sure to weigh these factors carefully when making your decision.

TD Bank’s biggest drawback is its limited availability. Borrowers who live outside the East Coast of the United States won’t be able to take advantage of a loan from this provider. Additionally, if you’re truly concerned about whether you’ll meet the eligibility criteria, you may be better suited with a lender that’s more upfront about its qualifying standards.

That said, while it’s not a guarantee, this lender does offer the opportunity for prequalification. You’ll be able to see loan offers from TD Bank’s website without risking a hard pull on your credit. Plus, if you like what you see, you can select one of the offers and move forward with TD’s easy online application process. 

TD Bank regulatory action

At the end of 2024, the Consumer Financial Protection Bureau (CFPB) ordered TD Bank to pay $7.76 million to consumers. According to the agency, the bank falsely reported negative information on thousands of customers, including credit card delinquencies and bankruptcies, to the credit bureaus. The bank was also ordered to pay $20 million as a civil money penalty. 

TD Bank ultimately agreed to pay $28 million to resolve the allegations.

TD Bank requirements

TD Bank does not specify any of its eligibility requirements for personal loans. While the lender looks at your credit score, debt-to-income (DTI) ratio and other information, it doesn’t disclose the specific criteria.

If TD Bank’s loan options don’t fit your needs, find a lender that helps you meet your goals and can offer you appropriate rates and terms.

How to get a personal loan with TD Bank

Getting a TD Bank personal loan involves going through three steps: 

• Fill out the prequalification form: You’ll need to provide some basic information, including your Social Security number, employment history and income. You’ll also need to provide some information about your largest expenses, such as your mortgage or rent payment.
• Get loan offers: Once you submit your prequalification form, you’ll be given a few loan offers to choose from. The terms and conditions of your loan could still change once you formally apply, but this should give you some idea of what to expect. Notably, completing this step won’t harm your credit score.
• Proceed to the application: If you like one of the loan offers you received from TD Bank, you can choose to apply for it. Once you apply, the bank will do a hard pull on your credit — which will likely affect your credit score — and you’ll receive a decision on your application via email. If approved, you could receive the funds as soon as the next business day.

If you’d like to increase your chances of getting approved for a personal loan, focus on improving your credit score by paying off existing debt to improve your DTI ratio, establishing a strong history of regular payments and avoiding taking out too many loans too quickly.

How TD Bank compares to other personal loan companies

Even if you believe TD Bank aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how TD Bank personal loans stack up against Best Egg personal loans and Discover Bank personal loans.

How we rated TD Bank

To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:

• Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
• Rates and terms: We wanted to know if lender rates, terms, amounts and fees were both transparent and competitive.
• Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.

The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.

The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so you can make apples-to-apples comparisons when shopping around.

LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.