2023 TD Bank Personal Loan Review
Personal loan rating: 3.3/5
- Accessibility: 2.7/5
- Rates and terms: 4.1/5
- Repayment experience: 3.0/5
Personal loan details
- APR range: 8.99%–21.99%
- Loan terms: 36 to 60 months
- Loan amount: $2,000 to $50,000
- Minimum credit score: Not specified
TD Bank is a full-service bank with branch locations throughout the eastern United States. The TD Fit Loan is an unsecured personal loan that can be used for debt consolidation, home improvements or other expenses.
- Geographic restrictions: TD Fit loans are only available in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington, D.C. If you live in a different state, you won’t be able to get a loan.
- Prequalification with soft credit check: TD Bank allows you to see tentative loan terms before formally applying for a loan. This lets you compare lenders without submitting to a hard credit check — though you’ll have to take one when you apply, which is standard practice across lenders.
- No origination fees for loans: Some lenders charge a percentage of the loan’s value upfront as an origination fee, but TD Bank doesn’t. If you apply for a $10,000 loan, for example, you’ll receive the full $10,000 if you’re approved and sign for the loan.
- Fast funding timeline: If you’re in a jam and need cash quickly, TD Bank offers quick funding for the TD Fit Loan — you can get your funds in as little as one business day. Sometimes the bank may request additional documents, which may prolong that timeline.
- Competitive APR range: Compared to other lenders, TD Bank offers an appealing range of possible interest rates, with rates as low as 8.99% and as high as 21.99%. That maximum annual percentage rate (APR) is lower than many other lenders, who may charge significantly higher rates.
- Unclear eligibility criteria: TD Bank doesn’t disclose specific eligibility criteria, which can make it a challenge to know whether this lender is a good fit for you. While the bank does consider factors like your credit score, income and current debt, it doesn’t specify what the minimum thresholds are for each of those.
- Best for brick-and-mortar banking: Many lenders have an online-only presence and broad geographic availability, but TD Bank has over a thousand branch locations if you prefer in-person banking and live in a state where this lender operates.
TD Bank personal loan pros and cons
As with any loan product, it’s important to weigh both the benefits and downsides before deciding on a lender. Here are the pros and cons of TD Bank’s Fit Loan.
Relatively low maximum APR
No origination or prepayment fees
Prequalification without hard credit check
Limited geographic availability
Narrow range of repayment terms
May only be available to good credit borrowers
TD Bank’s geographic restrictions are the most notable feature here — if you don’t live on the Eastern seaboard, chances are you won’t be able to take out a loan with TD Bank. Likewise, if you’re looking for shorter repayment terms or lower loan amounts, a loan from another lender might be a better alternative.
On the other hand, most of the other negatives are outweighed by TD Bank’s prequalification: if you’re not sure whether you’d receive a competitive APR (or if you’d be eligible for a loan in the first place), you can check without committing to a hard credit check, which would knock your score down by a few points. If you find that you’re eligible for a loan with good terms, TD Bank’s lack of fees is a major positive.
TD Bank personal loan requirements
TD Bank does not specify many of its requirements for personal loans. While the lender looks at your credit score, debt-to-income (DTI) ratio, credit experience, payment history and other information, it doesn’t disclose specific requirements.
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 loan with TD Bank
Submit your information
TD Bank requires you to submit some typical loan application information. You’ll enter your name, birthdate, phone number, email, mailing address and Social Security number into an online form. You’ll also need to provide your income and employment details and how much you pay for housing. Finally, TD asks you how large of a loan you’d like and how you intend to use the funds.
Prequalify for a loan
You’ll then quickly receive some loan options. The prequalification process doesn’t hurt your credit score, and while the exact terms you receive after a formal application may change, you’ll get a general idea of the kind of loan that will be available — if you have sufficient credit, income and existing debt.
Proceed to application
Once you’ve received potential loan options from TD Bank, you can choose to apply for one of them. TD Bank will then do a hard credit check (which will affect your credit score), and you’ll learn whether your loan application is approved or denied over email. If you’re approved and agree to the loan terms, you’ll receive your funds quickly — perhaps 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, establish a strong history of regular payments and avoid taking out too many loans too quickly.
How TD Bank compares to other personal loan companies
Even if TD Bank seems like a good option for your personal loan, it’s smart to compare the bank to other lenders. Here’s how TD Bank stacks up against some competitors.
|Lender||TD Bank||U.S. Bank||Santander Bank|
|LendingTree’s rating||3.3/5||3.9/5||3.9/5 (Read review)|
|Minimum credit score||Not specified||660||Not specified|
|Loan amount||$2,000 to $50,000||$1,000 to $50,000||$5,000 to $50,000|
|Repayment term||36 to 60 months||12 to 84 months||36 to 84 months|
|Funding timeline||Receive funds as soon as one business day||Receive funds as soon as four business days||Receive funds as soon as two business days|
|Bottom line||TD Bank tends to fund personal loans more quickly||U.S. Bank offers a wide range of repayment term lengths||Santander also has limited geographic availability|
How we rated TD Bank personal loans
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 not only transparent, but 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 that 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.