TD Bank Personal Loan Review 2022
Personal Finance Insider writes about products, strategies, and advice to help you make smart decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.
TD Bank personal loan amounts and interest rates
TD Bank offers unsecured personal loans, which do not require collateral. TD Bank’s tailored loans range from $2,000 to $50,000, which makes the lender a great option if you need a little money to tide you over or a large amount to cover a major expense. You will only be able to get a loan if you reside in the following states:
- New Hampshire
- New Jersey
- New York
- North Carolina
- Rhode Island
- Caroline from the south
- washington d.c.
You will get a rate of 6.99% to 19.99% with TD Bank, which is the same rate offered by competitor Marcus By Goldman Sachs. You can get a slightly lower minimum rate but a higher maximum rate with SoFi, which has a rate range of 5.74% to 20.28% (with AutoPay). The terms of TD Bank loans range from three to five years.
Pros and Cons of TD Bank Personal Loans
Who is TD Bank for?
TD Bank Personal Loans are good for borrowers who live on the East Coast and have strong enough credit to qualify for a higher rate. The bank has 24/7 telephone customer service, making it a great option for borrowers who place a high value on customer service. However, if you are not a resident of the states in which TD Bank operates, you will not be able to obtain a loan.
TD Bank Personal Loan Comparison
While SoFi and Marcus are available to borrowers across the United States, TD Bank only serves residents of 15 states and Washington, DC.
TD Bank has no set-up fees or prepayment penalties, but does charge a small late fee. Marcus and SoFi have no fees on their personal loans.
A defining feature of Marcus’ loans is the company’s “on-time payment reward”. You can waive one month of payments if you repay your loan on time and in full each month for one year, and you will not accrue interest during this period. Your loan will then be extended for one month.
SoFi stands out from the crowd with its unemployment protection. The company offers forbearance to any personal loan borrower who loses their job while repaying their loan. Borrowers can apply for forbearance in three-month increments, for a total of up to 12 months.
Is TD Bank Trustworthy?
TD Bank is rated A- by the Better Business Bureau, a non-profit organization focused on consumer protection and trust. The BBB determines a company’s rating by evaluating its responses to customer complaints, honesty in advertising and truthfulness in business practices.
TD Bank has been embroiled in a recent controversy. In 2020, the bank paid $122 million to settle allegations by the Consumer Finance Protection Bureau that it illegally charged customers overdraft fees. This controversy may cause you to consider a different lender.
Frequently Asked Questions
How hard is it to get a loan from TD Bank?
It depends on your financial profile and creditworthiness. Some borrowers may be immediately approved with a very low rate, while others may need to apply multiple times to qualify.
Does the TD Bank Fit Loan credit check credit?
Yes, TD Bank checks credit before approving its Fit Loans, which is the name of the bank for its personal loans.
What credit rating does TD Bank require?
TD Bank does not disclose the minimum credit score you need to obtain a loan. However, you are less likely to qualify with bad credit. TD Bank doesn’t allow you to apply with a co-signer, so if your credit isn’t in top shape, you can’t use one to increase your chances of getting a loan or qualify for credit. a lower rate.