TD Bank Personal Loan | Terms, Interest rates, and Discounts

TD Bank Personal Loan

TD Bank is among the most significant financial companies in the United States. It offers various products such as savings & checking accounts, money market accounts, debit cards, credit cards, loans, etc. You can also get services such as sending money and withdrawing funds over the counter & ATMs, among others. You can also apply for loans as per your credit scores. You will learn more about TD Bank personal loans shortly. 

A personal loan (also called a consumer loan) is a type of loan where an individual borrows funds for personal use, such as upgrading their house, purchasing food, covering medical expenses, paying for bus tickets, etc. Financial companies require you to have an account with them before applying for a loan. You should also have a credit history that meets the threshold of getting a personal loan. 

All personal loans contain three common elements. These include evidence of the debt (promissory note), the amount borrowed (principal), and the cost of borrowing (interest rate). Usually, you pay a loan in installments and mostly every month. Some financial companies may allow you to pay your loan in full, while others demand you pay in bits for the given time. In whatever means you pay, you must part with some interest. 

Reasons to apply for a TD Personal Loan

TD Bank Personal Loan

There are various reasons why you may want to borrow a personal loan. TD Bank will allow you to apply for a personal loan for the following reasons.

  1. Consolidate a debt. A personal loan can bring various debts together and pay as one entity. 
  2. Pay for a vacation. You may be planning to go on a vacation but need more finances. You can get a personal loan to fund the vacation costs in such a case. 
  3. Cover emergency cases. One can get an emergency personal loan to pay for medical expenses or expected traveling.
  4. Improve your home. You may want to paint your house to make it look new or replace windows and doors. One can get a personal loan to do all those things. 
  5. Fund moving costs. TD Bank can give you a personal loan to move your household or office items to another place. Sometimes you may need to move away immediately but may need more money. A personal loan, therefore, becomes handy.

Qualify for a TD Bank Personal Loan

As mentioned earlier, you must meet some requirements to get a personal loan. TD Bank requires the following.

1. Credit Scores

Even though TD Bank does not disclose the credit scores required to get a personal loan, most lenders require a strong credit score to give you the lowest rates. With at least 670, you will have a high chance of being approved. 

2. Income Requirements

Again, TD Bank requires you to disclose the minimum income you should have to get a personal loan. However, it is a requirement to have a sturdy source of income to prove that you will be able to repay your loan. 

3. Cosigner 

TD Bank allows you to apply for a personal loan using a co-signer. A co-signer adds credibility to your application, thus increasing your chances of approval. A co-signer is liable for your payments. 

TD Bank’s Loan Terms, Fees, and Discounts

Familiarizing yourself with the various terms and conditions plus fees is essential. There are no origination or application fees nor prepayment penalties. You can repay your loan as early as possible without extra charges. The bank issues loans of between $2,000 to $50,000. The repayment period is 36 to 60 months. 

Apply for a TD Bank Personal Loan

You can apply for your loan in three main steps. It goes as follows.

  1. Gather the necessary info. You should gather the needed information such as your employment history, Social Security Number, income, and expenses such as mortgage or rent.
  1. See your options. Once you have every detail, you can check the various options. The bank provides you with personalized loan options. Interestingly, checking your options leaves your credit score intact. You can get the feedback in as little as 60 seconds.
  1. Choose an option. After checking the various options, you should apply for the most appropriate one. TD will then perform a hard credit pull, which must affect your credit score. You will then verify your details and get a decision on your loan via email.

TD personal loan interest rates

The financial company charges varying interest rates on various loan options. You can get loans with rates as low as 6.99% APR. The APR can go as high as 19.99%. Interest rates vary with credit scores. If you have high credit scores, you will get low-interest rates and vice versa. 

A person with low credit scores poses a considerable to get loans is risk to any financial company since they are likely to default. That is why they have to pay such high-interest rates.  

Types of TD Personal Loans & Lines Credit

Various TD, Personal Loans & Lines of Credit include the following. 

  1. TD Express Loan

These are small to mid-sized personal loans ranging between $2,000 to $25,000. Terms range from one to five years.

  1. Personal Unsecured Loan

The loan is issued and supported by the borrower’s creditworthiness rather than collateral.

  1. Personal Unsecured Line of Credit

The loan type is a revolving credit account that allows one to draw funds up to a specific limit. Your limit increases with an increase in credit scores.

  1. Personal Secured Loan

A secured loan requires you to pledge an asset, such as a car, property, equity, etc., against your loan.

Benefits of a Personal Loan

Various benefits come with personal loans. They include the following.

  • Fast funding 
  • Collateral may not be necessary.
  • Lower interest rates. 
  • Extended loan terms. 
  • Flexibility and versatility. 
  • Easier to manage. 

Cons of TD Bank Personal loans 

Despite the various advantages associated with TD Bank personal loans, various cons come with the loans. They include the following. 

  • Available only in certain states.
  • No rate discount for autopay.
  • Late fee charges.
  • No direct payment to creditors for the debt consolidation loans.
  • No joint, co-sign, or secured loan option.

Personal loan financing pros and cons

There are a few pros and cons associated with personal loans. Generally, the pros and cons of personal loans include the following.


  • One lump sum
  • Fast funding times
  • No collateral required
  • Lower interest
  • Easier to manage


  • Many eligibility requirements
  • Fees and penalties may be high
  • Higher payments than credit cards
  • Interest rates may be higher than alternatives

Check the status of your application.

Once you apply for a TD Bank personal loan, you will get a notification in your email to confirm whether you qualify or not. 

How Does Home Equity Financing Compare With Personal Loans? 

A home equity loan allows one to borrow against the equity in their home. However, a personal loan does not require you to have collateral. 

Bottom line 

TD Bank is among the most significant financial companies in the Us. It offers various products such as savings & checking accounts, money market accounts, debit cards, credit cards, loans, etc. You can get a personal loan from the bank to finance particular needs such as medical bills, vacations, food purchases, school fees, etc. Personal loans are easy to apply for, may not require a co-signer, and are usually easier to manage.

Spencer Tierney is a writer and expert on certificates of deposits at His work has been featured by USA Today, MSN, SF Gate, the Los Angeles Times, NerdWallet and more. He earned a bachelor’s degree in English at UC Berkeley.