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Founded in Maine in 1852, TD Bank, N.A. provides financial services to U.S. consumers residing along the East Coast. Although the bank is headquartered in Cherry Hill, New Jersey, it is a subsidiary of Toronto-Dominion Bank, a large Canadian financial institution.

TD offers banking services to residents in the following states:

  • Connecticut
  • Delaware
  • Florida
  • Maine
  • Maryland
  • Massachusetts
  • New Hampshire
  • New Jersey
  • New York
  • North Carolina
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Vermont
  • Virginia
  • Washington, D.C.

This financial institution offers borrowers four particular personal loan options to be used as home renovation loans, credit card debt consolidation loans, or funding for other big purchases:

TD Express Loan: An unsecured personal loan with expedited processing and no income verification.

  • Loan amounts: $2,000–$25,000
  • Loan terms: 12–60 months
  • Minimum credit score: 660
  • APR: 6.99%–18.99%, Fixed rate
  • Origination fee: None
  • Annual fee: None

Personal Unsecured Loan:

  • Loan amounts: $2,000–$50,000
  • Loan terms: 12–60 months
  • Minimum credit score: 660
  • APR: 6.99%–18.99%, Fixed rate
  • Origination fee: None
  • Annual fee: None

Unsecured Line of Credit:

  • Loan amounts: $20,000–$50,000
  • Loan terms: 10-year draw, 10-year repayment
  • Minimum credit score: 680
  • APR: 10.50% – 15.50%, Variable rate, capped at 18%
  • Origination fee: None
  • Annual fee: $25

Secured Personal Loan: This loan is secured using your TD savings, money market account, or certificate of deposit (CD) account as collateral. However, although the bank doesn’t provide a minimum FICO score requirement, acceptance is still subject to credit approval, just like all of the other unsecured loans.

  • Loan amounts: $5,000–$50,000
  • Loan terms: 12–60 months
  • Minimum credit score: Not disclosed
  • APR: 7.92%, Variable rate, capped at 18%
  • Origination fee: $50
  • Annual fee: None

Customers can manage their loan or bank account in 1,2000+ local retail locations seven days a week, via online banking, mobile banking, and live customer service, 24 hours a day.

Keep reading for pros and cons of borrowing a personal loan from TD Bank, plus customer reviews.

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The Good

  • Benefits for TD Bank Customers
  • $50,000 Maximum Loan Amount
  • 5-Year Maximum Loan Repayment Term
  • Secured Loan Available
  • Easy Application Process
  • Clearly Listed Lender Fees

Benefits for TD Bank Customers

Current TD Bank customers have an advantage over new customers. If you are a current TD Bank customer, you can get a 0.25 percent discount on your loan rate by setting up automatic payments from either a TD checking or savings account.

Your annual percentage rate (APR) will vary according to your credit score and credit history, but TD Bank has favorable interest rates that start at 6.99 percent and go up to 18.99 percent

Be aware that the lowest available lending rates advertised already include the 0.25 percent discount for signing up for automatic monthly payments.

Customers who just meet the minimum acceptible credit requirement should be prepared to have a rate on the higher end of the spectrum if their application is approved— meaning their total payout during the life of the loan will be much more than customers with good or excellent credit, who qualify for lower rates.

$50,000 Maximum Loan Amount

TD Bank offers both secured and unsecured loans. Both types have a cap of $50,000, which is one of the higher maximum loan amounts available to borrowers in the personal loan industry. So, if you are looking into a home renovation or debt consolidation, you will be able to accomplish a bit more with this lender than many others.

5-Year Maximum Loan Repayment Term

While many lenders cap their loan terms at three years, TD personal loans extend the max to five years. This gives customers more flexibility to pay off their loan over a longer period of time. Naturally, with a longer term loan, monthly payments will be lower, again, helping the borrower have an easier time with repayment.

However, if you are able to repay your loan faster than expected, there is no prepayment penalty for paying it off early.

Secured Loan Available

TD Bank offers a secured loan that uses your savings, money market, or CD account as collateral. This isn't always an option when it comes to personal credit providers.

It's always nice when secured options are available from reputable financial institutions.

Easy Application Process

With TD Bank, the process of applying for the loan and speaking with a specialist is quick and painless. You can even find an online checklist of everything you need to provide.

You could be speaking with someone about your case within minutes of submitting your loan application. If everything on your end is in order, you could be approved the same day you apply.

Receiving your funds is of utmost importance, especially if you need the money quickly. Certainly, this is one of the distinct advantages of getting a personal loan, and TD Bank can ensure that you have your funds within two days.

Clearly Listed Lender Fees

One nice thing about this lender is that for each type of account, a full disclosure statement is available online, showing terms, conditions, fees, and details about interest.

While all of these personal credit options are different, the disclosure statements offer tons of info about fees, or for the most part, in this case, the lack thereof:

  • Annual fee: $0–$25
  • Daily transfer fee: N/A
  • Late payment fee: 5% of the minimum payment due or $10, whichever is LESS
  • Monthly fee: $0
  • NSF fee: $0
  • Origination fee: $0–$50
  • Prepayment fee: $0
  • Statement copy fee: $0
  • Stop payment fee: $0–$25

The Bad

  • Only Available in 15 States
  • Sales Tactics
  • Florida Fees
  • Not for Student Loans

Only Available in 15 States

TD Bank is a large company that offers products and services throughout the country; however, when it comes to personal loans, there are some limitations. TD Bank only offers personal loans in the following US states:

  • Connecticut
  • Delaware
  • Florida
  • Maine
  • Maryland
  • Massachusetts
  • New Hampshire
  • New Jersey
  • New York
  • North Carolina
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Vermont
  • Virginia
  • Washington, D.C.

If you live east of the Mississippi, TD Bank will not be able to take care of your personal loan needs. However, compared to online-only banks, in the 15 states served, TD bank customers can actually go into a local brick and mortar location for advice.

Sales Tactics

When attempting to obtain a loan through TD Bank, consumers will be encouraged to open a checking account at the same time in order to sign up for automatic payment of the loan through its "new" checking account.

Florida Fees

While TD Bank clearly lists which accounts have fees, the fee disclosure statements also list that Florida customers may be required to pay a documentary stamp tax.

However, this fee is limited to the state of Florida.

Not for Student Loans

These personal loans, unsecured and secured all have caveats that say they cannot be used for educational purposes—meaning that if you need a student loan, you will have to look elsewhere.

View Best Personal Loan Companies

The Bottom Line

TD Bank is a trusted brand with over 100 years of experience. It is more than just a personal loan company and provides a variety of standard banking service options.  This is beneficial for customers looking for the convenience of maintaining their banking and loan with one trusted source. Current customers will be happy to know that they are eligible for lower interest rates on personal loans. 

Unfortunately, consumers who don't live on the East Coast cannot borrow a personal loan from TD Bank, making it difficult to recommend the company for personal loan needs in 35 states. Further, TD Bank tends to push other banking services onto loan customers; however if new customers opt to open a savings account or checking account, they can get a discounted annual percentage. 

Overall, TD Bank’s personal loans offer great options for its customer base, with different specialties depending on credit eligibility, needs, funding time, and payback length. 

View Best Personal Loan Companies

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User Reviews

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Kiki
June 5th, 2019 Miami Beach, FL DETAILS
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Be careful do not apply for loans at this bank!!! Time wasters!! All you get is a hard 2year Inquiry on your credit report. I got denied for 25k personal loan with immaculate credit score 730. However this is what they advise: "TD Bank requires borrowers have good to excellent credit, which is any FICO score above 680" Also their "online application status check" disaster it's just stuck on representative will call you soon which never happened. We had to visit a brach for an answer ?

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Victoria Nghuyen
January 18th, 2018 DETAILS
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I tried to close my accounts and thought everything was settled. Several weeks later, I received a letter saying I had to pay some banking fees, which is weird because I thought I closed my accounts. I went to the bank and discovered a negative balance of $120, an amount which came out of nowhere, plus +$50 service fee. Unbelievable. The staff said they will resolve the matter, and that never happen. Very disappointed. Their ATMS don't work properly either; I tried to withdraw some cash, nothing came out, and guess what? Account balance deducted. Again, they said they'll do an investigation, which didn't happen and will never happen. Worst experience ever. This bank is a fraud. In the end I had to pay them +$170 for nothing. It was such a waste. Seriously, avoid this bank at all cost.

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Kaylene Finch
November 20th, 2017 Provo, UT DETAILS
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They approved me for a car loan with a great rate, and it's been so easy to work with them.

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wellsonlab
December 9th, 2016 Arlington, VA

In October, in response to a TD Bank direct mail offer for a $15,000 personal loan, I applied for and obtained a loan for $15,000 at 15% for 60 months. (The APR was lower than the high-APR credit cards that I paid off with the loan.) The process took about 10 days, only because my loan officer and I played phone tag for a few days trying to set up the closing at a local bank. The closing went easily, took only a few minutes, and and I was handed a cashier's check for the full 15K when done. The only document I was required to bring to closing was my valid state ID. There were no Origination fees or Closing fees on my loan. I was given a coupon book for my monthly payments, which I can pay by check through the mail, or online at tdbank.com. I am very satisfied with the loan and process.

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