TD Bank offers a wide range of accounts and loans to its customers and was named Best National Bank of 2017 by GOBankingRates. The bank emphasizes customer service, including offering live customer service 24 hours a day, 365 days a year, maintaining nearly 1,300 locations in the East Coast, and even letting you bring your dog into the branch offices.
The bank also has an app to help you stay on top of your bills, transfer funds and review your account information. Read on to find out how to pick the best personal loan from TD Bank.
TD Bank Reviews of Personal Loan Options
No two borrowers are exactly the same, and TD Bank has several different personal loan options that you can pick from to suit your needs. Depending on your situation, a line of credit might be better than using TD bank loans.
TD Bank: Best National Bank of 2017
TD Express Personal Unsecured Consumer Loan
If you need money in a hurry, a TD Express Personal Unsecured Consumer Loan could be a good option. You can borrow between $2,000 and $15,000 in a lump sum, and repayment periods can be as short as one year or as long as five years. The loan charges a fixed interest rate, with personal loan rates currently between 8.99% APR and 15.99% APR.
You’ll need your Social Security number, monthly expenses and income verification to apply. Funds can be available in as little as two days after you apply.
TD Personal Unsecured Consumer Loan
If you need more money or aren’t in a rush, you can borrow between $2,000 and $50,000 in a lump sum with a standard TD Personal Unsecured Consumer Loan. The terms are the same as the TD Express Loan, with repayment periods ranging from one to five years and a fixed personal loan interest rate currently between 8.99% APR and 15.99% APR.
In addition to providing your Social Security number and expenses, such as your mortgage or rent payment, you’ll also need to provide your employment history and income to apply.
TD Personal Unsecured Line of Credit
If you know you’re going to need a stream of cash but won’t need it all at once, a TD Personal Unsecured Line of Credit could be a better solution because interest only accrues on the portion of the line of credit you’re using.
Your line of credit can be between $20,000 and $50,000 and has a 10-year draw period and a 10-year repayment period. During the draw period, you just need to repay 2 percent of the balance each month. The line of credit comes with a $25 annual fee, however, and the interest rate fluctuates with the market. Depending on your credit score, the TD Bank interest rates on a line of credit will be between 5 and 10 percentage points higher than the prime rate.
Similar to the TD Bank personal loans, to apply you will need your Social Security number, monthly expenses and your employment history and income.
Advantages of TD Bank Personal Loans
None of these personal loans charges an origination fee, prepayment fee or statement copy fee. If you repay your loan through automatic payments from a TD Bank checking account or savings account, you will receive an additional 0.25 percent reduction in your interest rate. It’s easy to apply through TD Bank’s website if you don’t want to make a trip to a local branch, but the TD bank app makes it easy to find a local branch if you prefer.
Disadvantages of TD Bank Personal Loans
TD Bank is only available in certain states on the East Coast and in Canada. If you live elsewhere, you’re out of luck. Plus, you need at least a 680 credit score to be considered for a personal loan.
Related: How to Find TD Bank ATMs By Me
TD Bank Loans Are Worth a Look
If you live in a state where TD Bank has branches, it’s worth it to review TD Bank’s personal loan interest rates. Compare the interest rate and fees other banks charge — and don’t forget to factor in the interest rate discount if you plan to pay from a TD Bank account.