TD Bank Personal Loans Review 2022

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Amounts and interest rates for personal loans from TD Bank

TD Bank offers unsecured personal loans that do not need to be backed by collateral. TD Bank Fit Loans range from $2,000 to $50,000, making the lender a great option when you need a little cash to tide you over or a significant amount to cover large expenses. You can only get a loan if you are a resident of the following states:

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

You will receive a tariff of 6.99% to 19.99% at TD Bank, that’s the same rate offered by competitor Marcus By Goldman Sachs. With SoFi you may get a slightly lower minimum rate but a higher maximum rate that has a rate range of 5.74% to 20.28% (with AutoPay). TD Bank’s loan terms range from three to five years.

Pros and cons of TD Bank personal loans

Who is TD Bank best for?

TD Bank personal loans are good for borrowers who live on the East Coast and have sufficient credit to qualify for a prime interest rate. The bank has 24/7 customer support over the phone, making it a great option for borrowers who value customer service. However, if you are not a resident of the states where TD Bank operates, you cannot get a loan.

How to compare TD Bank personal loans

While SoFi and Marcus serve borrowers across the US, TD Bank only serves residents of 15 states and Washington, DC.

TD Bank does not charge a processing fee or prepayment penalty, but does charge a small late fee. Marcus and SoFi have no fees on their personal loans.

A distinctive feature of Marcus’ loan is the company’s “on-time payment reward”. You can waive payments for a month by paying your loan on time and in full every month for a year, and you won’t accrue interest during that period. Your loan will then be extended by one month.

SoFi sets itself apart from the crowd with its unemployment protection. The company offers leniency to any personal borrower who loses their job while the loan is being repaid. Borrowers can request a deferral in three-month increments for a total of up to 12 months.

Is TD Bank trustworthy?

TD Bank has an A rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB determines a company’s rating by evaluating its response to customer complaints, honesty in advertising and truthfulness in business practices.

TD Bank was recently embroiled in a controversy. In 2020, the bank paid out $122 million to resolve allegations by the Consumer Finance Protection Bureau that it improperly billed customers for overdraft fees. This controversy may make you consider another lender.

frequently asked Questions

How hard is it to get a loan from TD Bank?

This depends on your financial profile and credit history. Some borrowers may be approved immediately with a very low interest rate, while others may need to make multiple applications to even qualify.

Does Fit Loan by TD Bank check creditworthiness?

Yes, TD Bank does a credit check before approving their Fit Loans, as the bank calls their personal loans.

What credit rating does TD Bank require?

TD Bank does not disclose the minimum credit rating you need to get a loan. However, you are less likely to qualify with bad credit. TD Bank does not allow you to submit an application with a co-signer. So if your credit isn’t in great shape, you can’t use one to increase your chances of getting a loan or qualify for a lower interest rate.

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