TD Bank personal loans review: Great rates and quick funding, but loans are limited to East Coast residents

TD Bank usually funds loans within one business day of approval, and its interest rates are similar to top competitors' rates.

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TD Bank personal loan amounts and interest rates

TD Bank Fit Loan offers unsecured personal loans, which don't have to be backed by collateral. TD Bank Fit Loans range from $2,000 to $50,000, making the lender a great option if you need a little bit of cash to tide you over or a significant amount to cover a large expense. You'll only be able to 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, DC

Pros and cons of TD Bank personal loans

Who is TD Bank best for?

TD Bank Fit Loan personal loans are good for borrowers who live on the East Coast and have strong enough credit to qualify for a top rate. The bank has 24/7 customer support over the phone, making it a great option for borrowers who place a high value on customer service. However, if you aren't a resident of the states TD Bank operates in, you won't be able to get a loan. 

 

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

TD Bank has no origination fee or prepayment penalty, but it charges a small late fee. Marcus and SoFi don't have any fees on their personal loans. 

A defining feature of Marcus' loans is the company's "on-time payment reward." You can forgo a month of payments if you pay your loan on time and in full every month for one year, and you won't accrue interest during that period. Your loan will then be extended by one month.

SoFi separates itself from the pack with its unemployment protection. The company offers forbearance for any personal loan borrower who loses their job during their loan repayment. Borrowers can apply for forbearance in three-month increments, for a total of up to 12 months.

Is TD Bank trustworthy?

TD Bank Fit Loan has an A- rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB determines the rating for a business by evaluating its responses to customer complaints, honesty in advertising, and truthfulness about business practices.

TD Bank has been involved in a recent controversy. In 2020, the bank paid out $122 million to settle allegations from the Consumer Finance Protection Bureau that it had illegally charged overdraft fees to customers. This controversy may cause you to consider a different lender.

Frequently asked questions

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

This depends on your financial profile and creditworthiness. Some borrowers may be immediately approved with a very low rate, while others may have to apply multiple times to qualify at all. 

Does TD Bank's Fit Loan check credit?

Yes, TD Bank does check credit before approving its Fit Loans, which is the bank's name for its personal loans.

What credit score does TD Bank require?

TD Bank doesn't disclose the minimum credit score you need to get a loan. However, you're less likely to qualify with poor credit. TD Bank doesn't allow you to apply with a cosigner, so if your credit isn't in the best shape, you can't use one to boost your chances of getting a loan or to qualify for a lower rate.