TD Bank is one the ten biggest banks in the United States, with more than 1,000 branches primarily on the East Coast. The lender offers a complete range of banking services for both personal and business, including checking and savings accounts, credit cards and personal loans. Despite similar names, TD Bank does not have any affiliation with TD Ameritrade.
TD Bank offers personal loans at competitive interest rates. You can also apply online. It’s not accessible to all, however. TD Bank personal loans can only be obtained in 16 states. Individuals who live outside the TD Bank service area are not eligible for loans.
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TD Bank had previously offered multiple personal loan options, including the TD Express Loan or TD Fit Loan. However, a representative from the company informed us that the Express Loan has been discontinued and only the TD Fit Loan is now available. If approved, you will receive your money within one business day. You can borrow as much as $50,000. There are no origination or application fees and repayment terms as long as 60 month.
How to Get a Personal Loan?
A personal loan allows you to borrow a lump sum of money for any purpose, such as to pay off a car or renovate an old kitchen. While rates and terms may vary from lender to lender, personal loans often have lower interest rates than credit cards. You can also repay the loan over a number of years.
Alternatives to Personal Loans
Although personal loans are quick and simple ways to finance an emergency, consolidate debt, or finance large purchases, there are other financing options that may work better for you.
Home equity loan or home equity line of credit (HELOC). A HELOC, or home equity loan, may be better for homeowners who are looking to take out personal loans to fund home renovations and other large expenses. A HELOC or home equity loan is secured by your home, which can help you get a lower interest rate that you would get from a personal loan. HELOCs and home-equity loans have longer repayment terms. You could be able to repay the loan in as little as 10 to 30 years. Keep in mind that the loan is secured by your home, so the bank could foreclose on your home if you are unable to pay your monthly payments.
A balance transfer credit card. A balance transfer credit card is a good option for individuals who want to reduce high-interest credit card debt. Some cards offer 0% APR for a period of up to 18 months. You can pay off your balance in time with the introductory APR. Interest will not accrue. To avoid high credit card APRs, make sure that you have a plan to repay the entire balance by the end of the intro period.
How do I Qualify for a TD Bank Personal loan?
You must be at least 18 years old to qualify for a TD Fit Loan. The minimum age for most places is 18. The minimum age requirement is 18 if you live in an eligible country. A representative from TD Bank stated that personal loans can only be obtained in Connecticut, Delaware and Florida, Maine, Marylands, Massachusetts, New Hampshire or New Jersey, New York, North Carolina. Rhode Island, South Carolina, South Carolina, Vermont, Virginia, Washington D.C.
- Your Social Security Number
- Your mortgage and rental payments cost
- Your employment history and income
TD Bank doesn’t have a minimum credit score requirement or income requirements. We contacted TD Bank in order to inquire about its borrower criteria. However, company representatives refused to give any further information.
Who should get a TD Bank personal loan?
TD Fit Loans are available to those with excellent credit. They offer competitive interest rates and have no origination fees. Generally, TD Fit Loans work best for those who reside within the lender’s service area and require a loan as quickly as possible. TD Bank provides quick approvals and loan disbursement so you can quickly get the money you need to pay for your emergency expenses.
How to apply for a TD Bank personal loan
These steps will help you apply for a personal loan from TD Bank:
- Online prequalification: You can access the personal loans page at TD Bank’s website to fill out the TD Fit Loan Prequalification Form. It will request your income, contact information, rent payment or mortgage payment, employment information and information about you. The form will ask you how much money you would like to borrow as well as your intended use of the money.
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- You can check loan options. Once you have completed the form, you will be asked to consent to a soft credit assessment. Soft credit checks don’t affect your credit scoreMust
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- Check out your loan options. TD Bank will issue an initial pre-approval decision based on the soft credit. TD Bank will inform you of your options for term and rate if you are eligible to borrow.