Last Updated on February 27, 2025 by admin
Canada’s international Toronto-Dominion Bank{ TD bank Personal Loans} gives the borrower the credit they need, with fixed monthly loan payments . As the top largest banks in the United States and Canada, the bank offers secured and unsecured personal loans and lines of credit to cover large and small expenses
TD Bank offers personal loans with amounts ranging from $2,000 to $50,000 and terms between 36 to 60 months. To qualify, applicants must meet certain eligibility criteria, including a minimum credit score of 700 and providing personal information such as income and employment details. The interest rates for these loans in 2025 range from 8.99% to 23.99%, depending on the borrower’s creditworthiness and other factors
TD bank APR is 6.99%-21.99% and it doesn’t have origination or application fees during the loan application process. The loan tenor ranges from 36 months to 60 months
TD Bank’s line of credit is a flexible financial product that offers competitive terms compared to other banks. It features a maximum APR ranging from 8.99% to 23.99% and does not charge origination or prepayment fees, which is a significant advantage. However, there is an annual fee of $50 for loan amounts of $50,000 or more, and an origination fee of $99. Additionally, an early termination fee of 2% of the outstanding principal balance (up to $450) applies if the line of credit is paid off and closed within 24 months.
Eligibility for TD Bank’s personal loans and lines of credit requires applicants to be at least 18 years old, have a valid Social Security number or Individual Tax Identification number, and reside in one of the states where TD Bank operates. The bank evaluates factors such as credit score, credit history, debt-to-income ratio, employment history, and income. Notably, TD Bank does not offer joint loans or allow co-signers, and the loans are unsecured, meaning no collateral is required.
Read: How to pay and add card to TD Bank Digital wallet
Types of TD bank Personal Loans
1. TD Bank offers a variety of unsecured personal loans through their TD Fit Loan program. These loans are designed to cater to different financial needs such as debt consolidation, home improvements, vacations, weddings, and other major life events. The loan amounts range from $2,000 to $50,000, with repayment terms spanning from 36 to 60 months. The interest rates for these loans are fixed and range from 8.99% to 23.99% APR, depending on the borrower’s creditworthiness and other factors.
| Loan Type | Purpose | Loan Amount Range | Interest Rate (APR) | Repayment Term |
|---|---|---|---|---|
| TD Fit Loan | Debt consolidation, home improvements, vacations, weddings | $2,000 – $50,000 | 8.99% – 23.99% | 36 – 60 months |
2. Personal Secured Loan:
- Purpose: This loan is secured by your TD Bank savings account, money market account, or CD. It can be used for similar purposes as the TD Fit Loan.
- Features:
- Secured: Requires collateral in the form of your TD Bank savings.
- Typically lower interest rates: Since it’s secured, the interest rates may be lower than unsecured loans.
- Continue earning interest: You can continue earning interest on your savings while using the loan.
- Eligibility: You need to have a qualifying TD Bank savings account and meet other credit requirements.
- How to Apply: You can apply in person at a TD Bank branch.
3. TD Moneyline Overdraft Protection:
- Purpose: This is a line of credit linked to your checking account that can help cover overdrafts.
- Features:
- Acts as a safety net: Provides protection against overdraft fees.
- Interest-only payments: You only pay interest on the amount you borrow.
- Eligibility: You need to have a TD Bank checking account and meet certain creditworthiness criteria.
- How to Apply: You can apply online, in the TD app, or at a TD Bank branch.
What you need to apply for TD Bank personal loan
To apply for a TD Bank personal loan, you can begin the process either online or in-person at a TD Bank branch. The application requires you to provide personal information such as your name, birthdate, and contact details. Additionally, you will need to submit your Social Security number, income, employment details, and information about your housing payments. TD Bank offers a prequalification tool that allows you to check potential rates and eligibility without affecting your credit score
Specific Requirements for Different Loan Types:
- TD Fit Loan (Unsecured): You won’t need to provide any collateral for this loan. The approval and interest rate will mainly depend on your creditworthiness.
- Personal Secured Loan: You will need to have an existing TD Bank savings account, money market account, or CD that can be used as collateral for the loan. This can help you get a lower interest rate.
- TD Moneyline Overdraft Protection: This is a line of credit linked to your checking account, so you’ll need to have a TD Bank checking account to qualify.
Also read: United states Banks Mobile Check Deposit Limits
Type of TD bank interest rate
TD Bank’s interest rates for loans and mortgages in 2025 are influenced by a variety of factors. Economic conditions such as inflation rates and GDP growth significantly impact the bank’s prime rate, which serves as a basis for many lending products. Additionally, the Federal Reserve’s monetary policy decisions, particularly changes to the federal funds rate, indirectly affect TD Bank’s rates. Market competition, the bank’s financial goals, and individual borrower characteristics also play crucial roles in determining the specific rates offered to customers.[1][2][3][4][5][6][7][8][9][10]
As of February 2025, TD Bank’s interest rates are generally competitive with other major Canadian banks. The bank’s prime rate is currently 5.2%, while its mortgage prime rate is 5.35%. For mortgages, TD’s 5-year variable rate is 4.94%, which is slightly higher than some competitors like CIBC and Scotiabank, but lower than RBC. The 5-year fixed mortgage rate of 4.74% is also in the middle range compared to other big banks. For GICs, TD offers rates ranging from 2.75% to 3.25% for 3-5 year terms.
| Bank | 5-Year Variable Rate | 5-Year Fixed Rate |
|---|---|---|
| TD Bank | 4.94% | 4.74% |
| CIBC | 4.45% | N/A |
| Scotiabank | 4.50% | N/A |
| RBC | 4.75% | N/A |
TD Bank offers two main savings account options with varying interest rates. The TD Simple Savings account provides a low 0.02% Annual Percentage Yield (APY) on all balances. In contrast, the TD Signature Savings account offers tiered interest rates, with standard rates ranging from 0.01% to 0.05% APY depending on the balance. Customers who qualify for the ‘relationship rate’ by linking their TD Signature Savings to an eligible TD Bank product can earn significantly higher rates, ranging from 1.60% to 3.51% APY for balances of $10,000 and above
How to apply For TD bank personal Loan
Applying for a TD Bank personal loan involves several steps that can be completed online or in person. To begin, you need to gather essential personal information such as your name, birthdate, phone number, email, and mailing address. Additionally, you will need to provide your Social Security number, income and employment details, housing payment information, and the amount you wish to borrow along with the intended use of the funds. Having this information ready will streamline the application process.
Once you have gathered the necessary information, you can start the application process by visiting TD Bank’s personal loan webpage. Here, you can use their prequalification tool to check your personalized loan options without impacting your credit score. This step requires you to input basic personal information, including your Social Security number, employment history, income details, and information about your expenses like mortgage or rent payments. After reviewing your loan options, you can choose one and proceed with the full application.
During the full application process, TD Bank will conduct a hard credit check, which may affect your credit score. You will need to verify your information and submit any required documents, such as two forms of government-issued identification, proof of income, and proof of address. Once your application is submitted, you will receive a decision via email. If approved, you could receive your funds as quickly as the next business day, provided your application is approved by 4:30 p.m. ET Monday through Friday.
TD Bank Personal Line of Credit
TD Bank Personal Line of Credit offers flexible access to funds, allowing customers to borrow as needed and repay over time without the need to reapply. This financial product is particularly beneficial for managing variable expenses or covering unexpected cash flow gaps. Unlike fixed-rate loans, a personal line of credit typically features variable interest rates, which can fluctuate based on market conditions and the borrower’s creditworthiness. This flexibility makes it an attractive option for those who require ongoing access to credit
| Requirement | Details |
|---|---|
| Age | At least 18 years old |
| Residency | Must reside in a state where TD Bank operates |
| Identification | Government-issued ID |
| Income Proof | Recent pay stubs or tax returns |
| Credit Score | Minimum of 660 |
| Credit Check | Required |
The benefits of a TD Bank Personal Line of Credit include the ability to repay and reuse credit without reapplying, which can lead to potential savings by paying off higher-interest debts. It is also useful for covering costs such as home repairs or education. However, there are potential drawbacks, such as the risk of accumulating debt if not managed properly and the possibility of higher interest rates compared to secured options like a Home Equity FlexLine. Additionally, various fees may apply, and the geographical availability of this product is limited to the Eastern seaboard
Eligibility Requirements:
- A good credit score is usually required to qualify for a personal line of credit.
- You’ll need to provide proof of income to demonstrate your ability to repay the borrowed amount.
- TD Bank may consider other factors like your debt-to-income ratio and employment history.
How to Apply:
To apply for a TD Bank Personal Line of Credit, applicants must provide several key documents, including government-issued identification, proof of income, and expense statements. This process also involves a credit check to assess the applicant’s creditworthiness. If a co-signer is involved, they must provide the same documentation. Additionally, applicants need to supply bank account details for fund deposits and repayment scheduling. It is important to note that TD Bank does not offer a prequalification process for this product, which means a hard credit inquiry is required during the application
Read: Wells Fargo: How to transfer money between accounts, bank and Send money to family abroad
Type of TD bank Lines of Credit
TD Bank offers a variety of lines of credit to cater to different financial needs. These include Personal Lines of Credit, which provide flexible access to funds for everyday expenses and major purchases. The Student Line of Credit is designed to cover education costs, allowing students to borrow up to $80,000 for undergraduate studies and up to $325,000 for professional and graduate programs. Additionally, the TD Home Equity FlexLine allows homeowners to borrow against their home equity, offering potentially lower interest rates compared to unsecured credit options.
| Type of Line of Credit | Purpose | Borrowing Limit |
|---|---|---|
| Personal Line of Credit | Everyday expenses and major purchases | Varies by approval |
| Student Line of Credit | Education costs | Up to $80,000 for undergraduates, $325,000 for graduates |
| TD Home Equity FlexLine | Home renovations and large expenses | Up to 80% of home value |
For those looking to leverage their investments, TD Bank offers the Investment Secured Line of Credit. This option uses eligible investments as collateral, which can result in lower interest rates compared to unsecured lines of credit. This type of credit is particularly beneficial for individuals who have significant investments and are looking to access funds without liquidating their assets. Additionally, TD Bank provides business lines of credit, which require a TD Business Checking account with a minimum balance of $40,000 and are subject to credit approval.
While TD Bank’s lines of credit are competitive, they are primarily available in select East Coast states, including Connecticut, Delaware, Florida, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont, and the District of Columbia. This geographical limitation may be a drawback for potential borrowers outside these areas. However, for those within the service area, TD Bank offers interest rate discounts for existing customers, making their lines of credit an attractive option for those who already have a relationship with the bank
