Taking out a personal loan means committing yourself to a lender, and like any relationship (even a financial one) you need trust and reliability. For some borrowers, that means turning to a brick-and-mortar bank like TD Bank for a loan. CNBC Select delivers important details on discounts, funding amounts, loan terms and more.
TD Bank Personal Loans
Annual Percentage Rate (APR)
Loan purpose
Debt consolidation, home improvement, vehicle purchase or repair, vacations, weddings or medical expenses
Loan amounts
Terms
Credit needed
Origination fee
Early payoff penalty
Late fee
5% of minimum payment due or $10, whichever is less
Pros
- No origination fees, application fee or early payoff fees
- Borrowers can receive their funds in as little as one business day
- Offers repayment terms and loan amounts on par with what most other lenders offer
Cons
- Not available in all states
- Credit requirements are not disclosed
- Charges a late fee
TD Bank personal loan review
Compare personal loan offers
TD Bank personal loan pros and cons
As you would with any other lender, consider the following pros and cons before applying for a TD Bank personal loan.
Pros
- Doesn’t charge origination fees, application fees or prepayment penalties.
- Borrowers can receive their funds within one business day if approved by 4:30 pm EST on a weekday.
- Loan amounts range from $2,000 to $50,000, which is on par with what other lenders in the space offer.
- TD Bank is a well-known financial institution, which can be a draw for those who want to go with a household name in banking.
Cons
- Only available to residents of CT, NJ, DE, NY, Washington, D.C., NC, FL, PA, ME, RI, MD, SC, MA, VT, NH and VA.
- TD Bank doesn’t disclose their credit score requirements for their personal loan.
- Charges a late fee of 5% of the minimum payment due or $10, whichever is less.
TD Bank personal loan fees
TD Bank doesn’t charge any application fees, origination fees or prepayment penalties. This is good news since you’ll save money on the application process and won’t be penalized if you pay off your loan early.
It does, however, charge a late fee. The late fee is equivalent to 5% of the minimum payment due or $10, whichever is the lower amount. By contrast, some other lenders don’t charge a late fee.
TD Bank personal loan benefits and discounts
TD Bank offers online account management that’s available to you 24/7. Other than that, this lender doesn’t provide any loan benefits (such as a rate discount or special terms to help existing customers save money).
How does TD Bank compare to other lenders?
Here’s how TD Bank stacks up against two other popular personal loan lenders.
Personal Loan Lenders
| TD Bank | LightStream | Discover | |
| Loan amounts | $2,000 to $50,000 | $5,000 to $100,000 | $2,500 to $40,000 |
| Loan terms | 36 to 60 months | 24 to 240 months | 36 to 84 months |
| Origination fee | None | None | None |
| Late fee | 5% of minimum payment due or $10, whichever is less | None | $39 |
| Prepayment penalty | None | None | None |
TD Bank vs. LightStream
If you’re comfortable with an online-only lender and need a large loan, consider going with LightStream. This lender offers higher funding amounts than TD Bank, letting you apply for up to $100,000 (compared to TD Bank’s limit of $50,000).
LightStream also offers term lengths as long as 240 months, depending on the loan purpose, whereas TD Bank’s repayment terms last as long as 60 months. This may not make much of a difference if you’re already considering loan terms for five years or under. But if you need a longer repayment term, LightStream may be the better choice.
Lastly, neither LightStream nor TD Bank charges an origination fee and prepayment fee. However, TD Bank charges a late fee while LightStream does not.
LightStream Personal Loans
Annual Percentage Rate (APR)
6.94% – 25.29%* APR with AutoPay
Loan purpose
Debt consolidation, home improvement, auto financing, medical expenses, and others
Loan amounts
Terms
24 to 240 months* dependent on loan purpose
Credit needed
Origination fee
Early payoff penalty
Late fee
Terms apply. *AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose.
Pros
- Same-day funding available through ACH or wire transfer (conditions apply)
- Loan amounts up to $100,000
- No origination fees, no early payoff fees, no late fees
- LightStream plants a tree for every loan
Cons
- Requires several years of credit history
- No option to pay your creditors directly
- Not available for student loans or business loans
- No option for pre-approval on website (but pre-qualification is available on some third-party lending platforms)
TD Bank vs. Discover
Both TD Bank and Discover are well-known financial service brands. Discover has a slightly lower funding limit of $40,000. At the same time, Discover offers longer repayment terms than TD Bank (up to 84 months vs. TD Bank’s 60-month limit).
Both lenders charge a late fee, but TD Bank’s is lower — this lender’s late fee is $10 or 5% of the amount owed (whichever is lower) and Discover charges a late fee of $39.
Discover Personal Loans
Annual Percentage Rate (APR)
Loan purpose
Debt consolidation, home improvement, wedding or vacation
Loan amounts
Terms
36, 48, 60, 72 and 84 months
Credit needed
Origination fee
Early payoff penalty
Late fee
Pros
- No origination fees, no early payoff fees
- Same-day decision (in most cases)
- Option to pay creditors directly
- 7 different payment options from mailing a check to pay by phone or app
Cons
- Late fee of $39
- No autopay discount
- No cosigners or joint applications
FAQs
How much do personal loans cost?
All personal loans charge interest, however, not all lenders charge an application or origination fee. The exact cost can vary depending on the lender but opting for a loan offer without an application fee or origination fee can help you save money on the loan.
How is my personal loan rate decided?
Lenders consider your credit score and credit history when offering you loan terms, including your APR. They may also consider factors like your income and loan amount.
How big of a personal loan can I get?
The largest personal loan you can get is usually $100,000 but most lenders offer limits closer to $50,000.
Subscribe to the CNBC Select Newsletter!
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
