TD Bank Personal Loan Review 2024

A personal loan from TD Bank is best for individuals who have good credit. As one of the big banks and a traditional lender in Canada, TD Bank is not a good option for individuals with poor or bad credit. TD Bank is also a good pick if you are a pre-existing client, as that gives you some added advantages.

Loan Amounts & Terms

• Loan Amounts. TD allows borrowers to borrow a minimum of $5,000 up to a maximum of $50,000 depending on their needs.
• Loan Terms. The repayment period is a minimum of one year up to a maximum of seven years.

Loan Costs

• APR. The APR for personal loans from TD Bank range from 8.99% up to 23.99%.
• Origination Fees. Undisclosed
• Late Fees. Undisclosed
• Prepayment Penalty Fees. Undisclosed

Perks & Features

TD offers the following perks and features to borrowers:

• Perk: Choose your payment frequency (weekly, bi-weekly, monthly etc.) to best suit your needs.
• Benefit: Pre-existing TD clients can apply quickly online.
• Perk: Can choose between fixed or variable interest.

As one of Canada’s main banks, TD personal loans are available to Canadians across the country. Here’s how to know if you qualify.

Credit Score Requirements

TD does not officially list a minimum credit score requirement to apply for a personal loan, however, as one of Canada’s big banks and a traditional lender, we know that TD is best for those with a good credit score. If you have poor or bad credit, you likely will be considered too high risk and not be approved for a score. To be approved for a personal loan from TD Bank you should aim to have a credit score of 660 or higher.

Income Requirements

Specific income requirements are not readily available. You do need to have proof of income to apply for a personal loan from TD Bank however, since loans are determined on a case-to-case basis there are no listed income requirements.

Co-signers and Co-applicants

TD personal loans do allow for co-signers or co-applicants. Both applicants will need to meet the requirements to qualify.

Step 1: Figure out how you want to apply. If you are an existing TD client who already used TD online banking, then you can visit the website and click the apply now button. If you are new, you will have to make an appointment to visit a branch in person or to apply over the phone.
Step 2: Ensure you have all the proper paperwork and documents needed to apply for your loan before you head to your application appointment or apply online. This includes proof of a regular income, proof of a permanent address, and proof of a bank account.
Step 3: If you are applying online, follow the directions. If you are applying in person or via phone, follow the representatives’ lead as they walk you through the process. Once completed, you will know whether or not you have been approved.

Time to Receive Funds

Once you have been approved for your TD loan, the funds can be received as quickly as the following day depending on when you apply and where you apply. Some locations may take up to three days for you to receive the full loan amount.

When it comes to customer reviews online, TD Bank doesn’t score very high. Trust Pilot reviews average at 1.5 out of five stars with many complaints directed towards customer service. Long wait times on phone calls are commonly cited frustrations. There are also several reviews mentioning issues with TD products, whether it be credit and bank cards or general online access while travelling outside the country.

On a positive note, reviewers do seem to like the streamlined online banking process. The TD app has 4.5 stars and over 77,000 ratings on the app store. Google reviews for specific branches vary but there are many positive reviews on Google and TrustPilot of clients who have had positive and helpful interactions with branch staff.

Here’s how TD Bank stacks up against other popular lenders providing the best personal loans in Canada:

TD Bank vs. easyfinancial

For those who may not have a good credit rating, easyfinancial could be an alternative option. With no credit score requirement, easyfinancial makes it easy to qualify for loans up to $20,000. That being said, easyfinancial also has high interest rates starting at an APR of 29.99%.

TD Bank vs. Fairstone

Fairstone Financial also offers loans up to $50,000. However, the minimum from this lender is $500 which might be more attractive to some borrowers in comparison to the $5,000 minimum set out by TD Bank. Fairstone is also more likely to lend to individuals with a lower credit score (the minimum requirement is 550). However, the APR rates are higher than those set by TD Bank.

TD Bank vs. BMO

Another one of Canada’s big banks is BMO. BMO personal loans can be as little as $1,500 but the maximum loan available is only $35,000, which may be low for some borrowers. Like TD Bank, borrowers will need good credit and APR rates are very comparable. Additionally, if you are already a BMO customer, you may receive some additional perks and benefits that would make it worth sticking with them.

We reviewed 82 popular lenders based on 17 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the 11 best lenders based on the weighting assigned to each category:

• Loan details: 20%
• Loan cost: 35%
• Eligibility and accessibility: 20%
• Customer experience: 15%
• Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.

Where appropriate, we awarded partial points depending on how well a lender met each criterion.