How to apply for a TD Bank personal loan?

Each bank in the United States has its own policies for financing. This is the case of TD Bank, which currently offers a unique personal loan, the TD Fit Loan, with which you can finance up to $50,000 for whatever you want.

Want to know how to apply for a TD Bank loan and its requirements? This post is for you.

You may be interested in: TD Bank's customer service phone 

TD Bank Personal Loan Terms

Before we get into the details of the application process, we want to show you the terms TD Bank offers for their unsecured personal loans. If you plan to apply with them, keep this in mind:

• APR: 8.99% to 23.99%.
• Repayment: 3 to 5 years.
• Amount: $2,000 to $50,000.
• Deposit of funds: One business day.
• Fees: Late payment costs you $10 or 5% of the minimum payment (whichever is less). No origination fee, no origination fee and no early repayment fee.
• Availability: These quick loans are available in the states where TD Bank has offices: Connecticut, Delaware, DC, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont and Virginia.

TD Fit Loan

• Amount: between $ 2,000 and $ 50,000
• Term: between 3 years and 5 years
• Interest: 8.99%
• APR: 8.99%

More info

Requirements to obtain credit from TD Bank

You should know that TD does not publish some of the requirements needed to do this process. However, on their website they state that they analyze your credit history, FICO score and debt-to-income ratio. Along with this, they will ask you for:

• Personal information, which includes address, date of birth and social security number.
• Financial data related to your job activity, fixed expenses, income and whether you are paying rent or a mortgage.

How do I apply for a loan from TD Bank?

We can say that applying for a loan through TD Bank is easy if you know the online dynamics. Essentially, there are 3 steps involved:

• Pre-qualification on the bank's site. At the beginning of the application, you will be asked what you want the money for and how much you want to borrow.
• Review the offers and choose the most suitable one. Once you accept a loan offer, you must submit the formal application. During this step, you may be asked for several documents: bank statements, pay stubs and W2 forms to confirm the information you provided during pre-qualification. Keep in mind that TD Bank will make a hard inquiry when you apply.
• Keep up with your dues. As usual, this bank reports to the 3 major credit bureaus in the United States. That's why it's important to pay on time to prevent your score from being affected. Don't forget to watch your spending and set up automatic payments to manage this commitment wisely.

The Good and Bad of TD Bank Loans

Just as there's no one bank that will satisfy everyone, TD Bank personal loans have their good and not-so-good sides. When it comes to financing, it's not possible to have all the terms we want, but some policies can make up for this. That said, we have the following:

Disadvantages

• No APR rebate. This bank does not offer a rebate of any kind. Typically, some lenders give you a 0.25%-0.5% rate discount when you enable autopay, which saves you some interest.
• Limited terms. The repayment term with this institution is 3, 4 or 5 years, which is very common. However, there are other lenders that give you shorter or longer terms at your convenience.
• It does not offer co-signers or secured credit. TD Bank only offers unsecured personal loans and does not allow the option of using a co-signer at the time of application. These terms usually favor a lower APR or the ability to obtain a higher amount.
• Does not process direct payment to creditors. There are a variety of lenders that pay creditors directly when you apply for debt consolidation credit. Instead, this lender deposits it to you and you have to do the due diligence.

Advantages

• Wide range of amounts. Through TD Bank you can get a small or large loan depending on your needs.
• Soft initial consultation. Unlike other banks, TD lets customers and non-customers pre-qualify for one of its personal loans.
• Option to change your payday. Although you can't change the payment date at signing, you can change it once while you're repaying. This gives you some flexibility in case the day you receive your paycheck is changed.
• Fast approval and disbursement. This bank's processing is quite fast. According to their advertising, they can approve you in as little as 1 minute and deposit the funds in one business day (as long as they don't ask for more documents).

Now you know how to apply for a loan from TD Bank. If you need more information about banking products, Busconomico's search engine will help you find many up-to-date reviews in one place.

Español: ¿Cómo aplicar para un préstamo del TD Bank?