At TD Bank, personal loans are fixed-rate, unsecured installment loans that can be used for a variety of significant life events. Our TD Fit Loan can provide you with an alternative to credit cards or other secured financing options that call for collateral because it doesn’t require any.
Taking out a personal loan can be an excellent way to pay for large purchases, pay for unforeseen costs, or consolidate debt. However, what is the average approval time for a TD Bank personal loan?
The good news is that TD Bank can approve you for a personal loan the same day you apply or within 2-6 business days. Once your application is approved and you accept the offer it takes as soon as the next business day to receive your funds. TD Bank will send the funds to you by electronic bank transfer.
Here’s a breakdown of the timeline for getting a TD Bank personal loan:
- Application: You can apply for a TD Bank personal loan online or at a branch. The application process takes about 10-15 minutes.
- Review: TD Bank will review your application and make a decision within 2-6 business days.
- Approval: If you’re approved, you’ll receive an email or phone call from TD Bank. You’ll need to review and accept the loan agreement.
- Funding: Once you accept the loan agreement, TD Bank will send the funds to your bank account via electronic transfer. This typically takes 1 business day.
Factors that can affect the approval time:
- Your credit score: The higher your credit score, the faster you’re likely to be approved.
- Your income: TD Bank will need to verify your income to make sure you can afford the loan payments.
- Your debt-to-income ratio: This is the amount of debt you have compared to your income. A lower debt-to-income ratio will make you a more attractive borrower.
- The amount of the loan: Larger loans may take longer to be approved.
Tips for getting approved faster:
- Check your credit score: Before you apply, make sure you know your credit score and that there are no errors on your credit report.
- Apply with a cosigner: If you have bad credit, you may be able to get approved for a loan with a cosigner.
- Provide all the required documentation: This will help TD Bank process your application faster.
Here are some additional things to keep in mind:
- You can prequalify for a TD Bank personal loan online without impacting your credit score.
- You can apply for a joint personal loan with another person.
- TD Bank offers a variety of personal loan options, so you can find one that meets your needs.
If you’re considering a personal loan from TD Bank, be sure to compare rates and terms from other lenders before you apply. You may be able to find a better deal elsewhere.
What you get with a TD Fit Loan
- Examine your options without affecting your credit. Enter your information to receive your customized loan options. There is no obligation to proceed. Like what you see? Apply right away .
- Fixed interest rate and loan duration Choose a loan amount between $2,000 and $50,000, with terms ranging from 36 to 60 months, and receive consistent monthly payments1.
- Quick funds without application or origination fees If you are approved, you can receive your money in as little as one business day1. There are no application or origination fees.
- No prepayment penalties Pay off your loan early without incurring any penalties or fees.
- Online account management available around-the-clock Pay bills, handle loans, and more at any time.
Why choose a personal loan?
With just one set monthly payment, personal loans give you quick and flexible access to money for a variety of significant life events, expenses, or debt consolidation.
TD Bank Personal Loans Up To $50,000
FAQ
How long does it take to get approved for a loan from TD Bank?
Is it hard to get a personal loan from TD Bank?
How long until a personal loan is approved?
How long do personal loan approvals take?
How long does a TD Bank personal loan take?
If your application is approved by 4:30 p.m. ET Monday through Friday, your loan could be disbursed as soon as the next business day. But depending on your bank, it could take up to three days for your loan funds to be available. What Is the Interest Rate on a Personal Loan at TD Bank?
Does TD Bank offer a personal loan?
Interest rates may vary, based on loan amount, term and your credit score. Loan terms (length of a loan) and loan amounts come in a wide variety. For instance, TD Bank offers personal loans of $2,000 to $50,000 and lengths of 36 to 60 months Credit score is a factor when qualifying for a personal unsecured loan.
How long does a TD Bank loan last?
At TD Bank, for instance, loan terms range from 36 to 60 months. You can find other lenders who will offer a loan term as short as 12 months and as long as 84 months (7 years.) These extended-time loans are sometimes referred to as “long-term loans,” but that’s an informal label. They tend to function the same as any other personal loan.
Does TD Bank give instant approval for personal loans?
TD Bank doesn’t give instant approval for personal loans, but they may approve you the same day you apply. If they need to verify any of your information, the approval process may take a little longer, but you can expect to get the funds as soon as the next business day after you’re approved and you accept the offer.