TD loans and lines of credit review
- APR Range
- Varies
- Loan Amount
- $5,000 - $50,000
- Loan Term
- 1 - 7 years
- Min. Credit Score
- 660
Our verdict
Choose between a fixed and variable rate when you get a personal loan or line of credit from TD.
If you need a personal loan to pay for a major expense, or a line of credit that lets you access funds when needed, TD can help. This major Canadian bank offers the choice between fixed and variable rates, loans of up to $50,000, and flexible repayment schedules that can be tailored to suit your needs. It's easy to apply online if you're a TD customer, but not a suitable option for people with bad credit.
Pros
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One of Canada's biggest banks
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Choose a fixed or variable rate
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Flexible repayment schedule and prepayment allowed
Cons
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You'll need to look elsewhere if you have bad credit
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New-to-TD customers can't apply online
Overall customer satisfaction score: 86.15%
Finalist — Best Personal Loan Traditional Lender category
TD was the finalist in the Best Personal Loan Traditional Lender category in the Finder: Personal Loans Customer Satisfaction Awards 2023. TD scored 86.15% in the overall customer satisfaction score and secured a spot in Canada’s Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in 2023.
What is TD?
TD is one of the largest banks in Canada. It offers its customers a full range of banking products and services, including everything from savings and chequing accounts to mortgages, credit cards and investment accounts.
Its personal lending products include personal loans, lines of credit, car loans and RSP loans. You can apply for a TD Bank personal loan or line of credit online, with loan amounts of up to $50,000 available.
Is TD legit?
TD Bank, or Toronto-Dominion Bank, was formed in 1955 when the Bank of Toronto (founded in 1855) merged with The Dominion Bank (founded in 1869). The Toronto-Dominion Bank provides Canadians a full range of financial products and services through its Canada-based subsidiary, TD Canada Trust.
Today it is recognized as one of Canada’s “big six” banks, offers retail banking solutions in Canada and the USA, and has over 27 million customers worldwide. TD Bank is also listed on the Toronto and New York Stock Exchanges.
Features of TD personal loans and lines of credit
| Feature | Personal loan | Personal line of credit |
|---|---|---|
| Loan amount | $5,000 – $50,000 | $5,000 – $50,000 |
| Loan term | 1 – 7 years | Open-ended |
| APR | Varies | Varies |
| Serviced provinces | All | All |
| Eligibility requirements | Regular valid income | Regular valid income |
What are the interest rates of TD loans and lines of credit?
TD personal loan interest rates are not listed on the bank’s website. However, the interest rate you’ll get when you borrow will vary depending on factors such as:
- Your credit score
- Your income
- Your existing debt
- Whether you choose a fixed or variable rate
What we like about TD loans
- Terms of 1 to 7 years. You can repay a TD personal loan over a period ranging from 1 to 7 years.
- Flexible repayments. Choose weekly, bi-weekly, semi-monthly or monthly payments on a TD personal loan.
- Fixed or variable rates available. Regardless of whether you apply for a TD personal loan or line of credit, you get the freedom to choose between a fixed or a variable rate depending on your needs.
- Loan amount range. You can borrow between and $50,000 with a TD loan or line of credit.
- Use funds for a range of purposes. You can consider applying for a personal loan through TD Bank to help you finance a home renovation, to consolidate debt or to cover a financial shortfall.
- No prepayment penalties. You can pay off a TD personal loan early without incurring any fees or charges.
- Easy access to funds. With a TD line of credit, you can access your money via a TD Access Card, online banking, the TD mobile app, ATMs and cheques.
What to watch out for
- You’ll need good credit. TD Bank, like all traditional lenders, specializes in loans for borrowers with good to excellent credit. If your credit score leaves a little to be desired, you may need to find a lender that offers bad credit personal loans.
- New customers can’t apply online. While existing TD customers can fill out an online application form, customers that don’t have a TD online banking login will need to book an appointment with a TD representative.
Alternatives to TD personal loans
What do TD reviews have to say?
There are some negative reviews for TD Bank online. People who left negative reviews commonly complained about poor customer service.
However, it’s also worth mentioning that TD review scores vary from one branch to the next. The TD app has also received largely positive reviews, averaging 4.2 out of 5 stars on Google Play and 4.5 out of 5 on Apple’s App Store.
Summary of TD reviews
| Feature | Details |
|---|---|
| BBB accredited | No |
| BBB rating | F |
| Google reviews | Varies from branch to branch |
| Trustpilot reviews |
|
| Facebook reviews | No TD reviews available |
| Apple App Store reviews | 4.5 out of 5 stars, based on 75,672 TD reviews |
| Google Play reviews | 4.2 out of 5 stars, based on 102,669 TD reviews |
| Customer reviews verified as of | 21 August 2023 |
TD reviews from Finder survey
What are TD’s loans?
There are two main TD loans to consider:
- Personal loan. This unsecured loan lets you borrow between and $50,000, and pay back what you borrow over terms ranging from 1 - 7 years. TD personal loan interest rates can be fixed or variable, and you can use your loan to consolidate debt or pay for a major purchase.
- Personal line of credit. TD lines of credit provide access to a credit limit ranging from to $50,000. There are multiple ways to access your money and you can use as little or as much of the funds as you wish. You only pay interest on the funds you use, and your line of credit remains available for use when needed.
Other loans offered by TD include RRSP loans, vehicle loans, student lines of credit, home equity lines of credit and investment secured lines of credit.
Can I use a TD personal loan for debt consolidation?
Yes. You can use a TD personal loan to consolidate up to $50,000 of unsecured debt.
This allows you to take out a loan to pay off all your existing debt. Then, instead of having multiple separate monthly payments to make, you only have to make one, lower-interest repayment per month. If you make all your payments on-time, the end result is that you hopefully get out of debt sooner.
Can I get TD loans with bad credit?
No. TD doesn’t list on its website any minimum credit score requirements that you must meet to qualify for a personal loan or line of credit.
However, as TD is a traditional lender, you will most likely need a credit score of at least 660 to qualify for an unsecured loan.
What are the eligibility requirements for TD loans and lines of credit?
Although TD does not specify its eligibility requirements for personal loans or lines of credit, below are common requirements that banks have.
- Have good to excellent credit score (above 660 for unsecured loans).
- Be a Canadian citizen or permanent resident.
- Be at least the age of majority in the province where you take out the loan.
- Have a valid bank account.
- Have not been declined credit in the last several months.
- Have not declared bankruptcy in the last several years.
How to get a TD loan
If you have a TD username, access card or connect ID, you can log in to your account and complete your personal loan application from there. You can see your personalized loan interest rate options if TD has enough information about you. If TD needs more information, you must book an appointment with a TD adviser.
You will need to book an appointment if you do not have login credentials. You’ll be asked to provide your contact details and select a branch when booking an appointment. You can choose to have the meeting by phone or in person.
Bottom line
TD is worth a look if you’re searching for a competitive rate on a personal loan or line of credit. It’s easy to apply if you’re an existing customer, and you get to enjoy the perks of dealing with a major bank — user-friendly online and mobile banking, branch access when you want face-to-face customer service, and peace of mind that you’re borrowing from a legit provider. Keep in mind that you’ll need good to excellent credit to qualify for TD loans.
Frequently asked questions
