Toronto Dominion Bank, popularly known as TD Bank is America’s most trusted financial institution and a leading provider of all kinds of loans. Some of its products offered are TD express loan, personal unsecured loan and personal unsecured line of credit. Home equity loan and home equity line of credit are also available.
Personal loans come very handy when there is some unforeseen expenditure. You can use the funds in your account to settle your credit card bills or for your dream vacation. It also helps you during a medical emergency as you can pay off hefty doctor bills within no time.
Let us look at the three major products of TD Bank.
- TD Express Loan – With an express loan, you get to borrow up to $15,000. Your money will be credited to your account within 48 hours of approval. Moreover, you are not required to submit any tax returns or pay stubs to be eligible for this loan.
- Personal Unsecured Loan – It is a one lump sum amount that you can borrow and pay it back by scheduling monthly payments. There is no collateral required thus keeping you away from using your assets to borrow money.
- Personal Unsecured Line of Credit–It suits planned as well as unplanned expenses. You can withdraw money from your line of credit when required. The best part of unsecured line of credit is that you pay interest only on what you borrow.
Why TD Personal Loan?
TD Bank offers an APR discount of 0.25% to all those who link their automatic payments to a TD bank account. Although this seems to be a small step towards saving, but would be of great benefit in the long run.
TD Express loan suits those who want immediate cash. Borrowers can borrow anywhere between $2000 and $15,000 and expect an expedited delivery. You can be ready to use your funds within 48 hours and enjoy shopping.
The interest rates for TD Express loan is anywhere between 8.99% and 15.99% depending on the term and your credit history. Eligible customers can avail a fixed monthly payment of as low as $218.63. Loan officers will be able to guide you better on the exact rates available.
All loan processes can be done online. Right from applying for a loan to knowing your payment due dates, you can view everything sitting in the comforts of your home. You can also get to know your outstanding loan amount only for your reference.
The bank has a 24X7 customer service and all loans can be accessed anytime anywhere via mobile banking or online banking. Eligible accounts are also given an Android phone free of cost. Favorable terms and conditions make TD Bank an excellent choice for personal loans.
Talking about its demerits, there seem to be none except the fact that the bank does not fund for mobile homes. One elderly customer claims that he was charged $470 for processing his loan application, but was rejected outright when the bank got to know that the customer was looking for a mobile loan.
The bank claims that they did not know that it was a mobile home which the customer was looking for. However, the customer argues saying he had sent the deed, title and description of the house. Also, according to bank policies, they do not refund the fees once charged. This made the customer lose $470 too.
There will certainly be some minor loop holes in all banks. As a customer, it is our responsibility to do a thorough research before paying the bank any kind of application fee. A comparison on the Internet will give you a fair idea of what you can afford.
TD Express Loan
This loan suits better to people who need to consolidate their credit card debts. There are at least two advantages with debt consolidation – a single monthly payment and a lower interest rate. TD Express Loan rates can be as low as 9%, which are much lower than the usual credit card rates (that are usually more than 15%).
Also, you don’t have to pay for switching to TD Express Loan as there are no origination or application fees. Moreover, the approval process is one of the fastest and the upper borrowing limit is pegged at a generous $15,000. The maximum loan amount is just sufficient to make it useful even for other small uses.
How is TD Express Loan different from TD Unsecured Personal Loan?
The former is just a type of the latter. While the upper borrowing limit is capped at $15,000 with the former, the same is at $50,000 in case of the latter. Another difference between the two is the time taken for approval. The former is approved faster and there is typically less documentation.
TD Bank Personal Unsecured Line of Credit
A line of credit works the same as a credit card does. TD Bank unsecured line of credit offers low variable rate and the credit line remains accessible for 10 years. The limit ranges between $2,000 and $50,000, but the best thing is that you need to pay interest only on the amount you withdraw.
You can repay and make the credit line available again. Also, you don’t need to withdraw all money at once. Withdraw cash that you need, use it and repay to make the credit line available again. Also, it is not needed to repay the loan amount immediately. Just continue to pay the interest accrued on the withdrawn amount for as long as the term permits or you clear the debt.
TD Bank Business Line of Credit
Small business owners can qualify for another flexible credit line option, a business line of credit. The fund is made available on demand and you have the flexibility to withdraw as much as your business needs and pay down conveniently.
The credit line limit ranges from $25,000 to $500,000 and is available at a competitive rate and affordable terms. Other features include check and online withdrawal, interest-only payment and automatic deduction from a small business checking account.