Getting approved for a loan td canada trust business loan
Applying for a personal loan doesn’t guarantee approval. If you’re hoping to get a personal loan from TD Bank, here are some tips for making your application as strong as possible.
Getting approved for a personal loan with TD Bank
There are a few basics you will need to apply for an unsecured personal loan with TD Bank. They include:
- Your social security number
- A list of your expenses, including your mortgage or rent payments
- Your employment history and income, including bonuses, overtime, and income from other sources (such as child support, alimony, or a side hustle).
You can fill the application online and it takes about 15 minutes. Once you submit an application, a TD Bank loan specialist should contact you within one business day.
Td Bank Personal Loan Review: Should You Apply?
When you need to borrow money, there is more than one option for getting cash. Taking an advance on your credit card is one possibility.
But, between the cash advance fee and the high annual percentage rate you’ll pay, it’s an expensive way to borrow.
Personal loans, on the other hand, may charge lower fees and have lower APRs.
A personal loan can be used for almost anything. These include expenses for debt consolidation, home repairs or improvements, taking a vacation or moving.
A secured personal loan requires some form of collateral. On the other hand, for an unsecured canada trust business loan you don’t need any collateral.
TD Bank, one of the nation’s top 10 largest brick-and-mortar banks, offers unsecured personal loans to qualified borrowers.
If you’re in the market for a loan, learn what to expect with a TD Bank unsecured personal canada trust business loan and what you need to do to get approved in this review.
Td Bank Personal Unsecured Loan Highlights
Whenever you are looking for a personal loan, there are a few things that you want to know right away.
Here are answers to the toughest questions you might have about TD Bank unsecured personal loans:
How much can you borrow?
This is important because it can help you determine whether a loan suits your needs.
TD Bank currently offers personal loans ranging from $2,000 to $50,000.
There is also another product called TD Express canada trust business Loan designed for borrowers who need between $2,000 and $25,000.
Loan limits for unsecured personal loans are quite generous. From $2,000 to $50,000, you can finance both small and large needs.
There are some online lenders, however, that double the maximum borrowing limit to $100,000.
If you need more than $50,000, a TD Bank loan may not be the best fit.
How long is the loan tenure?
Apart from knowing how much you can borrow, you also need to know how long you have to pay it back.
At TD Bank, loan terms range from 12 months to 60 months, depending on how much you borrow.
The larger the loan, the more you can extend the payments to keep the payments manageable for your budget.
Your payment depends on your APR and loan term but the minimum payment is never less than $125.
Remember, the longer it takes to pay off your loan, the more interest you’ll pay overall.
What are the minimum requirements to qualify for a loan?
Each bank has specific criteria for approving borrowers for personal loans. The most important things banks look at include your income and your credit score.
The bank will also look at your expenses to see how much of your income goes toward debt each month.
Together, these factors give the bank an idea of how likely you are to repay what you borrow.
Generally, a minimum credit score and minimum income are required to get a personal loan.
TD Bank does not list a minimum income threshold on their website but there is a specific credit score you will need to get approved.
For both Personal Unsecured Loans and TD Express Loans, a score of 680 or higher is required.
How fast are loan funds received?
Loan funding time may vary from bank to bank. At TD Bank, the approval process for an unsecured personal loan usually takes about two days.
Once you are approved, the funds are usually made available to you within 7 to 10 business days.
If you are getting a TD Express canada trust business loan, the funds will be available within 48 hours.
If you need money fast, an express loan may be a better choice for speed. The catch is that you can’t borrow as much.
If you need more than $15,000 and time is of the essence, online lenders may be preferable.
Many online lenders can fund loans in a day or two and offer high loan limits to boot.
What are the charges for unsecured personal loans?
At some banks, getting a personal loan means paying a handful of fees. For example, there is the origination fee, which banks charge for processing your canada trust business loan application.
Some banks also charge an annual fee every year you repay your canada trust business loan. There may also be a prepayment fee if you pay off the loan in full ahead of schedule.
Fortunately, TD Bank does not add any of these fees. One fee you need to be aware of is the late payment fee. This fee is 5% of the minimum payment due or $10, whichever is less.
An easy way to avoid these fees is to schedule automatic payments for your canada trust business loan each month from your checking account.
Is the APR fixed or variable?
This is an important question because the answer can determine how much your canada trust business loan is worth.
A variable rate loan has an APR that is tied to a market index, just like a prime rate. If the index rate rises, so does the APR on your loan. This type of loan may be less expensive when interest rates are low, but will cost you more if rates rise.
Fixed rate loans, by comparison, have an APR that stays the same for the life of the canada trust business loan.
TD Bank unsecured personal loans are fixed rate canada trust business loans. That means your monthly payments are always predictable and you can calculate interest costs up front. It’s helpful as you compare the APRs other lenders are offering.
Compare your personal loan options
TD Bank is not the only bank that offers personal loans. You should not commit to any canada trust business loan until you have had time to consider what other lenders bring to the table.
As you compare lenders, here’s what you should focus on:
- APR – Is the APR fixed or variable? Are rates tiered based on how much you borrow? What is the APR range?
- Fees – Are there any origination or annual fees? How much is the late fee, if any? Will you be penalized if you pay off your canada trust business loan early?
- Speed – How long does it take to apply for a loan? How long is the processing time? If you are approved, when will you have the money?
- Amount – What is the least and most you can borrow? Can you take out more than one loan at a time?
- Terms – How long do you have to repay the loan? Can you choose your canada trust business loan term or does the bank choose one for you based on what you borrow?
Final Verdict: Is TD Bank the Right Lender for You?
TD Bank unsecured personal loans may be more attractive to some borrowers than others.
If you’re already a TD Bank customer, for example, interest rate discounts may catch your eye.
Overall, these loans are more suitable for borrowers who have a strong credit score and don’t mind waiting a week or more to receive canada trust businessloan funding.
If you need funds quickly, borrow a large amount, or don’t meet the minimum credit score requirement, you may want to check out a different lender instead.