There are a lot of reasons you may be looking to apply for a personal loan. You could be looking to buy a new car or even renovate that bathroom.
One thing is true for everyone, though – there are a lot of lending institutions to choose from. In Canada, one of these institutions is TD Canada Trust.
The personal loan from this institution offers reasonable rates and fees, as well as features to help make the process easier. In this review, we are going to lay out everything you need to know about the TD personal loan.
Features
Once you get approved through the TD Canada Trust Bank, you will see that a personal loan from them comes with a lot of features. For starters, the loans cost you nothing except for the initial $50 origination fee and the annual $25 for unsecured loans.
The application process is quick, and the applicant will be able to discuss their loan option within one business day of applying. There is also a wide range of acceptable reasons they accept for applying for a personal loan.
There is a discount of .25% if you set up your loan on auto-pay from a TD account. You can also save .25% by opening up a TD personal checking account. Furthermore, the rates and fees are quite reasonable.
Benefits
This personal loan from TD Canada Trust has several benefits along with the features above. These include the following.
- Wide lending ranging (you can borrow up to $50,000)
- You can design a payment schedule that fits your budgetary guidelines
- The applicant has the ability to choose between a fixed or variable rate loan
How to Apply
The first step in the application process is to make sure you meet the requirements below. Then, it is time to make sure you have all the documentation you will need for the process.
This includes the following.
- Purpose of your request
- Personal information and contact details
- Employment and income records
- Details for co-signer if you have one
- Documentation of all your assets
- Any other loans, credit cards, or mortgages (totaled out for amount)
Now that you have all of that, the actual application can be filled out. Once the form has been filled out, you will receive a pre-approval decision. After this, you will want to read over all documentation that is sent to you to make sure it is satisfactory.
Then, you will have to wait for the final decision, which could take up to 24 hours. If you are looking to start the loan application process, visit TD Canada Trust’s application page here.
Who is Eligible?
To be eligible for the TD personal loan, you will have to meet the following requirements.
- Have a credit score of at least 660
- Be a resident of Canada
- Be 18+ years of age
- Have a valid bank account
Fees and Interest
TD Bank doesn’t fully divulge all the interest rates and fees when you start the application process. This is partly due to the fact that the APR that you will be given will depend on your income and credit score. Most rates fall somewhere between 7.8% and 15.8%.
The payments you have will also depend on the term of the loan and the amount you borrow. A personal loan from TD Bank can be given for anywhere from 1-5 years.
Bank Contact Info
If you need more information about the loan process or requirements, here is how you can contact TD Canada Trust.
Phone: 1-866-222-3456
Twitter: @TDBank_CA
Facebook: @TDBank
Website: www.td.com/ca
Summary
Finding the money to complete that project, buy a new car, or pay down some of that debt can be challenging and frustrating, especially since there are so many options to choose from. This means that the process must be thorough, and you have to look at more than one institution to weigh your options.
The personal loan from TD Canada Trust Bank is a fine option if you are looking to complete a big project. With a minimum borrowing amount of $20,000 and a maximum of $50,000, it may best be suited for home renovation projects or automobile purchases.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.