September 1

TD Bank Personal Loans – Benefits of Secured and Unsecured Loan


by Ivan Ross on Mar 20th, 2014 | 1 comment

TD Bank is a major bank offering unsecured personal loans at attractive terms. The Canadian bank with a strong presence in the Northeast, Mid-Atlantic, the Carolinas, Washington DC, and Florida, offers an array of personal loan products at fixed as well as variable rates. Secured Loans known as Collateral Loans at TD Bank are available at low variable rates whereas unsecured personal loans come with fixed rates and payments. Simple application process and quick approval make TD Bank a good option to get easy access to personal loans even with bad credit. Here is a review.

This Bank offers an array of loan products for a variety of purposes. Some of the most common ones are as follows:

  • Automobile Loan
  • Recreation Vehicle Loan
  • Boat Loan
  • TD Moneyline Overdraft Protection
  • Collateral Loan
  • Personal Unsecured Loans

Each of the above-listed loan type may vary greatly in rates and other features, and not all may suit your typical fund requirement. For example, you may want to pay for education or wedding expenses, or make a payment towards an unexpected bill. Apart from the genuine financing requirement due to an unavoidable situation, personal loans are also generally used for loan consolidation. It is a good financial decision to consolidate high-interest credit card bills or other loans with TD Bank low-interest personal loans.

Secured vs Unsecured Personal Loans

The basic difference between the two types of loans is the requirement of collateral in the case of a secured loan. TD Bank Secured Loans is thus named as Collateral Loans. The bank may approve a secured personal loan request if you agree to use any of the following as collateral:

  • TD Savings Account
  • Money Market Savings Account
  • TD Certificate of Deposit (CD)

The advantages with TD secured personal loans include the following:

  • Maximum loan amount can be anything, and is subject to the value of collateral
  • No annual fee is charged
  • Variable interest rates and APRs
  • TD Bank continues to offer interest on the money used for borrowing

Approval is fast and there is very little credit requirements. Such loans are perfectly suitable for people with a bad credit history, and can be used to reestablish lost credit. Use a calculator to check how much benefit it offers to you.

TD Bank Unsecured Personal Loans

Unsecured personal loans can help you pay for education expenses, medical bills, and home improvement costs. You can also use the fund to plan a vacation or consolidate many high-interest loans into one single payment. Unsecured loans are generally available for borrowers with a very good credit score as it is indeed a risky business for the bank to offer such lending solutions. Moreover, the interest rates also tend to be higher in case of an unsecured loan than a secured loan.

The advantages with TD Bank unsecured personal loans can be:

  • Loan amount can be as high as $50,000 and more depending on the credit score of the borrower
  • Fixed interest rates
  • Flexible Terms of Payment
  • Fixed Monthly payments
  • No Annual Fee

As the interest rates vary according to the geographical locations and the loan amount and borrowers’ credit standing, you need to contact the customer service official of the bank to get information in this regard.

The customer service phone number to ask about secured or unsecured personal loans of TD Bank is 800-937-5020.

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