TD Bank Small Business Loan Review

TD Bank business loan is a business financing offering by TD Bank, based in Wilmington, DE. Founded in 1855, TD Bank offers access to small business loans in 15 states (and Washington, DC).

What are TD Bank business loan’s rates?

TD Bank business loan offers a fixed APR business financing product but they do not disclose their rates.

Does TD Bank business loan charge an origination fee?

Yes, TD Bank business loan charges a loan origination fee.

What limitations does TD Bank business loan set on the purpose of the business loan?

TD Bank business loan considers business loan applications for business purposes, such as:

• Equipment Purchase
• Inventory
• Lease Improvement
• Product or Service Expansion
• Technology Investment
• Working capital

What types of small business loans does TD Bank business loan offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. TD Bank business loan provides access to the following business loan types:

• Unsecured Term Business Loans
• Secured Term Business Loans

Does TD Bank business loan charge prepayment fees?

Yes, TD Bank business loan charges additional fees to borrowers who pay off their small business loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a business loan early.

How much can you borrow from TD Bank business loan?

Business loan amounts start at $10,000 and go up to $1,000,000.

What is the maximum business loan term you can get with TD Bank business loan?

TD Bank business loan offers small business loans with terms ranging from 36 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for TD Bank Small Business Loan?

TD Bank Small Business Loan does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.

Applicants with a credit score of at least 600 and up to 850 may be eligible for TD Bank Small Business Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via TD Bank Small Business Loan. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by TD Bank Small Business Loan. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Recent bank statements
• Business formation documents
• Driver's license
• Proof of identity
• U.S. tax identification number

Does TD Bank Small Business Loan report your account activity to credit bureaus?

Yes, TD Bank Small Business Loan reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.