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Types of Loans and Lines of Credit
Need help finding a credit solution? Let us help you choose.
What are you borrowing for?
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Pay Debts
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Home Repair and Renovation
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Unexpected Expenses
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Education
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Car Purchase
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Borrowing for Investments
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Retirement
Tips to help you manage debt
Debt… not your typical topic of conversation with friends or family. For the most part, a lot of us like to avoid thinking of the topic altogether. But what we can all agree on is that we would love to get rid of it – or at least pay it down faster. So here are some steps you can take to help you tackle it.
Consolidate your debt and save money on interest
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With the lower interest rate, you may reduce your interest cost, and may have a lower payment amount
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Allows you to pay off your debt sooner if you use the money you save on lower interest payments to increase your payment amount.
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Makes paying off your debt simpler
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By paying off your higher-interest debts (e.g. credit cards) with a lower interest credit option, you’ll only have to deal with payment
Personal Loan
With a Personal Loan, you'll get your funds up front with fixed periodic payments that fit your budget. You can pay off your loan at any time without any fees or charges.
Personal Line of Credit
A Personal Line of Credit can help you pay off your other debts with flexible payments and competitive interest rates while providing ongoing access to available credit for future use.1
1 Subject to the terms and conditions of your Line of Credit Agreement
TD Home Equity FlexLine
If you own your home, a TD Home Equity FlexLine may be a good option. You can use the equity you have built up in your home to finance your home renovation project and repairs.
Get flexible access to ongoing credit based on the appraised value of your home. Using your home as security may result in a lower interest rate compared to other credit products.
Choose a payment option that works for you, whether you pay at your own pace with interest only payments on the variable rate portion, or establish regular fixed payments through our Fixed Rate Advantage Option .
Personal Line of Credit
If you do not want to use your home as security, then a Personal Line of Credit option gives you the credit you need for your home renovation and repair projects. As you pay down your balance, the Personal Line of Credit can be reused for any other needs you may have as well.
Personal Loan
With a Personal Loan, you'll get your funds upfront with fixed periodic payments that fit your budget. You can pay off your loan at any time without any fees or charges.
Personal Line of Credit
Ideal for unexpected expenses. A Personal Line of Credit can give you the credit you might need in the event of an emergency or other unplanned situations.
- Enjoy peace of mind with the flexibility of making payments that work for you1
- Pay interest only on what you borrow
- Enjoy competitive interest rate options
- Pay as little as the minimum payment1 or pay off more at any time
- Access available credit without having to reapply to terms of your Line of Credit Agreement
1 Pay as little as 1% of the outstanding balance owing, interest charged for the month, or $50, whichever is the greater amount.
Student Line of Credit
This line of credit features a low interest rate specific for students and has flexible access to credit.
- Pursue undergraduate and college programs, or graduate and professional programs, with credit limits specific to the program
- Enjoy low student interest rates, with interest ‑ only monthly payments required while in school and for 24 months after you leave school. And then what?
Auto Loan
For purchasing a vehicle, (up to 5 years old), these loans are secured against the vehicle and allow you to pay it off with fixed regular payments. Because it is secured with the vehicle, you may get a lower rate than if the loan was unsecured.
Personal Line of Credit
A Personal Line of Credit gives you the freedom to shop for a car at a moment's notice. It provides you with the flexibility to access credit and helps you manage paying off your car at your own pace1.
- Enjoy competitive interest rate options
- Pay as little as the minimum monthly payment requirement as set out in your Line of Credit Agreement, or pay off more at any time
- Access available credit without reapplying2
1 Pay as little as 1% of the outstanding balance owing, interest charged for the month, or $50, whichever is the greater amount.
2 Subject to the terms and conditions of your Line of Credit Agreement
Borrow to build your portfolio
- A TD Investment Secured Line of Credit uses your eligible investments as security so you may be able to borrow at a lower interest rate than on an unsecured line of credit.
- If you want to buy investments to use as security, you should always consult with your Personal Banker before borrowing to invest.
Explore why an RSP loan might be right for you.
- Borrow now so your retirement savings can grow
- With a TD RSP Loan, you can maximize your RSP contribution this year
- Or you can take advantage of any unused contribution room
- Making a contribution up to your maximum amount may reduce the taxes you are required to pay
TD on-the-spot RSP Loan
- Amounts available up to your unused RSP contribution room for that year.
- Amortized over 1 year.
- Option to defer payments for up to 30 days (for QC) & up to 120 days (all other provinces and territories) but interest will continue to accrue.
- You can use any refund you may get to repay all or a part of your loan.
TD CarryForward RSP Loan
- Great for catching up on unused contributions from previous years.
- You can borrow up to $50,000 subject to credit approval.
- Amortized up to 10 years.
- Option to defer payments for up to 120 days but interest will continue to accrue.
- You can use any refund you may get to repay all or a part of your loan.
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Personal Loans |
Personal Lines of Credit |
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Applying |
Apply each time you want to borrow |
Apply once and use your available credit whenever you need it1 |
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Payments |
Pay a fixed amount until your loan is paid off You can pay off your loan at any time without any fees or charges |
Pay as little as: 1% of the outstanding balance owing or $50—whichever is the greater amount Options available to lock in a portion of your outstanding balance at a fixed rate |
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Interest rates |
Choose between: Fixed Rate - Rate stays the same for the time period chosen Variable Rate - Rate changes whenever TD Prime Rate changes |
Enjoy a competitive variable interest rate. This variable rate changes whenever TD Prime Rate changes You also have the option of protecting yourself from interest rate increases and establishing regular fixed payments though a Fixed Rate Advantage Option (FRAO) FRAO means you can convert all or a portion of your outstanding balance to a fixed interest rate with fixed payments for a specific term. When the term is finished, if there is a remaining FRAO balance, the balance moves back to the revolving portion which is at a variable rate. Minimum amount for a FRAO is $2,000 |
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Type |
1 Subject to the terms and conditions of your Line of Credit Agreement.