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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?
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
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 |
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 |
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 |
Type |
1 Subject to the terms and conditions of your Line of Credit Agreement.