Types of Loans and Lines of Credit

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What are you borrowing for?

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Car Purchase
Pay Debts
Home Repair and Renovation
Education
Unexpected Expenses
Borrowing for Investments
Retirement

Consolidate your debt and save money on interest

With the lower interest rate, you may reduce your interest cost, and may have a lower payment amount
Allows you to pay off your debt sooner if you use the money you save on lower interest payments to increase your payment amount.
Makes paying off your debt simpler
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.

Learn more

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.

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.

The interest rate changes whenever TD Prime Rate changes.

The interest rate stays the same for the term chosen.

Use the Fixed Rate Advantage Option at any time to lock in all or a portion (subject to $2000 minimums) of your credits balance at a fixed interest rate with fixed payments. Once the term is finished, any remaining balance will move to the variable rate.

Equity is the market value of a home, minus any outstanding debt or charges on the property.

The maximum amount you can contribute to your RSP.

Applying

Payments

Interest rates

Type

	Personal Loans	Personal Lines of Credit
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, the remaining outstanding balance moves back to the revolving portion which is at a variable rate Minimum amount for a FRAO is $2,000
Type	Auto Loans RSP Loans Personal Unsecured Loans	Home Equity Lines of Credit Unsecured Lines of Credit Student Lines of Credit Investment Secured Line of Credit

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

Tools & Resources

Debt Consolidation Calculator

Auto Loan Calculator

Cash Flow Worksheet

Net Worth Statement

Types of Loans and Lines of Credit

What are you borrowing for?

Car Purchase

Pay Debts

Home Repair and Renovation

Education

Unexpected Expenses

Borrowing for Investments

Retirement

Auto Loan

Personal Line of Credit

Consolidate your debt and save money on interest

Personal Loan

Personal Line of Credit

TD Home Equity FlexLine

Personal Line of Credit

Personal Loan

Student Line of Credit

Personal Line of Credit

Borrow to build your portfolio

Explore why an RSP loan might be right for you.

TD on-the-spot RSP Loan