Personal Credit

Personal Credit As you get settled in Canada, you may want to use personal credit to help you get the money you need to do the things you want.

Loans and Lines of Credit

Depending on what you want to buy, personal credit could be a line of credit or a personal loan. Loans and lines of credit are designed to help you make larger purchases, such as a car, and to provide you with added financial security while you establish yourself in Canada. (Another form of personal credit, credit cards, is more convenient for smaller, day-to-day purchases.)

Your TD Canada Trust branch can help you find the right personal credit solution for the things you want, at competitive interest rates. You can count on us to give you knowledgeable advice and personal service that will help make the credit you use as convenient and economical as possible.

TD Canada Trust offers a choice of credit solutions, including:

TD Canada Trust Line of Credit: Personal lending any time you need it

Apply once for a personal credit limit that you can use any time you wish. As you pay off your balance, the credit limit becomes available to you again. A Line of Credit is convenient and flexible: the money is there when you need it, and you only pay interest and make payments on the money that you borrow. It’s a good choice if you want easy access to credit without having to apply again and again, or if you want easy access to funds in the event of an emergency.

TD Canada Trust Personal Loans: Fixed monthly interest rates and terms

A personal loan lets you borrow a fixed amount on a one-time basis, then pay it off at a fixed interest rate over a set period of time, known as a term. Whether you are financing a long-term project or just need a short-term personal loan, we can help you select a loan to fit your budget.

TD Canada Trust Auto Loans

Whether you want to buy a new or used car, our auto loans can help you finance your purchase and you can take up to seven years to pay back the amount.

A type of borrowing that allows a customer to withdraw funds whenever they wish from a credit account, up to a predetermined limit (the credit limit), and repay it based on the conditions set out by the lender, usually a financial institution. Unlike a loan, once you’ve paid it back, you can use it again and again without re-applying.

An amount borrowed by an individual or business for a set period of time. Loans are arranged in one lump sum, as compared to a line of credit, which can provide varying amounts of money over time.

The percentage used to calculate interest.

The maximum amount of money that can be spent by a borrower without paying all or part of the amount they owe (known as a balance). For example, if you have a $5,000 credit limit on a credit card, you cannot spend more than $5,000 on your credit card without first paying off all or some of the amount owing.

The amount of money charged to borrow money. This amount accrues on the balances owing on credit products such as loans, lines of credit and credit cards.

A period of time. A term may apply to a credit product, such as a mortgage or loan, which must be repaid within a certain period of time. It can also refer to the term of an investment, such as a Term Deposit or Guaranteed Investment Certificate, which earns a certain rate of interest for a specific period of time.