Loans and Lines of Credit

Borrowing with Loans and Lines of Credit


What are you borrowing for?

Choose the option below that best describes your needs.

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Home equity line of credit

If you own your home, a Home equity line of credit may be a good option. You can use the equity you have built up to finance your home renovation project and repairs.

Home equity is the market value of a home, minus any outstanding debt secured by or charges on the property.

  • Using your home as security may result in a lower interest rate compared to other credit products
  • Get flexible access to ongoing credit based on the appraised value of your home
  • 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

    Use the Fixed Rate Advantage Option at any time to lock in all or a portion (subject to minimums) of your credits balance at a fixed interest rate with fixed payments


I want to learn more about the TD Home Equity FlexLine

cash

If you do not want to use your home as security, then a Personal Line of Credit may allow you the credit you need for your home renovation and repair project, while providing you with flexible payment options. Learn more



Personal Loan

If you know the amount you need for your home renovation project, using a Personal Loan is a good option for providing you with the credit you need – with a payment frequency that allows you to pay off your debt in a specified period of time. Learn more

Recommended

Auto Loan

Ideal for purchasing a vehicle particularly a used car (up to 7 years old). These loans are secured against the vehicle and help you pay off your debt with fixed regular payments.

  • You have an idea of how your loan will fit into your budget before you buy a car
  • You can choose an interest rate that’s either fixed or variable.

    The interest rate changes whenever TD Prime Rate changes.

  • You can choose your payment frequency

I want to learn more about Auto Loan


Personal Line of Credit

A Personal Line of Credit gives you the freedom to shop for a car at a moment's notice; providing you with flexibility to access credit and help you manage paying off your car at your own pace1.

  • You can enjoy competitive interest rate options
  • Pay as little as the minimum monthly payment requirement as set out in your Line of Credit Agreement, or any greater amount up to the entire balance
  • You can access available credit without having to reapply

Learn more

If you own a home, using a Home equity line of credit to purchase a car can be a low cost financing option as it may offer a lower interest rate. Learn more


1 Pay as little as 1% of the outstanding balance owing, interest charged for the month, or $50, whichever is the greater amount.

Recommended

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
  • Pursue your education in Canada or abroad
  • Enjoy low student interest rates, with interest only payments required while in school

I want to learn more about Student Line of Credit

Recommended

Personal Line of Credit

A great choice for travellers. A Personal Line of Credit can help you pay the upfront costs for tickets, hotel accommodations and more (up to your credit limit).

Plus, it's available while you are on your vacation as you can access the credit through your TD Access Card and continue using it for ongoing needs.

  • As you pay off your balance, that credit is available to you again
  • You can enjoy competitive interest rate options
  • Pay as little as the minimum monthly payment requirement as set out in your Line of Credit Agreement, or any greater amount up to the entire balance

I want to learn more about a Personal Line of Credit

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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 this peace of mind with the flexibility of making payments that work for you1. Plus, you only pay for what you borrow.

  • You can enjoy competitive interest rate options
  • Pay as little as the minimum payment1 or pay off more at any time
  • You can access available credit without having to reapply subject to terms of your Line of Credit Agreement

I want to learn more about a Personal Line of Credit

house

If you’re a homeowner, using a Home equity line of credit can be one of the lowest cost financing options as it offers a lower interest rate than other unsecured credit options to pay for unexpected expenses. Learn more

Unsecured loans and lines of credit means the bank has not taken any security for the credit. Secured loans and lines of credit are secured against an asset (home, investments, etc.)


bulbQuick Tip

We all know that there are unexpected expenses, in order to cover these costs you are likely using up your cash supply, which could lead to an unexpected Non-Sufficient Funds (NSF). In this event Overdraft Protection (ODP) is there to help you avoid shortfalls. Learn more


1 Pay as little as 1% of the outstanding balance owing, interest charged for the month, or $50, whichever is the greater amount.

Recommended

TD has two RSP loan options:

TD On-the-Spot RSP Loan

  • Amounts available up to your Overdraft Protection (ODP) is there to help you avoid contribution room for that year

    The maximum amount you can contribute to your RSP or TFSA.

  • Amortized over 1 year
  • Possibility of no payments for 120 days with interest that will continue to accrue
  • Any refund you may get, you can use to repay all or a part of your loan

TD Carry Forward RSP Loan

  • Great for unused contribution room from previous years

    The maximum amount you can contribute to your RSP or TFSA.

  • You can borrow up to a $50,000
  • Amortized up to 10-years
  • Possibility of no payments for 120 days with interest that will continue to accrue
  • Any refund you may get, you can use to repay all or a part of your loan

I want to learn more about RSP Loans


Personal Line of Credit

A Personal Line of Credit can be used to maximize your RSP contribution.

  • Great for maximizing your RSP contribution
  • Remains available even after your RSP borrowing is paid back1
  • Pay as little as the minimum monthly payment requirement as set out in your Line of Credit Agreement, or any greater amount up to the entire balance. Learn more
house

If you’re a homeowner, using a Home equity line of credit to maximize your RSP contribution can be a low cost financing option as it offers a lower interest rate than other unsecured credit options to pay for unexpected expenses. Learn more

Unsecured loans and lines of credit means the bank has not taken any security for the credit. Secured loans and lines of credit are secured against an asset (home, investments, etc.)

1Subject to the terms of your Line of Credit Agreement

Consolidate your debt and save money on interest

Make paying off your debt simpler. By paying off your higher-interest debts (e.g. credit cards) with a low interest credit option, you’ll only have one lower interest rate and payment to deal with.

With the lower interest rate you’ll pay a lower amount as you have reduced your interest costs. You can pay off your debt sooner, if you use the money you save on lower interest payments to help pay off your balance.

Choose the loan or line of credit that may help you manage your debts

Personal Loan

With a Personal Loan you'll get a one-time lump sum with established fixed payments over a set term to help you keep the finish line in sight. Learn more


Personal Line of Credit

A Personal Line of Credit may help you to pay off your debts, with flexible payments and provide ongoing access to available credit for future use. Learn more

house

If you’re a homeowner and want to consolidate your debt, using a Home equity line of credit can be one of the lowest cost financing options as it offers a lower interest rate than other unsecured credit options. Learn more

Unsecured loans and lines of credit means the bank has not taken any security for the credit. Secured loans and lines of credit are secured against an asset (home, investments, etc.)

Borrow to build your portfolio

Borrowing to invest is a good way to build your portfolio when you do not want to sell current investments or you don’t have the funds upfront to make the investments you want. When the right opportunity presents itself, you may want to consider borrowing funds for an investment. You should always consult with your financial advisor before borrowing to invest.

TD has two investment credit options for those customers that already own investments.

Investment Secured Line of Credit

Ideal if you want to borrow to invest. With access to credit an Investment Secured Line of Credit gives you the ongoing flexibility to act on opportunities in a moment’s notice – and you only pay interest on what you use. Learn more


Liquid Secured Loan

Ideal if you know exactly what you want to invest in and the amount you need. You'll have the finish line in sight fixed monthly payments. Learn more

Calculate how much your monthly payments could be1

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Based on what you entered, your monthly payment could be $

To see your monthly payment, make sure to enter your interest rate.

1This calculator is for illustrative purposes only.

Learn about your borrowing options

If you want access to ongoing credit, you should consider a line of credit.

  • Get instant access to your available credit
  • Competitive interest rate
  • Pay as little as the minimum amount or as much as you want
  • As you pay off your balance, that credit is available to you again2


Compare all Lines of Credit

 

If you know the amount you want to borrow, a loan might be a good option.

  • Money is available in a one-time single amount
  • Competitive fixed or variable interest rate

    The interest rate changes whenever TD Prime Rate changes.

  • A payment frequency that works for you
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The interest rate stays the same for the time period chosen.



Compare all Loans

Have a personal consultation to discuss your options. Call 1 877 247 2265


Other things to consider

Overdraft Protection

Overdraft Protection

Helps cover occasional shortfalls in your chequing account, up to your approved overdraft limit.3

When the amount in your account is less than the amount you need.

When you make a transaction that is greater than the amount in your chequing account

Manage Your Debt

Manage Your Debt

Learn how to take control of your debt so you can achieve your financial goals.

Frequently Asked Questions

ExpandAre you having a hard time managing your budget?

ExpandHow do I escape the credit card juggling act?

ExpandHow do I pay off debt quicker?

See more FAQs

2Subject to the terms of your Line of Credit Agreement

3Subject to the terms of your Overdraft Protection Agreement