Deciding between a loan and a line of credit

Types of Loans:

• Personal Loan
• TD On-the-spot RSP Loan
• TD CarryForward RSP Loan
• Vehicle Loan

Types of Lines of Credit:

• Personal Line of Credit
• Student Line of Credit
• Investment Secured Line of Credit
• TD Home Equity FlexLine

Credit Limit:

Personal Loan: $5,000 to $50,000

TD On-the-spot RSP Loan: $5,000 to $50,000

TD CarryForward RSP Loan: $5,000 to $50,000

Vehicle Loan: Depends on the value of the vehicle.

Credit limit:

Personal lines of credit: $5,000 to $50,000

Student Line of credit: Undergraduate: $1,000 to $80,000

Student Line of credit: Graduate & Professional: $1,000 to $350,000

Investment Secured Line of credit: ranging from 50% to 100% of the value of the investment type.

TD Home Equity FlexLine: Up to 80% of the value of your home.

Interest rates:
Choose between a fixed rate and a variable rate based on the TD Prime Rate.

Interest rates:
Most lines of credit have a variable rate based on the TD Prime Rate. In some cases, a fixed rate is also an option.

Fees:
No fees are charged to setup unsecured loans. A security registration fee applies to vehicle loans (with the amount varying by province).

Fees:
No fees are charged to setup unsecured lines of credit. Registration fees may apply to lines of credit secured by investments or homes.

Repayment:
Your loan plus interest is repaid over time according to an agreed-upon schedule. If payments are paused, interest will be charged on those deferred amounts.

Repayment:
For most lines of credit, you can pay as little as the minimum amount set out in your monthly statement and agreement with TD. For example, on a Personal Line of Credit, you don’t have to pay more than the interest that’s due that month.