Borrowing with Loans and Lines of Credit
What are you borrowing for?...
Choose the option below that best describes your needs.
Recommended
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.
- In the Revolving Portion, choose a payment option that works for you, whether you pay at your own pace with interest-only payments, establish regular payments with a Term Portion, or set up fixed payments.
Put all or a portion of your outstanding balance from the Revolving Portion into a Term Portion (subject to minimum amounts) and establish regular payments at a fixed or variable interest rate for an open or closed-to-prepayment term, depending on the rate you have chosen.
I want to learn more about the TD Home Equity FlexLine
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.
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.
How to apply
Call us at
1-866-222-3456
Visit a TD Canada Trust branch
Apply by phone or in-branch only.
Recommended
Ideal for purchasing a vehicle particularly a used car (up to 5 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.
The interest rate stays the same for the time period chosen.
- You can choose your payment frequency
I want to learn more about Auto Loan and use the car loan calculator
How to apply
Call us at
1-866-222-3456
Visit a TD Canada Trust branch
Apply by phone or in-branch only.
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
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.
1 Pay as little as 1% of the outstanding balance owing, interest charged for the month, or $50, whichever is the greater amount.
Apply Online
Recommended
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
How to apply
Call us at
1-866-222-3456
Visit a TD Canada Trust branch
Apply by phone or in-branch only.
Recommended
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
Recommended
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
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.
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.)
Quick 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.
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 On-the-Spot RSP Loan
- Amounts available up to your 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
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
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.
How to apply
Call us at
1-866-222-3456
Visit a TD Canada Trust branch
Apply by phone or in-branch only.
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.
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.
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.
How to apply
Call us at
1-866-222-3456
Visit a TD Canada Trust branch
Apply by phone or in-branch only.
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.
How to apply
Call us at
1-866-222-3456
Visit a TD Canada Trust branch
Apply by phone or in-branch only.
Calculate how much your monthly payments could be1
Your interest rate will depend on the personal borrowing product you choose. We offer competitive interest rates based on TD Prime Rate.
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
LoansGet Started |
Line of CreditGet Started |
|
|---|---|---|
| Applying | Apply each time you want to borrow. |
Apply once and use your available credit whenever you need it.4 4 Subject to the terms and conditions of your Line of Credit Agreement. |
| Payments | Pay a fixed amount until your loan is paid off. |
Variable Rate: Pay as little as:
whichever is the greater amount.* Fixed Rate: Blended principal and interest payment |
| Interest rates |
Choose a:
|
Get a variable rate – Rate changes whenever TD Prime Rate changes. You also have the option of getting a Fixed Rate Advantage Option (FRAO), an added layer of flexibility built into your Unsecured Line of Credit.
|
| Managing your credit | A loan with a repayment schedule that works for you. |
Apply once and use your available credit whenever you need it4. |
| Types |
Would you like to discuss your options? Please call us at 1 877 247 2265
Other things to consider
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
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?
- Are you seeing any of these telltale signs that you may be heading for a cash flow crunch?
- You often find yourself overdrawn or approaching a zero balance by payday.
- You pay only the minimum balance on all your credit cards and loans.
- You frequently use one credit card or loan/credit line to pay off another.
If any of the above apply to you, it may be time to revisit your budget and trim spending. You may also want to consider getting Overdraft Protection. It provides a "safety net" of a predetermined amount, in case you experience a shortfall of funds. Overdraft protection can help you avoid fees for NSF (non-sufficient funds) cheques and declined transactions.
Use the Cash Flow Calculator to track your cash flow and see whether it is positive or negative.
ExpandHow do I escape the credit card juggling act?
If you’re juggling payments on more than one credit card, you could save money on interest — and simplify your finances — by consolidating balances. Depending on the amounts you owe, this could save you money each month — money that you can then channel into paying this debt down faster.
Simply choose one card with a lower interest rate, and transfer all of your outstanding balances on higher-rate cards to it.
Or, consider a consolidation loan, and combine all your outstanding balances onto one lower-interest rate loan. You’ll often get a lower rate when you have a secured Line of Credit such as a Home equity line of credit, which is secured by your home or assets such as cash, term deposits, bonds, GICs, stocks or mutual funds. Some restrictions apply.
While you are working towards paying down your balance, consider strategies to break out of the credit cycle.
ExpandHow do I pay off debt quicker?
If you're trying to get out of debt, a little persistence pays off - especially if you are strategic in your approach.
Be sure to make at least the minimum payment on all outstanding loans and credit, but focus extra effort on paying off balances with the highest interest rate first.
Try to bump up your payments so you are making more than the minimum required payment, even if it's just a little extra to start. Gradually increase the amount you pay.
If you have several debts and loans, you might also consider consolidating them to a lower-interest rate loan.
Making lump-sum payments whenever you have extra cash - gifts, tax returns, bonuses etc. - will reduce your debt even faster and help you save on interest charges.
2Subject to the terms of your Line of Credit Agreement
3Subject to the terms of your Overdraft Protection Agreement
What are you borrowing for?
Choose the option below that best describes your needs.
Recommended
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.
- In the Revolving Portion, choose a payment option that works for you, whether you pay at your own pace with interest-only payments, establish regular payments with a Term Portion, or set up fixed payments.
Put all or a portion of your outstanding balance from the Revolving Portion into a Term Portion (subject to minimum amounts) and establish regular payments at a fixed or variable interest rate for an open or closed-to-prepayment term, depending on the rate you have chosen.
I want to learn more about the TD Home Equity FlexLine
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.
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.
Recommended
Ideal for purchasing a vehicle particularly a used car (up to 5 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.
The interest rate stays the same for the time period chosen.
- You can choose your payment frequency
I want to learn more about Auto Loan and use the car loan calculator
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
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.
1 Pay as little as 1% of the outstanding balance owing, interest charged for the month, or $50, whichever is the greater amount.
Recommended
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
Recommended
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
Recommended
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
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.
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.)
Quick 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.
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 On-the-Spot RSP Loan
- Amounts available up to your 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
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
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.
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.
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.
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.
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.
Calculate how much your monthly payments could be1
Your interest rate will depend on the personal borrowing product you choose. We offer competitive interest rates based on TD Prime Rate.
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
LoansGet Started |
Line of CreditGet Started |
|
|---|---|---|
| Applying | Apply each time you want to borrow. |
Apply once and use your available credit whenever you need it.4 4 Subject to the terms and conditions of your Line of Credit Agreement. |
| Payments | Pay a fixed amount until your loan is paid off. |
Variable Rate: Pay as little as:
whichever is the greater amount.* Fixed Rate: Blended principal and interest payment |
| Interest rates |
Choose a:
|
Get a variable rate – Rate changes whenever TD Prime Rate changes. You also have the option of getting a Fixed Rate Advantage Option (FRAO), an added layer of flexibility built into your Unsecured Line of Credit.
|
| Managing your credit | A loan with a repayment schedule that works for you. |
Apply once and use your available credit whenever you need it4. |
| Types |
Would you like to discuss your options? Please call us at 1 877 247 2265
Choose comfortable credit with TD
With a TD Loan or Line of Credit you can count on convenient options and comfortable terms.
- Repayment options and terms that work for you.
- Competitive rates. Help with choosing the type of credit that fits your needs.
- Apply by phone, at a branch or online if available.
Other things to consider
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
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?
- Are you seeing any of these telltale signs that you may be heading for a cash flow crunch?
- You often find yourself overdrawn or approaching a zero balance by payday.
- You pay only the minimum balance on all your credit cards and loans.
- You frequently use one credit card or loan/credit line to pay off another.
If any of the above apply to you, it may be time to revisit your budget and trim spending. You may also want to consider getting Overdraft Protection. It provides a "safety net" of a predetermined amount, in case you experience a shortfall of funds. Overdraft protection can help you avoid fees for NSF (non-sufficient funds) cheques and declined transactions.
Use the Cash Flow Calculator to track your cash flow and see whether it is positive or negative.
ExpandHow do I escape the credit card juggling act?
If you’re juggling payments on more than one credit card, you could save money on interest — and simplify your finances — by consolidating balances. Depending on the amounts you owe, this could save you money each month — money that you can then channel into paying this debt down faster.
Simply choose one card with a lower interest rate, and transfer all of your outstanding balances on higher-rate cards to it.
Or, consider a consolidation loan, and combine all your outstanding balances onto one lower-interest rate loan. You’ll often get a lower rate when you have a secured Line of Credit such as a Home equity line of credit, which is secured by your home or assets such as cash, term deposits, bonds, GICs, stocks or mutual funds. Some restrictions apply.
While you are working towards paying down your balance, consider strategies to break out of the credit cycle.
ExpandHow do I pay off debt quicker?
If you're trying to get out of debt, a little persistence pays off - especially if you are strategic in your approach.
Be sure to make at least the minimum payment on all outstanding loans and credit, but focus extra effort on paying off balances with the highest interest rate first.
Try to bump up your payments so you are making more than the minimum required payment, even if it's just a little extra to start. Gradually increase the amount you pay.
If you have several debts and loans, you might also consider consolidating them to a lower-interest rate loan.
Making lump-sum payments whenever you have extra cash - gifts, tax returns, bonuses etc. - will reduce your debt even faster and help you save on interest charges.
2Subject to the terms of your Line of Credit Agreement
3Subject to the terms of your Overdraft Protection Agreement