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Deciding between a loan and a line of credit
They’re both ways of borrowing money. Depending on your needs, one may be a better choice for you.
What are the differences?
A loan lets you borrow a specific amount of money in one lump sum. It’s ideal for single transactions, such as major purchases, home renovations or paying off old debts. Your loan plus interest gets repaid over an agreed-upon length of time.
A line of credit gives you ongoing access to funds that you can use and re-use as needed. You’re charged interest only on the amount you use. A line of credit is ideal when your cash needs can increase suddenly, such as with home renovations or education.
Compare, and see what’s best for your needs
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Borrow Better with TD Loans and Lines of Credit
Frequently Asked Questions
Personal loan payments can be monthly, weekly, bi-weekly and semi-monthly. Each payment consists of a portion of interest and a portion of principal. The proportion of interest is highest in the first payment, and it is reduced as the principal is repaid.
Interest is calculated daily on the outstanding principal balance and is payable based on your repayment schedule (monthly, weekly, bi-weekly or semi-monthly).
It's easy to view the details of your loan in EasyWeb:
- Log in to EasyWeb using your username Access Card number and EasyWeb password.
- From My Accounts > Accounts, click on your loan name in your account summary.
We offer four main types of Lines of Credit.
Personal Line of Credit
- This helps with everyday spending and major purchases, too.
Student Line of Credit
- Get the funds you need to cover the costs of a post-secondary education.
Investment Secured Line of Credit
- Use your eligible investments as collateral to borrow at a lower interest rate vs. an unsecured line of credit.
TD Home Equity FlexLine
- With your home as collateral, you’ll pay less in interest than with a personal line of credit.