Line of Credit vs. Loan | TD Canada Trust

Voice-Over

When it comes to borrowing needs – there’s no one size that fits all.

To help you decide which financial lending option might be right for you, keep the following in mind:

Do you have a well-defined borrowing need with a particular end goal – such as buying a car, consolidating debt or another major expense? Then a loan might be a better option. It provides a lump sum of money up front. You can choose a fixed or variable interest rate… and select your payment frequency ranging from weekly to biweekly, semi-monthly or monthly.

If, on the other hand, you need the flexibility to borrow for a variety of needs, without having to reapply every time, then a line of credit may be a better option – as the funds up to your available credit limit are there, whenever you want! And you only pay interest on what you use.

Speak to a TD representative for more information on which solution may be right for your borrowing needs!

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Loan vs.

Loan vs. lend

Loan vs. line of credit

Loan vs. find money on ground

Loan vs. Line of Credit

Loan

Debt

Interest

Fixed

Variable

Weekly

Bi-weekly

Semi-monthly

Monthly

Line of Credit

Content in this video is for informational purposes only and may vary based on individual circumstances.

Please speak to a TD banking specialist about your particular needs.

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