A TD line of credit is a borrowing tool that gives you easy access like a credit card, but often with a much lower interest rate. Because it's a revolving credit product, you'll be given up to a $50,000 credit limit which you can spend, pay off, and spend again. This convenience makes it a popular choice for debt consolidation, plus you can decide how much you can pay off each month, as long as you meet the minimum.
Though a big bank line of credit is usually pretty similar wherever you go, TD does stand out by offering the option to transfer part of your balance to a fixed rate portion of your total credit limit. This allows you to create a fixed payment plan and protect you against prime rate hikes.
TD line of credit features
Here's an overview of what a TD personal line of credit has to offer you.
Why You Want It
Choose between a variable or fixed rate + Access funds with debit card.
Special Features
- Fixed and variable rates available
- Multiple access options
Eligibility
- Canadian citizen
- Employed
- Age of majority
Provinces
ALL
Features
Secured Or Unsecured
Unsecured
Bank Prime Rate
4.7%
Flexible Repayment Options?
Access Funds Online?
ATM Access?
Cheques Access?
Debit Card Access?
Branch Access?
Minimum Credit Score
See Issuer for Details
Secured Available
TD line of credit product rating: 4.0 stars
The process of obtaining a TD line of credit is straightforward, and can be completed very quickly if you have the documentation required. You can apply for a line of credit online, in person, or over the phone, although the quickest way is usually to go into your local branch and speak with a TD representative. You'll be able to talk through your requirements and get the process rolling very quickly.
Compared to other big bank lines of credit, the TD option does give you an extra benefit with the ability to convert part of your balance to a fixed rate, which can be extremely useful if used well. Other than that, its offerings are industry standard, so it's a good choice, especially if you already bank with TD.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of a TD line of credit
Since TD lines of credit are offered by one of the biggest banks in Canada, you get a lot of flexibility and ease of access.
Pros
Borrow between $5,000 to $50,000
A TD personal line of credit has a wide range of available limits, starting as low as $5,000 and going as high as $50,000. This makes it convenient for a wide variety of needs you may have. Plus the beauty of a line of credit is you don't have to take out all of it at once – and you only pay interest on the portion you take out.
Easy to access funds (including an access card)
You can access your TD personal line of credit funds in a variety of ways, including connecting it to your debit card (which makes it easy to use). You can connect the 2 either by going to the branch or calling 1-866-222-3456. Other options include access through EasyWeb Online Banking, at TD ATMs, and through cheques.
No registration fee
Though some of TD's lines of credit may have set up or registration fees when you open them (like the secured and home equity options), that's not the case with the personal line of credit. This can save you some money right from the gate.
Both fixed rate and variable rate options available
You can choose to have your TD line of credit interest rate tied to TD prime rate (currently 4.45%) as a variable number, or you can also get fixed rates through the Fixed Rate Advantage Option. Variable rates may allow you to save money on the onset by being lower than fixed rates, but also introduce some risk.
Easy to apply
TD gives you plenty of options when it comes to applying for a personal line of credit. You can choose to apply online, book an appointment to do it in a branch, or even over the phone by calling 1-866-222-3456.
The cons of a TD line of credit
But like most big bank products, you're looking at a lot of industry-standard features which may not be as impressive as you want.
Cons
Might not get the best interest rates around
It's important to note that your TD line of credit interest rate will be tied to your credit score, so it'll vary from person to person. That means we can't actually do an accurate comparison for you, but it's good to keep in mind that big banks are more known for their flexibility than their low rates. As always, it's important to shop around and see what your options are.
Using your TD access card might involve fees
Though it's convenient to be able to use your debit card to access your line of credit, keep in mind that the same fees apply as normal – which means Interac and ATM transactions may have extra fees attached on every transaction.
Connecting to your debit card may make it too easy to access
Though you can easily access your line of credit funds, keep in mind that you'll be paying interest on everything you take out. And unlike credit cards, a line of credit doesn't have a grace period, so you'll start accruing interest right away.
TD line of credit calculator
Want to know how much interest you'll pay on the amount you take out of your line of credit?
You can use our super simple calculator below to get an idea. Simply enter how much you're planning to borrow from your line of credit (keeping in mind you only pay interest on the amount you actually use), plus your quoted interest rate, and your planned payments:
Interest Values
TD also has a more robust calculator, which you can see here: TD Personal Loan and Line of Credit Payment Calculator.
TD line of credit alternatives
Want to see how a TD personal line of credit compares to your other options on the market? Check out the table below.
 |  |  |  | |
|---|---|---|---|---|
| Account | TD Personal Line Of Credit | BMO Personal Line Of Credit | RBC Personal Line Of Credit | Scotiabank Personal Line Of Credit |
| Genius Rating | ||||
| Why You Want It | Choose between a variable or fixed rate + Access funds with debit card. | Low minimum monthly payments + Repay at your own pace. | No annual fee + 24/7 access via ATM, cheques, or online transfers. | Borrow up to $75,000 + Get a Visa Access card to use your funds easily. |
| Secured Or Unsecured | Unsecured | Unsecured | Unsecured | Unsecured |
| Bank Prime Rate | 4.7% | 4.7% | 4.7% | 4.7% |
| Flexible Repayment Options? | | | | |
| Access Funds Online? | | | | |
| ATM Access? | | | | |
Show More | ||||
| Find a loan See more TD products Compare | Learn More See more BMO products Compare | Learn More See more RBC products Compare | Learn More See more Scotiabank products Compare |
FAQ
What is the TD line of credit interest rate?
Your TD line of credit interest rate will depend on your personal credit score and history. The default interest will be flexible, which means the rate is a number plus 4.7% (which is TD's prime rate at the time of writing). You also have the option to make a portion or all of your balance at a fixed rate with fixed payments, a unique feature from TD.
How much can you borrow with a TD line of credit?
A TD line of credit lets you borrow between $5,000 and $50,000.
How do I apply for a TD line of credit?
You can apply for a TD personal line of credit in 3 different ways: online, by making an appointment at a TD Bank branch, or by calling 1-866-222-3456.
What do you need to qualify for a TD line of credit?
In order to qualify for a TD personal line of credit, you'll need to be a Canadian citizen, the age of majority in your province (usually 18 or 19), and be able to prove a sufficient source of income.
Do TD personal lines of credit have any fees?
You do not need to pay a fee to set up your TD personal line of credit. That said, you could be racking up some significant interest on the amount of money you take out, so it's not a free ride.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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