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Are there different types of Personal Loans?
There are two main types of Personal Loans offered at TD Canada Trust: fixed interest rate and variable interest rate.
Fixed Rate Loan - If you prefer to budget around regular monthly payments, a loan with a fixed interest rate is worth considering. You can choose a fixed rate of interest (one to seven year term) and have the security of knowing exactly how much you're paying each month.
Variable Rate Loan - This is a personal loan with a set monthly payment but a fluctuating interest rate for the entire term of the loan. If you want to benefit from those times when interest rates are low, consider a loan with a variable interest rate option. If rates go down, you can pay off your loan faster.
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.