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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.