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  • Home > personal banking > Loans

    Loans & Lines of Credit

    Contact a coachDebt is a fact of life now, though it wasn't only two short generations ago. So naturally, there have been some tough lessons on the differences between good and bad debt, how to manage it, what to use credit for and how to pay it off.

    The average Canadian owes too much money. We've been a little credit-happy. Every Libro owner has a Coach - we help you manage credit so it doesn't take over your life.

    We have all the credit products and services you need. We have competitive rates. But we also help you budget to avoid too much credit and we help you create plans that manage the impact of credit.

    You will need credit in your lifetime - you will have debt and you will have payments. We're here to help you keep all of it on the good debt side.

    MeritLine of Credit

    MeritLine is the answer for homeowners with equity in their homes. With MeritLine:

    • You can borrow what you need, when you like
    • You have instant access to cash through your chequing account
    • You pay interest only with automatic principal repayment as funds are available
    • You have a competitive variable interest rate that moves with Prime
    • You receive a detailed monthly statement outlining your payments and outstanding balance
    • You can increase your limit as home equity increases, often without legal or appraisal costs

    Libro offers Home Equity secured MeritLines and Unsecured Meritlines that are based on your credit worthiness and may come with a slightly higher interest rate than secured.

    Personaline: This is a line of credit attached to your chequing account. Personaline covers transactions such as Interac® direct payment, cheques, withdrawals, and fund transfers when there are insufficient funds in the account - it's great protection to smooth your cash flow. You don't pay if you don't use it and Interest is only calculated on the actual negative balance and for the exact number of days.

    Personal Loans

    Personal installment loans help you finance purchases like a car, a vacation or whatever! You repay it by regular blended payments of principal and interest over an agreed term.

    • Variable or fixed interest rates
    • Choice of payment options
    • Repayment options - we offer 6 & 7 year car loans for new or nearly new cars
    • Loan insurance - creditor's disability insurance available
    Loan Calculator

    Student Line

    Libro has financing options to help cover the costs of post-secondary education, for students in universities, colleges and apprenticeship programs. The Student Line is a line of credit where students may borrow up to $10,000 per year to a maximum of $40,000, subject to credit approval. It can be customized so students only borrow what they need when they need it. You must be a full-time student to qualify (an approved co-borrower may be required), and interest is paid monthly, with principal repayments starting one year after you leave school.

    Contact a Coach