Loans and Lines of Credit

Juggling life while managing your finances can be hard. A Libro Coach can help with a personal loan to set you on the right track to maximize the correct use of a loan or line of credit.

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Process for getting a loan or line of credit

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Meet with a Coach in person or virtually to complete your application.

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Once approved, come into a branch to sign documents with a Coach.

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Access your new loan or line of credit funds once processed.

Line of Credit Options

View all of the Line of Credit options Libro offers.

Overdraft Protection

Best for you if… You’d like peace of mind if your account becomes overdrawn; protects if something unforseen should clear the account. This is a short-term solution.

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  • Line of Credit limit of *$500 – $5,000
  • Attached to chequing account
  • Acts as overdraft
  • Automatically paid down when you make a deposit

Learn more.

*Limits under $500 can be authorized in certain cases. Please talk to a Libro Coach for more information.

MeritLine (Account)

Best for you if… You’d like a long term solution where the Line of Credit attaches to your chequing account for ease of use. This gives flexibility for larger purchases and has interest only payments at competitive rates.

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  • Line of Credit limit of $5,500+
  • Attached to chequing account
  • Acts as overdraft
  • Interest-only payment

Student Line

Best for you if… You’re a post secondary education student looking at a flexible option for tuition, books, and any related expenses.

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  • Line of Credit limit of $5,000-$10,000 per study year
  • Attached to chequing account
  • Acts as overdraft
  • Interest-only payments during studies**
**Principal and interest payments begin 1 year after student finishes studies.

Finance a Cargo Bike with Libro

Libro has partnered with London Bicycle Café to offer loans for e-bikes and family cargo bikes.

  • Peace of Mind – Reduce your carbon footprint with this family-friendly transportation option.
  • Saves Money – Lower rates than if financed through a financial institution or credit card.
  • Flexible – Create a payment plan that works for you, with terms up to 5 years.

Talk to a Coach

Tools & Resources


Use our easy online calculator to see your loan payment options.


Take advantage of our competitive loan rates.

Frequently Asked Questions

What is the difference between a loan and a line of credit?

A Loan will have set repayment terms and payments- eg-will be $10000.00 loan will be set up with a 5 year term and a $200.00 payment – they are open and payable at any time with no penalty and they are not re advanceable.

A Line of Credit however is approved with a limit for a specified amount eg. 10000.00 limit- it can be used and paid with no restrictions. Payments are generally interest only, which make them very affordable. A line of Credit can be open and active for many years as long as it has been kept in good standing (works like a credit card).

What is the difference between secured and unsecured?

A secured loan or mortgage would be secured with property or assets. For a mortgage, we would use the home as the security. For a car loan, we would use the car. If it was cash secured, we would use cash. Unsecured means we are lending on your signature and past credit history.

How do I access money from a loan or line of credit?

Owners would need to book an appointment with a Personal Banking Specialist to take an application, once approved owners would then sign and either pick up a cheque, or have cheque directed depending on what they were purchasing.

Once the Line of Credit has been approved, the owner would sign documents, then the Line of credit would be become available for self-serve use. This is normally attached to a chequing account for easy access.

Can I make loan payments in Online and Mobile Banking?

Owners can request loan payments by sending a Secure Message to their coach in Online and Mobile Banking. Read our how-to page to learn more.

Interested in our Borrowing Options?

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