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.
Loans
Vehicle
With our repayment options, you can drive off in your dream car! We offer 6 and 7 year vehicle loans for new or nearly new vehicles.
Large Purchase
Whether you’re planning for a wedding, or want to buy a boat or ATV for leisure enjoyment, we can help.
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Debt Consolidation
Simplify your finances by combining all your debts into a single loan payment each month.
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Lines of Credit
Home Improvement
Looking to renovate your home? You can achieve your goals with a home equity line of credit.
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Emergency Fund
This type of line of credit allows you to access a large sum of money when you need it for unexpected expenses.
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Process for getting a loan or line of credit
Meet with a Coach in person or virtually to complete your application.
Once approved, come into a branch to sign documents with a Coach.
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
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**
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.
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?
Members 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?
Members 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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