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Meridian Loans of march 2024

Get a Meridian loan verified by our specialists. On 19.03.2024 there are 4 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 4
Updated
14.03.2024
14:46
Best Quick Loan Today 19.03.2024*
Mr. Payday
Need a Quick Loan Now?
Rating by Finanso®
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Meridian
Home equity line of credit
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Meridian
Personal line of credit
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Take advantage of our loan selection system with a free credit check!

Meridian
Personal loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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Meridian loans calculator
Calculation of a loan from any bank
Loan amount
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Specify the desired loan amount

CAD
CAD
USD
1000 C$
50000 C$
Loan term
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months
days
1
120
Interest rate
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Choose the interest rate on the loan

1 %
50 %
Online Loan Application of March 2024
Loan amount
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Enter the desired loan amount

1000 C$
10000 C$
Loan term
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Specify the loan term for the calculation

1
60

You are able to pick a loan with discount. You can receive money in: 15m

Online Loan Application of March 2024
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Loan amount
0 C$
Loan term
0 months
Loan comission
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Here is the average overpayment on a loan based on data from lenders in Canada.

2 050 C$
More
Royal Bank of Canada
4.4
RBC provided me with a loan at a very low interest rate, helping me save on loan payments.
Review
MDG
1
Removed money from my bank account, to apparently verify my bank account. Then denied my application because I live in a unorganized township that does not have a physical address...
Review
Money Mart
1
Bad customer service they can never fix your problems...
Review
GoDay
1.6
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review

Types of Meridian loans

Meridian Canada offers lines of credit, personal loans, and HELOCs. Creditor insurance data and more helpful information can be provided at the Credit resource center.

  1. Personal loans are lump sums of money borrowed for any purpose. Rates are usually fixed, so you may pay a preset amount of money every month and settle the loan through a predetermined period. To get a new loan, you should reapply.
  2. Personal line of credit allows you to borrow money as you need up to the approved limit without reapplying for any purpose. You pay the interest only on the amount you use. The rate is variable and depends on the prime.
  3. Home equity line of credit (HELOC) is a line of credit secured by the equity in your home, which allows you to borrow more for larger purposes and pay only interest. The rate is variable, starting at 6.45%, counting as Prime + 0.50%.

Interest rates for unsecured loans depend on the credit history and capacity to repay the loan — employment, income, assets, and liabilities.

Meridian offers creditor insurance — group mortgage insurance (GMP) that covers life, disability, critical illness, and loss of employment for a personal loan and line of credit borrower. To apply, call the local branch.

Meridian also offers attractive mortgage options Hybrid mortgage, and a Flex Line Mortgage.

How to apply for a Meridian loan?

Sign in to your Meridian member online banking account, call +18665922226, or visit the branch. 

To apply online, press the "Apply online" button near the needed product. Then, fill out the application with your personal information, including name, birthdate, address, phone number, email address, occupation, marital status, SIN (optional), income, and asset data.

If you don’t want to apply online, talk to one of the Specialists.

Requirements

To qualify for Meridian loans and lines of credit, you should be a Meridian member who:

  • is a Canadian resident
  • is the age of majority in your province of residence
  • has a valid email

Pros and cons

Pros

  • Online application
  • Different types of a loan
  • Available for self-employed, new graduates, new to Canada
  • Ongoing access to cash
  • Flexible payments

Cons 

  • You must be a Meridian member to apply
  • Luck of information about loans at the official website
  • Must go through a full credit check
  • No student loans
  • Large late loan payments and NSF fees

How to repay a Meridian loan?

Contact your Meridian branch or advisor directly if you want to make a lump sum payment. You can also call the Contact Centre at 1-866-592-2226.

You could repay with your banking account preset during the application online or using the mobile app to set up recurring payments. It's usually convenient to use a direct debit to make repayments, as late fees are charged. With Meridian, you may avoid a penalty if you request to skip a payment (only one per year).

FAQ

What are Meridian loan rates?

Meridian Credit Union unsecured loan and line of credit interest rates are individually determined and affected by multiple factors such as your credit score and history, income amount, employment history, loans, and credits with other financial institutions. Therefore, HELOC rates are set like the prime rate plus 0.5% and may fluctuate.

What if I don't make my Meridian loan payments?

If you can't repay your mortgage or loan, you can skip a penalty-free monthly payment a year. You can request to skip a payment online, through your mortgage or loan payment options, or call the Contact Centre at 1-866-592-2226. Also, Meridian specialists may find a solution tailored individually to your situation. Note: late loan payment and non-sufficient funds fee is $48.

What is a Meridian HELOC?

A home equity line of credit or HELOC is a lending product — a line of credit secured by the equity of your house. Usually, clients borrow for a bigger purpose but may not have sufficient income to qualify for an unsecured loan or aren't satisfied with a potential interest rate. With HELOC, they may get a lower rate and larger limit and pay interest-only payments on the borrowed amount. The Meridian HELOC rate is variable, starting at 6.45%, counting as Prime + 0.50%

Loan Terms