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.
- 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.
- 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.
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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).
