Meridian personal loan interest rates & product overview

Meridian logo

The table below gives a guideline of Meridian personal loan options. Meridian is Ontario’s largest credit union and Canada’s second-largest. Unlike most big banks, Meridian has no public shareholders. Its members are part-owners and have access to a full range of personalized banking services and products. 

How much will a Meridian loan cost you? You can do the math using the Meridian personal loan calculator below. Find out what your estimated loan payments look like for your desired amount and term or for different payment scenarios. 

Terms from 1 to 5 years. Representative example: 5 year $10,000 loan with comparison rates from 7.99% to 46.96% APR would cost between $12,163 and $26,087, including fees. The interest can vary between $2,163 and $16,087.

Meridian personal loan calculator

Calculator coming soon

Meridian personal loans review

There are many reasons to borrow, and Meridian offers several borrowing solutions to match. The right option for you might be a personal loan, a line of credit, or a home equity line. It all depends on whether you want ongoing access to funds or a once-off lump sum for a specific purpose. To top it off, you can get creditor insurance to protect your payments should the unexpected happen.

Meridian personal loan features

So which Meridian loan is right for you? Here’s a breakdown of your options to help you make an informed decision.

Personal loan

  • Get the lump sum you need for a purchase or expense upfront
  • Repay your debt via monthly payments over a specific time period
  • Fixed interest rate so your repayments stay the same over the life of the loan

Personal line of credit

  • Borrow money on the go whenever you need it, up to a limit
  • Suitable for when you need to cover emergencies and unexpected expenses
  • Only pay interest for the amount you owe
  • Variable interest rate may cause your interest payments to fluctuate

Home equity line of credit

  • Use the equity in your home as collateral
  • Get a lower interest rate and a higher borrowing limit
  • Get ongoing access to funds to cover expenses like home renovations
  • Make interest-only payments on what you borrow
  • Variable interest rate means the interest you pay can change
  • The Meridian Flex Line Mortgage also offers a combined mortgage and line of credit

How to apply for a Meridian personal loan

You can apply for a Meridian Credit Union personal loan by calling 1-866-592-2226 or visiting a branch near you. Some of Meridian’s financing products can also be applied for online.

Confirm your eligibility

Here are the general requirements for qualifying:

  • Be 18 years and above or the age of majority in your province
  • Be a Canadian citizen or permanent resident
  • Have a valid Canadian bank account
  • Meet the minimum income and credit score requirements

What you’ll need:

  • Personal details such as contact information and address
  • Social Insurance Number
  • Valid ID such as passport or driver’s licence
  • Details about your income and employment
  • Financial information such as your monthly expenses, assets, and liabilities
  • Details about the loan you want

Meridian Credit Union FAQS

What’s the difference between a Meridian personal loan and a personal line of credit?

A Meridian personal loan delivers a lump sum of money you can use for a specific purchase or expense. It also comes with a fixed repayment period. However, with a line of credit, you only apply once and then borrow money whenever you need to up to a certain limit.

What’s the difference between a fixed and variable interest rate when choosing a Meridian loan?

A variable rate can fluctuate based on whether the Bank of Canada changes its rate. However, a fixed rate stays the same throughout the life of the loan.

What is the interest rate on a Meridian personal loan?

Meridian loan rates generally depend on the market conditions at the time of borrowing and your credit score.

Learn more about Meridian Credit Union