Meridian loans and lines of credit review

Our verdict

Our verdict

Meridian Credit Union is Ontario's largest credit union and offers a full suite of banking products and services. It offers fixed-rate personal loans that offer the peace of mind of a consistent monthly payment, and personal lines of credit that offer flexible access to funds as you need them. You'll need to become a member to take out Meridian loans, and you'll typically need good to excellent credit to qualify.

Best for: Borrowers with good credit who want to look beyond the big banks.

Pros

• Large branch network
• Flexible loan options available
• Meridian is 100% member-owned
• Second-largest credit union in Canada

Cons

• Borrowers with bad credit will need to look elsewhere
• You can't apply online
• You'll need to be a member

Meridian Personal Loan is not currently available on Finder

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Meridian was included in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 78.87%

What is Meridian Credit Union?

Meridian Credit Union is a member-owned financial institution that is headquartered in St Catharines, Ontario. It offers a complete range of banking products and services to its members, including chequing and savings accounts, credit cards, mortgages, GICs and personal loans.

Is Meridian legit?

Meridian was formed in 2005 when Niagara Credit Union and HEPCOE Credit Union merged. Today, it has 89 branches and 15 Business Banking Centres across Ontario, with corporate offices in St Catharines and Toronto.

With more than 370,000 members, Meridian is the largest credit union in Ontario and the second largest in Canada. It had $30.8 billion in assets under management as of June 30, 2023, and also runs online bank Motusbank.

What we like about Meridian loans

• Range of loan options. Whether you want a personal loan, a flexible line of credit, a home equity line of credit or a car loan, Meridian has options for you.
• Fixed or variable rate. Meridian personal loans typically come with a fixed interest rate, which means your repayment will be the same each month. But if you open a line of credit you get a variable interest rate, so the amount of interest you pay will fluctuate.
• Large branch network. With 89 branches around Ontario, Meridian makes it easy to manage your loan face-to-face.
• Online and mobile banking. If you prefer to manage your money digitally, Meridian also offers online and mobile banking services.
• Established institution. With over 370,000 members and more than $30 billion in assets under management, Meridian is the second-largest credit union in Canada. This gives you the peace of mind of dealing with a major financial institution.
• Giving back. As a credit union, Meridian is committed to investing in the communities it serves, which is good news for any Ontario resident.

What to watch out for

• Can’t apply online. You can’t apply for Meridian loans online and will instead need to arrange an over-the-phone or in-person appointment.
• Limited information online. There’s limited information about loan terms, amounts and fees on the Meridian website.
• You’ll need to be a member. You’ll need to become a Meridian member and purchase $1 of membership shares to take out a loan.
• Bad credit not OK. You’ll typically need good to excellent credit to qualify for a Meridian loan. If you have bad credit, learn about the best bad credit loans here.

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What do Meridian reviews have to say?

While there are limited customer reviews for Meridian online, the credit union has picked up some negative feedback. Negative reviewers complain about factors such as customer service issues, fees and unexpected account problems. Meridian’s mobile banking app also has mixed reviews on Google Play and Apple’s App Store.

Summary of Meridian reviews

Meridian reviews from Finder survey

Professional company to do business with and a seamless enough experience for the application process. It is a reputable brand. Representatives are available and knowledgeable and provide good customer service.

Meridian Customer from Ottawa, Ontario

(The loan process) could have been faster but overall it was good.

Meridian Customer from St. Thomas, Ontario

The interest rate was competitive and affordable.

Meridian Customer from Richmond Hill, Ontario

What are Meridian’s loans?

There are two main types of Meridian loans to consider:

• Personal loan. A Meridian personal loan is designed for borrowers who need a lump sum of money to pay for a large purchase or expense. It usually comes with a fixed rate, which gives you the security of knowing exactly how much your repayment will be each month.
• Personal line of credit. An unsecured line of credit from Meridian gives you ongoing access to funds you can withdraw as needed, up to your approved credit limit. A variable rate applies, and you only pay interest on the money you borrow. This gives you access to credit when unexpected expenses occur.

Other loans offered by Meridian include home equity lines of credit and vehicle financing.

What are the eligibility requirements of Meridian loans?

You’ll need to be a Meridian member to take out a loan, and anyone who lives and works in a Canadian province or territory can become a member.

To qualify for a loan you will also need to:

• Be the age of majority in your province or territory
• Meet credit score requirements
• Meet income requirements
• Be able to afford loan repayments

How to get a loan from Meridian

If you want to apply for a loan or line of credit from Meridian, the first step is to contact the credit union. You can do this by:

• Phoning Meridian
• Visiting your nearest branch
• Booking an in-person or over-the-phone appointment

A Meridian representative will then meet with you to discuss your personal loan and line of credit options. If you’d like to apply, they can then help you complete the application process. You may be asked to provide:

• Proof of ID
• Proof of employment
• Proof of income

Bottom line

If you’ve got good to excellent credit, it’s well worth considering the loan options available from Meridian Credit Union. But if your credit score is poor or you’d prefer the convenience of an online application process, you may need to consider other options.

Frequently asked questions

• What credit score do you need to borrow money from a credit union?

  Credit score requirements vary between credit unions, but as a general guide, you'll typically need good to excellent credit (a credit score of 660 or higher) to qualify for a loan. Check out our What is a good credit score? guide for more information.

• Do I need to be an Ontario resident to become a Meridian member?

  No. Membership is open to anyone who lives or works in Canada.

• Does Meridian Credit Union offer secured lines of credit?

  Yes. Meridian also offers a home equity line of credit (HELOC) that lets you access a higher credit limit than you can get with an unsecured line. It also comes with a lower variable interest rate than an unsecured line of credit.