Meridian Credit Union Reviews, Ratings And Fees May 2022

Based on 2
Customer Reviews
ADDRESS
C/O Collabria, PO Box 82029, RPO Connaught
Calgary, Alberta
T2R 0X1
BUSINESS HOURS
  • Monday to Sunday 8:00 am – 12:00 am EST/EDT
PROVIDER DETAILS

Who Is Meridian Credit Union

Credit unions offer the same wide range of financial products and services that you would find at any of the big five banks. Furthermore, members of credit unions like Meridian may also be able to take advantage of more personalized products that closely match their needs.

Meridian is the largest credit union in Ontario with over 375,000 Members using its services. It provides an array of cost-effective banking products and services to individuals and businesses. 

Let’s take a closer look at Meridian to help you decide if this is the right resource for all your financial needs. 

Meridian Personal Mortgages

Meridian offers a variety of mortgage programs, the same as you’d find with a big bank, including fixed-rate and variable-rate mortgages, high-ratio mortgages, and joint mortgages, to name a few. Members can take advantage of low mortgage interest rates, flexible payment plans, and holistic advice from industry professionals. 

You can begin the mortgage application process online or at a branch. Meridian’s Mortgage Specialists are always available any time you need help.  

Types Of Mortgages Available At Meridian

Meridian Credit Union offers a wide variety of mortgage programs, including the following:

Fixed-Rate Mortgages 

As the name suggests, fixed-rate mortgages come with an interest rate that does not change during the loan term. As such, mortgage payments remain stable, making these payments easy to budget for. 

Fixed-rate mortgages may be ideal if rates are expected to increase at some point in the future. By locking in at today’s low rate, you’ll benefit from a secure rate even if the going rate increases over time. 

Variable-Rate Mortgages

Unlike fixed-rate mortgages, variable-rate mortgages come with a rate that fluctuates at different points throughout the term. This is because the interest rate you obtain will be tied to the prime rate. Variables rates are usually expressed as the prime rate plus or minus your interest rate discount.

If interest rates change, your mortgage payments remain stable. However, if the prime rate increases, that means more of your money will go towards the interest portion of your mortgage. If the prime rate decreases, more of your payment goes towards the principal portion of your home loan to reduce the overall cost of the mortgage.

High-Ratio Mortgages

If you place a down payment of less than 20% towards the purchase of your home, your mortgage will be considered a high-ratio mortgage. This loan type is a good option for first-time homebuyers who may have less money to put towards a new home purchase. 

Construction Mortgages

If you’re building a newly built home, a construction mortgage may help you finance the project. These mortgages are also ideal if you’re buying a home that requires extensive renovations. In this case, a construction mortgage can help cover the cost of these improvements so that you’re not stuck paying for the entire project out-of-pocket all at once. 

Hybrid Mortgages

A hybrid mortgage combines a conventional mortgage with a loan to help you qualify for the mortgage you need. Meridian will consider your future borrowing power and offer you an opportunity to buy a home today while you continue to advance in your career. Later, when you’re in a better and stronger financial position, you can apply for a conventional mortgage. 

Self-Employed Mortgages

While a salaried person may have a stable job and earn a predictable income, a self-employed person may have an income that fluctuates over time. This can make it more challenging to get approved for a mortgage because of the higher level of uncertainty over yearly income. 

Meridian has a self-employed mortgage so that people in this situation can still afford the home they want. Advisors will happily work with you to design the right mortgage. 

Joint Mortgages

A joint mortgage allows you to share a mortgage with another person so you share the responsibilities and liabilities of the loan while making a home purchase more financially attainable for everyone involved. 

Flex Line Mortgages

A Flex Line mortgage from Meridian allows you to tap the equity in your home. As you pay down the principal of your home loan, your home equity increases. Once you’ve accumulated a certain amount of equity, you can tap into it as a line of credit.  

Meridian Mortgage Benefits 

Getting a mortgage with Meridian comes with a few perks, including:

  • Low-interest rates. Mortgage interest rates from credit unions like Meridian are often lower than rates offered by traditional big banks.
  • Pre-approval with a 120-day guaranteed rate (for standard mortgages). Getting pre-approved for a mortgage can help you determine what kind of mortgage you can afford. Plus, it shows sellers that you’re a serious and qualified buyer. When you get pre-approved with Meridian, the rate you are offered is guaranteed for up to 120 days. 
  • Flexibility. Meridian offers flexibility in its mortgage programs and customizes plans to suit every Member. Repayment schedules are also flexible, allowing borrowers to choose from weekly, bi-weekly, monthly, bi-monthly, and accelerated payment plans to suit their needs. 
  • Skip-a-payment. It’s not uncommon to have a bad financial month from time to time. During times like these, there may not be enough money in the pot to comfortably cover every bill. With Meridian’s skip-a-payment option, borrowers can ask to miss a mortgage payment once every 12 months without repercussions. 

Meridian Mortgage Rates

The mortgage interest rate you are given depends on a few things, including the type of mortgage program you apply for. The following chart outlines the interest rates Meridian currently offers based on different loan types:

TermRateDiscounted RateOpen Fixed Or Variable
6-Month Convertible3.89%NoFixed
1-Year Fixed3.29%NoFixed
2-Year Fixed3.29%3.89%NoFixed
3-Year Fixed3.69%4.19%NoFixed
4-Year Fixed4.39%NoFixed
5-Year Fixed4.79%4.99%NoFixed
5-Year Fixed (High Ratio)3.64%NoFixed
7-Year Fixed5.45%4.24%NoFixed
10-Year Fixed5.95%4.49%NoFixed
5-Year Variable2.60% (Prime – 0.60%)NoVariable
5-Year Variable (High Ratio)2.50% (Prime – 0.70%)NoVariable

Are You Eligible For a Meridian Mortgage?

You don’t have to be a Member of Meridian to get pre-approved for a mortgage with Meridian. However, you must be a resident of Ontario. You can then undergo the no-obligation pre-approval process to determine whether you qualify for a home loan. 

How To Apply For A Meridian Mortgage?

You can start the mortgage application process online in 3 steps:

1. Create your profile

Once your profile is created, your quoted interest rate will be locked in for 120 days (for standard mortgages).

2. Submit your application

Complete your online application by providing your personal information. Meridian will then conduct a credit check to find out your credit profile and will inform you of your credit score at no charge.

3. Await final approval status

Within a few business days, Meridian will inform you if you are approved for a mortgage.

Meridian Credit Union Personal Banks Services

In addition to mortgages, Meridian also offers several other financial products:

Chequing Accounts 

Meridian’s chequing accounts include the following:

  • Pay As You Go Chequing. This account comes with no monthly fee and no limits on free transactions when your account maintains a balance of at least $2,000. 
  • Limitless Chequing. This no-fee account is geared towards those between the ages of 18 to 29 years and comes with unlimited free transactions and 4 free Interac e-Transfers per month. 
  • Convenience Chequing. If you only make a handful of transactions a month, this account may be ideal and offer the best value.
  • Electronic Chequing. Those who prefer online or mobile banking will find the electronic chequing account more convenient. 
  • Convenience Plus Chequing. This account features unlimited free transactions, free Canadian dollar drafts, 1 free cheque order a year, and a 15% discount off safety deposit box rental fees. There is a $12 monthly fee for this account.
  • Senior Chequing. With no monthly fee, this account comes with unlimited free transactions, a free cheque order, free paper statements, and 4 free bank drafts per month.
  • U.S. Dollar Chequing. If you receive or make payments in U.S. currency, this account will help your American dollars grow through monthly interest on your account balance. Plus, you’ll get unlimited free deposits and free access to more than 40,000 ATMs across the US.

Savings Accounts

Meridian offers a few different types of savings accounts, such as the following:

  • High-Interest Savings Account. Earn 0.45% on every dollar in your account, which is calculated daily and paid out monthly. Plus, enjoy unlimited free transactions.
  • Advantage Savings. Every dollar in your account earns interest with unlimited free deposits, 1 free self-serve and 1 free personal transaction per month, and no transaction fees waived when your account maintains a balance of at least $50,000.
  • Youth Savings. Kids aged 17 and under can earn interest on every dollar in their account with unlimited free transactions and no transaction fees.

Credit Cards

Meridian offers a variety of Visa credit cards, both for personal and business purposes, including the following:

Personal Visa Cards

  • Meridian Visa Infinite Cash Back Card
  • Meridian Visa Cash Back Card
  • Meridian Visa Platinum Cash Back Card
  • Meridian Visa Platinum Travel Rewards Card
  • Meridian Visa Infinite Travel Rewards Card
  • Meridian Visa US Dollar Card

Business Visa Cards

  • Meridian Visa Infinite Business Cash Back Plus Card
  • Meridian Visa Business Flex Cash Back Plus Card
  • Meridian Visa Business Cash Back Plus Card

Each card allows you to earn cashback points on everyday purchases like groceries, gas, travel, dining, and office supplies to be redeemed towards travel, account credit, products, services, gift cards, event tickets, and more. 

Meridian Credit Union FAQs

What do I need to qualify for a loan with Meridian?

To qualify for a loan with Meridian, you need to be a resident of Ontario. There may be other requirements, such as income and credit profile, based on the loan type.

What interest rate can I get on a mortgage with Meridian credit union?

Rates on Meridian mortgages currently range from 1.25% to 5.95% depending on if it’s a fixed-rate or variable-rate mortgage.  

How much can I borrow from Meridian? 

Many factors influence the maximum amount you can borrow from Meridian, including your income, debt, credit score, and loan term. 

Can I get an online loan from Meridian? 

Yes, you can apply for a loan from Meridian entirely online. 

Final Thoughts

As a credit union, Meridian offers some perks to consumers that big banks may not be able to compete with, including lower rates on loans and mortgages and more personalized products. Given Meridian’s expansive range of banking products, consumers will have access to just about everything they need for their financial life.

Services

Offered Services

scroll table
Product Details

Mortgage

Meridian offers a variety of mortgage programs, the same as you'd find with a big bank, including:
  • Fixed-Rate Mortgages
  • Variable-Rate Mortgages
  • High-Ratio Mortgages
  • Construction Mortgages
  • Hybrid Mortgages
  • Self-Employed Mortgages
  • Joint Mortgages
  • Flex Line Mortgages
Members can take advantage of low mortgage interest rates, flexible payment plans, and holistic advice from industry professionals. You can begin the mortgage application process online or at a branch. Meridian’s Mortgage Specialists are always available any time you need help.
Reviews

Reviews & Ratings

See what others have to say about Meridian Credit Union

Loan application was denied even after providing all proper details and docs and also reason was not given so giving one star.

- Gaurav (January 7, 2020)

My local branch is great, always there to help me with whatever I need.

- Roman Jacobs (June 10, 2019)

REVIEW THIS LENDER

Find Other Lenders In This Region

Filters

Loans Canada

Amount
Up to $50,000
Rate
2.00% to 46.96%
Term
3-60 months

Loanz

Amount
$1,000 - $15,000
Rate
29.9% - 46.9% APR
Term
12 - 60 months

Symple Loans

Amount
$5,000 - $50,000
Rate
5.75% - 22.99%
Term
Up to 84 Months

Spring Financial

Amount
Up to $15,000
Rate
14.99% to 46.96%
Term
6 - 12 Months

goPeer

Amount
$1,000 - $25,000
Rate
7.5% - 31.5%
Term
36 - 60 months

Lendful

Amount
$5,000 - $35,000
Rate
Starting at 9.99%
Term
6 - 60 Months

LendDirect

Amount
Up to $15,000
Rate
19.99% - 46.93%
Term
No minimum term

Loan Away

Amount
Up to $5,000
Rate
19.9% to 45.9%
Term
6 - 36 Months

LoanMeNow

Amount
$500 - $1000+
Rate
28 to 32%
Term
3 Months

Consumer Capital Canada

Amount
$500 - $12,500
Rate
19.99% to 34.99%
Term
No minimum term

Mogo Finance

Amount
$300 – $35,000
Rate
5.9% to 47.72%
Term
3 - 60 Months

LendingMate

Amount
$2,000 – $10,000
Rate
43%
Term
12 to 60 Months

Fairstone Financial

Amount
Up to $50,000
Rate
19.99% - 39.99%
Term
6 - 120 Months

Review Widget

Want to show off your rating on your website? Copy the code below to embed our review widget on your website.

Meridian Credit Union Reviews on Loans Canada
Best Personal Loan Provider by Greedy Rates
Icon

Confidential & risk-free

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.

When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.

Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.

Your data is protected and your connection is encrypted.

Loans Canada Services Are 100% Free. Disclaimer

Keep Track Of Your Credit Score

Subscribe with Credit Verify to monitor your credit rating and get your free credit score.