Lines of Credit

A Meridian line of credit is ready cash when you need it.  Access anytime, anywhere; online, telephone banking, ABMs and link to your chequing account to protect your account from overdrafts or from cheques being returned because of inadequate funds. A line of credit is also great for covering unforeseen expenses.

Features

  • Flexible borrowing option; as you pay the balance down, the funds become available for use again
  • Apply only once
  • Rates are lower than traditional credit cards
  • Control your repayments: they can be as low as the monthly interest charged 
  • Access through ABM, online, Contact Centre or by telephone banking
  • Life and disability insurance available
  • You can choose from four lines of credit

Secured line of credit

You can use your assets as security for a line of credit which provides you with some of the lowest rates available at Meridian. Ultimately saving you money. The equity in your home or cottage, deposits held at Meridian, Canada Savings Bonds and Mutual funds can be used as security.

Unsecured line of credit

An unsecured line of credit is an excellent tool for managing your day-to-day finances. It is available whenever you need it and can help manage unforeseen expenses or fill a gap when money is tight. Limits can be as high as $50,000.  

Student line of credit

A Meridian Student Line of Credit is a low cost borrowing solution that offers low interest-only payments to help cover your living or education costs while you are completing a post secondary education. And, while in school, your required monthly payment is equivalent to the interest charged for that month. It is available to Members who are completing post-secondary education in Canada or abroad.

RSP line of credit

An RSP line of credit helps you save for your retirement by providing you with access to funds to make your annual contribution. This flexible product allows you to pay your balance down as quickly as you want. A great strategy is to use your tax return to help pay down the balance faster. As with all lines of credit, as you pay the balance down, the funds become available for use again. Meridian’s RSP line of credit offers one of our lowest lending rates which makes it a very cost effective way to build your retirement savings. 

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Meridian Credit Union