Meridian Credit Union Personal Loan

Meridian Credit Union provides personal loans with flexible terms from 12 to 60 months. The APR ranges from 7.49% to 12.99%, making it a viable option for those with good credit. However, applicants must be Ontario residents and members of the credit union, which may limit access for some potential borrowers.

For borrowers needing larger amounts, Meridian allows loans between CAD 5,000 and CAD 50,000. Yet, it's crucial to note that the approval time is 1-3 business days, which may be a drawback for those in urgent need of cash. Customer feedback highlights a generally positive experience, but some report challenges with customer service responsiveness.

In comparison to alternatives like TD Canada Trust, which offers personal loans with slightly higher APRs, Meridian’s rates can be more appealing for eligible borrowers. However, individuals with lower credit scores might find better options with lenders that cater specifically to those needs, potentially facing higher costs here.