Equity and Secured Line of Credit

The Meridian Equity or Secured Line Of Credit is perhaps the most convenient and economical ways to borrow money. You can use a variety of assets as security for the line including; the equity in your home or cottage, the deposits held at Meridian, stocks, Canada Savings Bonds and Mutual funds. The value of the Line of Credit in relationship to the type of security being pledged will differ - see branch for full details.

You'll have automatic access to funds whenever you need them at competitive variable interest rate and this line features very flexible repayment options.

Access:

• Make cash withdrawals at any Meridian branch
• Transfer funds to and from your Line of Credit using our online or telephone banking as well with the help of our Quality Contact Centre advisors
• Write a cheque against your Line of Credit account 
• Transfer balances from high interest rate credit cards to your Line of Credit
  

Affordable:

• Competitive variable rate based on Meridian’s Line Of Credit Prime rate plus any applicable rate increment
• You control how much of your outstanding balance you wish to repay each month. Choose to make interest only payment, or make large repayments – the choice is always yours
• There are also no penalties for extra payments made toward your Line of Credit balance
• You also have the option to turn an outstanding Line Of Credit balance into an installment loan with your choice of either a fixed or variable interest rate 

Convenient:

• Once you open your Meridian Line of Credit, you will have access to the full credit limit whenever you choose to use it – and you don’t have to reapply each time you need access to the funds
• You will receive convenient monthly statements detailing the transactions on your account
• Make your monthly payments through an automatic monthly payment arrangement, in person at a Meridian Branch, online or telephone banking as well as with the help of our Quality Contact Centre advisors

Line of Credit Prime Rate

The Line of Credit Prime rate was introduced in December 2008 as a result of the financial turmoil in the marketplace. It is the new base interest rate that we use for flexible lending products such as secured and unsecured Lines of Credit and is subject to change at any time. Depending on the economic conditions, the security pledged for the loan and your financial situation at time of application, your Line of Credit may also have an interest rate increment (additional interest charge over and above the Line Of Credit Prime Rate). The Line of Credit Prime rate differs from the Meridian Prime rate (used for installment loans) because Lines of Credit have flexible repayment and access features where installment loans have a set repayment schedule and cannot be drawn upon for additional funds. You will be notified of the applicable interest rate through monthly statements as well, at any time you can find out the Meridian Line of Credit Prime Rate on our website, through online banking, telephone banking, by visiting the branch or by calling our Quality Contact Centre at 1-866-592-2226.