Loans and lines of credit
Let's come up with a borrowingoption that fits
Personal loans
- Get a lump sum up front and pay it back with fixed monthly payments.
- Perfect for big, one-time purchases and debt consolidation.
Line of credit (LOC)
- Get ongoing access to funds with variable interest rates.
- Perfect for unpredictable cash needs, like emergency funds or ongoing projects.
Home equity line of credit
- Get a line of credit with a variable interest rate secured by the equity in your home.
- Perfect if you need access to funds for larger expenses, like home renovations.
What’s creditor insurance?
Creditor insurance helps make sure that your mortgage or loan payments are made (according to the conditions of the insurance agreement) in case of loss, illness, or disability. Taking on a loan or line of credit is a big financial commitment, so this insurance protects you and your loved ones. Meridian offers creditor insurance for loans and lines of credit just in case the unexpected happens.
Borrow to invest and save on taxes
Did you know there are big tax benefits to borrowing money and then investing it? For example, if you borrow to invest in income-producing investments, like dividend-paying stocks or rental property, you can write off the interest as an expense.
It’s worth noting that if you get a loan to invest in a tax-sheltered account, like an RRSP, TFSA, and/or an RESP, then the interest is not tax-deductible. Consider your options, and be sure to talk to your accountant or tax advisor before making any decisions.
Get fast financing through our DriveON program
If you’re looking for financing to purchase a new car or truck, consider the Meridian DriveOn vehicle financing program. Fast approvals, same-day funding and competitive rates. Available at car dealerships across Ontario.
Climate-conscious loans for a greener world
Our green home and auto loans help you make environmentally-conscious home improvements or transition to an electric or hybrid vehicle. With each loan, we’ll recognize your commitment by planting a tree on your behalf through Tree Canada.
