Canada post mymoney loan how to#
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“This is just the start, because we’re pushing for a full public bank, because as we know, in France and other locations around the world, postal banking has really been successful, and we know that it can be successful here in Canada as well.” The Canadian Union of Postal Workers supports the move as part of a wider push to bring low-cost banking to post offices, said national president Jan Simpson. “Financial service is an essential service, and this alliance enables TD to play a meaningful role in helping to expand access to banking to more Canadians.”Ĭanada Post declined to provide specifics on the commercial terms of the partnership with TD, including how the two are sharing profits and risks. The partnership will help TD reach more Canadians, said Michael Rhodes, group head of Canadian personal banking, in a statement. TD employees will support customers through the actual application, decision-making and funding process.

Canada post mymoney loan how to#

Postal workers aren’t allowed to give financial advice, but have been trained to direct customers on how to apply either online or by phone for the loans as well as to provide materials with more information. Customers have been using the loans for unexpected emergencies like car repairs or veterinarian bills, as well as to consolidate debt from higher interest rate products, said Yee. The postal service has been running pilot programs for the loan program, called MyMoney, since last year and in recent weeks ramped it up across the roughly 6,000 post offices nationally. “What we found when we spoke to Canadians is that there is really a need in the market in accessing simple and affordable loan services,” said Yee. The loans will carry interest rates set by TD but customers do not need to have a bank account and can be new to credit.

The loans, which range from between $1,000 and $30,000, fill a gap between payday lenders and traditional banks.

“We believe that this is the best way of providing Canadians with better access to financial services, especially underserved Canadians,” said Michael Yee, vice-president of financial services at Canada Post, in an interview ahead of the launch.