Toronto: Canada Post has launched a new personal loan product, MyMoneyTM Loan, in collaboration with TD Bank Group to provide more financial options to Canadians.
The programme has been launched primarily for rural, remote communities as well as indigenous communities. Canada Post is already providing services such as money transfer services as well as pre-paid reloadable credit cards.
In a statement, Canada post said that MyMoneyTM Loan is a simple and flexible personal loan product designed to expand access to more Canadians looking for fair, transparent and affordable loans. The goal is to improve access to financial services across the country, combining the reach and trust of Canada Post’s national post office network with personal loans for amounts as low as $1,000 and competitive interest rates.
Under My Money, this loan can be taken between $ 1000 and $ 30,000. It can be repaid over a period of one year to seven years.
This loan can be given to Canadian citizens or permanent residents, adult individuals, as well as those whose income is at least $ 1000 annually.
“We are proud to be delivering an inclusive and more accessible loan to Canadians by partnering with TD and after working closely with the Canadian Union of Postal Workers and the Canadian Postmasters and Assistants Association,” said Doug Ettinger, Canada Post President and CEO.