Canada Post now offers loans alongside stamps, packaging and its existing financial services as it officially launches a partnership with TD Bank Group.
The Canada Post logo is seen on the outside of the company's Pacific Processing Centre, in Richmond, B.C., on June 1, 2017. Canada Post is now offering loans alongside stamps and packaging as it officially launches a partnership with TD Bank Group.now offers loans alongside stamps, packaging and its existing financial services as it officially launches a partnership with TD Bank Group.
“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 atThe loans, which range from between $1,000 and $30,000, fill a gap between payday lenders and traditional banks. 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 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 6,000offices nationally. 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 partnership will help TD reach more Canadians, said Michael Rhodes, group head of Canadian personal banking, in a statement.
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