Canada Post now offers loans alongside stamps, packaging and its existing financial services as it officially launches a partnership with TD Bank Group.
The Crown corporation said Wednesday that the loan program, which could be expanded to other services, will provide more financial options for Canadians across the country including in rural, remote, and Indigenous communities.
"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 partnership will help TD reach more Canadians, said Michael Rhodes, group head of Canadian personal banking, in a statement. 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.
Simpson said it’s important that Canada Post ensures proper staffing levels as it looks to roll out more services, but that the expanded offerings could help pay down the corporation's debt levels, create good unionized jobs, and help out communities. She said, however, that it's still unclear how easily those with no or low credit will be able to access the new loans, and would like to see a lower entry point as well.
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