Through the offering, customers across the country, including rural, remote and Indigenous communities can access personal loans for amounts as low as C1,000. Canada Post says that the new program, called the Canada Post MyMoney Loan, responds to Canadians’ desire for fair, transparent, and more affordable loans. The report recommends continued use of the Canada Post plan with federal support. You can apply for a MyMoney Loan either online via the Canada Post website or by calling 1-84. Canada Post MyMoney Loan is aimed at improving access to financial services across the country by leveraging Canada Post’s national post office network. The report specifically mentioned the MyMoney program as one of the only two options for these loans, along with Accord D from Desjardins. Leave a Comment / payday loan today / By. This comes as low-income Canadians are finding it harder to secure the short-term loans they need to get by.Ī report Wednesday from the Association of Community Organizations for Reform Now found there are a “very limited number of low-cost or fair credit options for low- and moderate-income people” and there is limited access to the ones that do exist. Starting Canada Post MyMoney Financing lead with TD to advance usage of monetary properties to own Canadians.
“While this means the MyMoney Loan application will no longer be offered, we are committed to exploring new ways to provide financial services to Canadians.”Ĭanada Post added those with existing loans will not be impacted and will be able to access their information as normal. “Following a comprehensive review, we have now jointly decided to pause the MyMoney Loan application indefinitely,” a Canada Post spokesperson wrote in an email. Canada Post has expanded its MyMoney loan program in partnership with TD Bank to locations across. Now, both parties are ending the service. The two organizations launched the MyMoney program nationwide in October, but paused it indefinitely a month later after identifying “signs of irregular activities” by people who “tried to take advantage of a new product.” Canada Post has partnered with TD bank to offer personal loans between 1,000 and 30,000 on a fixed or variable rate. Canada Post and TD Bank have ended a program meant to offer small loans to people living rurally with little access to bank services.
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