TD Bank Group and Canada Post have announced the national launch of a new loan offering called, Canada Post MyMoney Loan.
The new offering is a personal loan designed to expand access to ‘transparent and affordable’ credit.
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Canada Post MyMoney Loan is aimed at improving access to financial services across the country by leveraging Canada Post’s national post office network.
Through the offering, customers across the country, including rural, remote and Indigenous communities can access personal loans for amounts as low as C$1,000,
Other than flexible repayment conditions, customers will get applications, decision-making and funding processes support from TD.
TD Bank Group head of Canadian personal banking Michael Rhodes said: “We are delighted to work with Canada Post to provide access to the MyMoney Loan to Canadians in communities across the country.
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By GlobalData“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.”
Canada Post president and CEO Doug Ettinger said: “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.”
“We are focused on meeting the changing needs and expectations of Canadians and believe expanding our financial service business will help us to further connect and strengthen the country.”
The latest offering was launched after an extensive market test, which highlighted the demand for a more accessible credit offering.
As a result, Canada Post is also looking to offer more financial products and services to meet customer demand.
Last month, TD Bank has announced plans to open around 15 branches in Charlotte, North Carolina which will generate some 100 full-time and part-time jobs.
