Canada Post Officially Launches Nationwide Loan Program With TD Bank Group
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.
“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 at Canada Post, in an interview ahead of the launch.
The 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….