Applying for a Canada Post loan: How the program works


Canada Post has launched a new mortgage program with TD Bank Group in an effort to supply Canadians extra monetary choices.

Called MyMoney, the program started as a pilot mission final fall earlier than increasing nationally. It has been pitched as a method to supply extra selections to these residing in rural, distant and Indigenous communities.

Canada Post already provides cash switch providers, in addition to pre-paid reloadable bank cards.


Applicants can borrow between $1,000 and $30,000 by way of MyMoney below variable or fixed-rate loans, with repayments unfold out over one- to seven-year phrases.

Variable rates of interest rise or fall relying on adjustments to the prime fee, whereas a mounted fee stays the similar for the time period of the mortgage. Ultimately, a individual’s mortgage fee will depend upon components comparable to an applicant’s credit score historical past.

Variable rates of interest presently vary between 9.78 per cent and 19.78 per cent, in comparison with 9.98 per cent and 19.98 per cent for mounted rates of interest.

Repayments could be made weekly, biweekly, month-to-month or semi-monthly.

Fees will not be charged until a compensation is missed and loans could be paid down each time with out further prices. has reached out to Canada Post for a touch upon what occurs if a individual remains to be unable, or chooses not, to make their mortgage repayments.


Canada Post lists a variety of necessities to be eligible for a MyMoney mortgage.

An applicant should be both a Canadian citizen or everlasting resident, an grownup and have a private annual revenue of no less than $1,000.

An applicant additionally should not have declared chapter or had accounts in collections for late funds in the final 24 months, and must have a legitimate chequing or financial savings account of their identify with a Canadian monetary establishment the place mortgage funds could be deposited. Loans can’t be acquired for a third get together.

The loans are additionally described as “unsecured,” that means they don’t have to be backed by collateral comparable to property and as an alternative are based mostly on an applicant’s credit score.


Prospective candidates can apply on the Canada Post web site or by cellphone.

Applicants will likely be requested to confirm their identities and will have to take action in-person at a Canada Post workplace.

Other particulars required with the intention to apply are gross annual revenue earlier than taxes and month-to-month housing prices, together with mortgage or hire funds, property taxes and heating bills.

A social insurance coverage quantity will not be required to use however will assist in acquiring credit score info, Canada Post says.

Once a mortgage is lively, TD will switch the funds by direct deposit between one and 5 enterprise days.

Applicants don’t have to be an present TD buyer to use.

With recordsdata from The Canadian Press


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