![]() Loans are sent by direct deposit, so you can receive your funds almost instantly. One of the best things about the Canada Post MyMoney Loan is that it doesn’t have any fees until a payment is missed (prepayments are free). Payment FlexibilityĬustomers are allowed to select the frequency of their Canada Post MyMoney Loan payments too. Generally, longer terms result in more interest charged by the lender. (TD Prime Rate + 3.73% to TD Prime Rate + 13.23%)Ĭanada Post MyMoney Loan payments may be divided over 1 to 7 years.Interest Rateīorrowers of the Canada Post MyMoney Loan can choose a competitive fixed or variable interest rate, depending on their finances and credit score: Qualified customers can borrow $1,000 to $30,000, which they may pay back at any point during their loan term, with zero additional charges. Funds are sent to the receiver as a single lump sum. This is an unsecured personal loan, meaning there is no collateral or cosigner involved. ![]() Here are some important things to know about Canada Post MyMoney Loans: Loan Type Currently, there are over 200 different Canada Post locations from coast-to-coast where you can apply for a MyMoney Loan. It has lower interest rates than other loan products and credit cards, as well as repayment plans you can adjust to suit your lifestyle.Ĭanada Post MyMoney Loans are also available via direct deposit to chequing accounts from other financial institutions but TD is responsible for funding all loans and managing any credit risk that applicants present. What Is A Canada Post MyMoney Loan?Ī Canada Post MyMoney Loan is a customizable personal loan that’s delivered by TD and offered through Canada Post offices in underserved regions. Now referred to as the Canada Post MyMoney Loan. Their first product was a pilot program for a flexible personal loan that could be used to cover emergency costs. In July of 2021, Canada Post and The Toronto-Dominion Bank (TD) announced a strategic partnership to give Canadians better access to financial services, particularly when it came to remote, rural, and Indigenous communities. Note: The Canada Post MyMoney Loan has been indefinitely paused.
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