Canadians now have another option for their loan provider: Canada Post.
The Crown corporation announced it's expanding Canada Post MyMoney Loan that’s delivered with Toronto-Dominion Bank.
Canadians will be able to borrow variable or fixed loans from $1,000 to $30,000, with repayments that can be spread over one- to seven-year terms.
“Offering personal loans will help communities connect to the financial services they need,” it said on its website.
“This is a natural extension of the financial services we already offer Canadians, including money and wire transfers, and pre-paid debit cards.”
In order to be eligible for a loan, adult individuals must meet a number of requirements such as be a Canadian citizen or permanent resident, have an annual income of $1,000 or more, and have not declared bankruptcy.
As it’s an unsecured-term loan, individuals will not need any collateral as security as it’s based on their credit score.
According to a TD blog post, the partnership was first announced last year in October.
The service was being offered in a number of locations in Nova Scotia, Winnipeg and select cities in Ontario, but is now expanded to residents across Canada.
The project was designed to “enable TD to provide smaller dollar loans, extending the Bank's ability to meet the needs of a broad range of customers, including those who are new to Canada, or have not yet established credit.”