Thursday, October 6, 2022

Money as safe as if it were in the ... Post Office?


Canada Post has introduced a new service option for their customers to give a look at with the Post Office partnering up with TD Bank to introduce the Canada Post My Money Loan, a financial lending instrument that the Post office calls a simple, affordable personal loan for all Canadians from cost to coast to coast.

The elements to the financial lending program include variable or fixed rates, a borrowing opportunity from 1,000 to 30,000 dollars and options towards a repayment schedule.

You can explore more background on the Post Office's moves into financial lending here.

In the past, the unions of Canada Post as well as some politicians have suggested that the Post Office should move into the banking sector to add to their service portfolio across the country. 

That suggestion gained some traction in recent years as the commercial banks began to close branches and downsize their services.

Though this loan initiative does not appear at the moment, to be a start towards working towards that concept.

The latest focus on the lending opportunities comes following the August financial report from Canada Post which indicated a 160 million dollar loss before taxes in the second quarter for the postal service.

If they need some cash to tide them over, there's a place they can go for a loan that we could recommend.

BNN Bloomberg took note of the project with a story shortly after the initiative launched nationwide.

More items of interest on the commercial sector can be reviewed here.

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