Canada Post has launched a new loan program with TD Bank Group in an attempt to offer more financial options to Canadians. The program, called MyMoney, began as a pilot last fall before expanding nationwide. It has also been promoted as a way to provide more options for those living in rural, remote, and Indigenous communities. Canada Post already offers money transfer services, as well as prepaid reloadable credit cards. Additionally, applicants can borrow between $1,000 and $30,000 through MyMoney with variable or fixed-rate loans, with repayment installments spread over periods ranging from one to seven years. Variable interest rates rise or fall depending on changes in the prime rate, while the fixed rate remains the same throughout the loan term. Ultimately, a person’s loan rate will depend on factors such as the applicant's credit history. Variable interest rates currently range from 9.78% to 19.78%, compared to 9.98% to 19.98% for fixed interest rates. Payments can be made weekly, semi-monthly, or monthly. Additionally, fees are only charged if repayments are missed, and loans can be repaid at any time without extra fees. In the same regard, CTVNews.ca contacted Canada Post for comment on what happens if the person is still unable or chooses not to repay the loan installments. Canada Post lists a number of requirements to be eligible for a MyMoney loan; the applicant must be either a Canadian citizen or a permanent resident, an adult, and have an annual personal income of at least $1,000. The applicant must not have declared bankruptcy or have accounts in collections for late payments in the last 24 months and must have a valid chequing or savings account in their name at a Canadian financial institution where the loan funds can be deposited. Loans cannot be obtained for a third party. The loans are also described as “unsecured,” meaning they do not require support from collateral such as property and are instead based on the applicant’s credit. Potential applicants can apply on the Canada Post website or by phone, where they will be asked to verify their identities and may need to do so in person at a Canada Post office. Other details required for the application include gross annual income before taxes and monthly housing costs, including mortgage or rent payments, property taxes, and heating expenses. Canada Post says that a social insurance number is not required to apply but will help obtain credit information, and once the loan is active, TD will transfer the funds via direct deposit within one to five business days. Applicants do not need to be current TD customers to apply.