391 – Canada Post MyMoney Loan – Good Replacement for Payday Loans?

Because there aren’t already enough lenders out there, Canada Post has now also come out with their own loan called the ‘MyMoney Loan,’ partnering with TD Bank. It’s a strategic alliance, aimed at Canadians in rural, remote, and Indigenous communities. But, this Canada Post loan is not so cheap. While it’s more affordable than a payday loan, is it really a viable option for Canadians who can’t easily access a traditional bank? Find out on today’s podcast with host Doug Hoyes and guests Rebecca Martyn, LIT, Jennifer Kwon, LIT, Maureen Parent, LIT, and with a special appearance by Tom Cooper from the Hamilton Roundtable for Poverty Reduction.

Related Links:

Canada Post Press Release https://www.newswire.ca/news-releases/canada-post-and-td-enter-strategic-alliance-to-expand-access-to-financial-services-for-canadians-861926361.html

Canada Post My Money Loan https://www.canadapost-postescanada.ca/cpc/en/personal/mymoney/loan.page

Canada Post 2020 Annual Report https://www.canadapost-postescanada.ca/cpc/doc/en/aboutus/financialreports/2020-annual-financial-report.pdf

Canada Post 2021 Quarterly Reports https://www.canadapost-postescanada.ca/cpc/en/our-company/about-us/financial-reports/quarterly-financial-reports.page?

DFI30 Episode 145 Poverty Reduction: What Can We Do? With Tom Cooper  https://www.youtube.com/watch?v=juYQjuP0g9w

Hamilton Roundtable for Poverty Reduction https://hamiltonpoverty.ca