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Note: The Canada Post MyMoney Loan has been indefinitely paused.

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. Their first product was a pilot program for a flexible personal loan that could be used to cover emergency costs. Now referred to as the Canada Post MyMoney Loan. 

What Is A Canada Post MyMoney Loan?

A Canada Post MyMoney Loan is a customizable personal loan that’s delivered by TD and offered through Canada Post offices in underserved regions. It has lower interest rates than other loan products and credit cards, as well as repayment plans you can adjust to suit your lifestyle.

Canada 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. Currently, there are over 200 different Canada Post locations from coast-to-coast where you can apply for a MyMoney Loan.

Features Of A Canada Post MyMoney Loan

Here are some important things to know about Canada Post MyMoney Loans:

Loan Type

This is an unsecured personal loan, meaning there is no collateral or cosigner involved. Funds are sent to the receiver as a single lump sum. 

Loan Amount 

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.   

Interest Rate

Borrowers of the Canada Post MyMoney Loan can choose a competitive fixed or variable interest rate, depending on their finances and credit score:

  • Fixed = 7.28% to 16.78%
  • Variable = Between 6.43% and 15.93%
    • (TD Prime Rate + 3.73% to TD Prime Rate + 13.23%)  

Loan Term

Canada Post MyMoney Loan payments may be divided over 1 to 7 years. Generally, longer terms result in more interest charged by the lender.  

Payment Flexibility

Customers are allowed to select the frequency of their Canada Post MyMoney Loan payments too. Choices include:

  • Weekly
  • Bi-weekly
  • Monthly
  • Semi-monthly  


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).

Funding Time & Method

Loans are sent by direct deposit, so you can receive your funds almost instantly.

Cost Of A Canada Post MyMoney Loan

Just like a traditional loan, the final cost of your Canada Post MyMoney Loan can vary greatly depending on how much money you borrow, what type of payment term you have and which interest rate you qualify for. Here’s a chart to give you a better idea: 

Loan AmountInterest Rate Loan Term Payment SizeTotal Cost
$5,0007.00%4 years $119.73/month$5,734.88
$3,00011.00%2 years $32.17/week$3,334.10
$30,0004.50%7 years $208.34/semi-monthly$34,916.32
$10,00016.78%1 year $419.02/bi-weekly$10,891.88

Eligibility Requirements For A Canada Post MyMoney Loan

Although this TD loan has easier requirements than a lot of other financing products offered by our Big Five banks, you’ll still need several key elements to apply for one. 

To qualify for a Canada Post MyMoney Loan, you must:

  • Be a permanent resident or citizen of Canada.
  • Be at least the age of majority in your home province or territory (18 – 19+).
  • Have a deposit account that accepts Canadian Dollars (CAD) with a participating Canadian financial institution (to receive your funds and make payments).
  • Have not declared bankruptcy or had accounts in debt collections for overdue payments within the past 24 months.

Steps To Apply For A MyMoney Loan

You can easily apply for your Canada Post MyMoney Loan using these 4 steps:

1. Apply For The Loan

To start an application, visit the Canada Post MyMoney Loan webpage and click “Apply Now”. You’ll then go through a 5 – 10 minute loan application process, wherein you have to fill out general information about your financial profile and living situation, including your:

  • Gross annual income from all relevant sources (before taxes).
  • Monthly housing costs (rent/mortgage payments, property taxes & heating costs).

You can add your Social Insurance Number (SIN) to your application. While this isn’t mandatory, it’s recommended because it can help Canada Post and TD locate your credit profile.

2. Update Your Order & Make A Decision

After you submit this information, you should get a series of email messages, including:

  • A confirmation that TD has received your application. 
  • TD’s approval decision on your loan. 
  • How to consent to the terms and conditions of your loan (if approved).

Keep in mind that it can take 1 – 2 business days for TD to reach a decision. Once you’re approved, the next email you get will guide you through the acceptance process and, if applicable, show you how to verify your identity so you can collect your funds.  

3. Verify Your Identity

If your information requires updating or you don’t have a TD account, the approval email will feature steps to confirm your identity. You can also do this by visiting a Canada Post location with the unique verification barcode given in the email. In that case, make sure to bring a piece of government photo ID with you, like your passport or driver’s license. 

4. Receive Your Loan Funds

Shortly after you confirm and activate your Canada Post MyMoney Loan, you’ll receive all funds by direct deposit to your chequing account through any financial institution in Canada.

Canada Post MyMoney Loan FAQs

Do I need to be a TD client to qualify for this loan?

No, you aren’t obligated to be an existing TD customer to get your hands on a Canada Post MyMoney Loan. To apply you simply need to be a Canadian citizen or permanent resident with a bank account who reached the age of majority within your province. If you’re a new client, TD can help you establish your own profile, which will include accessing your online bank account, whether it’s with TD or another financial institution.

Can I get a Canada Post MyMoney Loan with no credit history?

If you’re a new resident or haven’t built a Canadian credit history for another reason, you may still qualify for a Canada Post MyMoney Loan. However, you must show TD that your finances are strong enough to handle your future payments, which is why your gross annual income and monthly housing costs will be inspected when you apply.   

Can I offer collateral to obtain a larger loan?

Unfortunately, the Canada Post MyMoney Loan is an unsecured loan, which means you can’t offer assets, like vehicles or properties to qualify for additional funds. Instead, the approval process is based mainly on your financial aptitude and creditworthiness.  

Can I pay my loan off early without penalty?

As long as you’re within your approved loan term, you’re allowed to pay your Canada Post MyMoney Loan off whenever you want, without being charged a penalty. In fact, the only time you’ll have to pay a fee is when you miss a payment.    

What can I use my loan for?

Like most traditional loans, a Canada Post MyMoney Loan will be deposited directly into your bank account as a lump sum of cash, so you can spend it on anything you want. That said, remember that a loan is a serious financial responsibility and it’s best to only use the funds for important expenses, like consolidating debt.

Bottom Line

Canada Post MyMoney Loan is a pilot product managed by two major Canadian companies; Canada Post and The Toronto-Dominion Bank (TD). It’s more flexible and affordable than many other financing products you’ll come across these days. If you’re looking for financing, particularly in an under-served region, you should look into Canada Post My Money Loan.            


Bryan Daly avatar on Loans Canada
Bryan Daly

Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and travelling the world in search of the coolest sights our planet has to offer.

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