Loan Terms and Conditions


Here’s what you need to know about borrowing from Windmill and paying your loan back.  

  • Up to $15,000 may be borrowed on our regular loan program; most people borrow around $11,000. We also have specific profession related loan programs that may exceed $15,000.
  • Our interest rate for new loans is fixed for the term of the loan (6.7%). This means that your interest will not increase despite the constant increases on the prime rate by the Bank of Canada.
  • You will need to sign a promissory note.
  • In most cases, loan funds are advanced as you make progress on your Career Success Plan.
  • Payments must be made monthly and will be taken automatically from your bank account.
  • Your loan repayment schedule will depend on the length of your approved Career Success Plan. Generally, your payments will be in two stages:
  • Interest only while you are completing your Career Success Plan (to a maximum of two years), and
  • Principal and interest for the next two to five years
  • Payments of interest only will start the month after you receive the loan funds and will be based on the amount borrowed at that time.
  • You will have to start making principal payments within 90 days if you:
  • Find employment in your field
  • Complete your Career Success Plan, or Decide not to continue with your Career Success Plan
  • Loans may be paid in full at any time with no penalty. “Paid in full” means that all principal, interest and any additional charges that might have been charged against the loan have been received.
  • Your loan will be registered with a credit bureau so that you can build your credit rating.
  • There are no processing fees on loans.
  • Approval of your loan is based on several factors, including your financial history, the strength of your Career Success Plan, and your willingness to repay the loan.

Affordable career loans for skilled newcomers

Are you among the 400,000+ skilled immigrants who have come to Canada aiming for a brighter future?

Employers may not recognize your credentials. Windmill can help you get back into your field with a 6.7% low-interest career loan.

Employers may not recognize your credentials. Windmill can help you get back into your field with a 6.7% low-interest career loan.

Affordable career loans
for skilled newcomers

Why should you apply for a Windmill loan?

We know starting over in Canada can be tough. You may be working a survival job, wondering when you’ll be an engineer, accountant or teacher again. Getting re-accredited or re-licensed can be costly, but Windmill, a registered charity, is here to help.


As a non-profit, we are offering low-interest career loans with a fixed 6.7% rate - one of the lowest rates available. Unlike payday loans with sky-high rates, and even big banks can’t offer this affordability, Windmill’s loans are specifically designed to support skilled immigrants like you.


Beyond financing, Windmill provides career coaching, mentorship and money management training to help you succeed. Our mission is to get you back to your profession and living the Canadian dream you came for.

Scientist immigrant playing with his son

Are you eligible for a Windmill loan?

Eligibility criteria:

You must be an immigrant and a Permanent Resident, Protected Person, Convention Refugee with a notice of decision, Provincial Nominee, or a Canadian Citizen.
  • Loan applicants must have one of the immigration statuses listed above.
  • Unfortunately, international students, live-in caregivers, and refugee claimants are not eligible for a loan.
You must be an internationally trained immigrant requiring licensing, re-training or relocation to achieve your career goals
  • You must be internationally trained and have completed post-secondary education outside of Canada and/or have a minimum of one year of post-secondary work experience before coming to Canada.
  • You must have costs associated with a Career Success Plan to achieve your professional goals, which may include credential assessments, exam fees, or programs of study that are less than two years, or even relocation for employment.
  • Note that we cannot provide loans for business start-up costs.
You must be currently living in Canada
  • You must be living in Canada to apply for a Windmill loan. We are proud to operate nationally and serve clients in all 13 provinces and territories.
You must not have an undischarged bankruptcy
  • If you have filed for bankruptcy in Canada, your bankruptcy ends when it is discharged, releasing you from legal obligations to repay the debts. We cannot consider your application if your bankruptcy is still active.
  • If you have an active consumer proposal or debt management program, you are eligible to apply for a Windmill loan once you demonstrate at least 6 months of consistent payments, unless your debt management program prohibits taking on other debts while enrolled.

What makes a Windmill loan unique?

Loans up to $15,000

Fixed low-interest rate
as low as 6.7%

Zero loan processing fees

Free career coaching and mentorship program

Start your application today

What can a Windmill loan be used for?

From examination fees to childcare costs and living expenses1 , while you study, a Windmill loan can cover the varied costs of accreditation, education and training that are essential for you to advance your career in Canada.

Note: A Windmill loan cannot be used for business start-up costs and/or to pay off other debt or debt consolidation.

1 Living allowance will be assessed on a case-by-case basis.

Qualifying exams
Training courses
Relocation costs
Books and materials
Assessments
Living allowances
Professional association fees

More than just a loan

As a Windmill client, you benefit from a range of services, at no additional cost!

One-on-one coaching to support you on your career path

Career and educational resource supports

Financial planning and budgeting tools

Windmill's mentorship program

Exclusive access to our Community Success Hub

How to apply for a loan

Step 01

Check your eligibility

Learn about the requirements to qualify for our affordable career loan. Explore our eligibility criteria in seconds!

Step 02

Submit your application

Once you check your eligibility, fill out our quick and easy online application form, submit the necessary documents, and complete your loan application. You will receive your loan approval notification within two weeks.

Step 03

Start your journey to career success

You might be required to meet with one of our counsellors who will provide you with career guidance and assistance with the loan. This is a free service for our clients. Once approved, get your loan amount credited within 10-15 days!

Loan calculator

Estimate your monthly payments, actuals may vary

Total Interest Over Loan Term

$10000

Interest rate
6.70
%

From 20 December 2023, all new Windmill loans are set at a fixed interest rate of 6.7% for the entire loan duration.‍

$2,000
$15,000
6 Months
24 Months
1 Month(s)
36 Months
During your educational program term you will be making monthly payments of:
$44.67
During your loan repayment term you will be making monthly payments of:
$357.09
Total interest paid over the loan term
$1,106.25
Total amount of principal and interest paid by the end of the repayment term
$9,106.25
Total of 12 payments
$536.00
Total of 24 payments
$8,570.25
Principal
(86%)
Interest
(14%)
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Loan terms and conditions

Everything you need to know about borrowing from Windmill and paying your loan back. Click here for information on the loan terms and conditions that apply to your loan.

Have more questions about our loan?

Esther Funmi Ogundele
January 10, 2025

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