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Want to learn how a Windmill loan can help you pay for the costs of accreditation, training, certification, or career development courses in Canada? Are you wondering about the documents required for a loan application or the additional services we offer, such as one-to-one coaching, mentorship, and financial planning tools? Find answers to these and more below or contact us directly for further information.
Whether you’re a prospective client, a partner, or a supporter, find out more about our loan program here.
The Windmill loans may be used to fund your Career Success Plan, which could include:
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.
A Windmill loan cannot be used for the following:
Microlending is a form of financing that issues smaller loans to individuals who may not otherwise qualify for credit products offered by larger financial institutions. Windmill provides loans to individuals who require licensing, training or relocation to achieve their career goals in Canada.
We lend to clients who may not have much credit history in Canada or otherwise be deemed high risk by banks and therefore be faced with prohibitive interest rates. We offer newcomer-friendly repayment terms as well as other add-on services like coaching and a mentorship program to help clients succeed in their goals. Gain a better understanding of how an affordable career loan can help you. Explore Windmill’s Skilled Immigrant Career Success Guide.
To be eligible for a Windmill loan, you must:
To be eligible for a Windmill loan, you must be a Permanent Resident, Convention Refugee with a notice of decision, Protected Person or Canadian Citizen.
Unfortunately, you are not eligible for a loan with us if you are an international student, live-in caregiver, refugee claimant or have a work permit.
Yes, you would qualify if you find yourself in an underemployed position (where your education and experience are not fully utilized), if you’re aiming for professional development to gain a competitive edge in the job market or secure a promotion, or if you’re considering a career switch to a field where your transferable skills are applicable.
Loans may be used to help pay for short-term living expenses (i.e., if you need to quit your job or reduce your hours at work while you are attending school or studying for exams). Applications for living allowance are considered on a case-by-case basis. In order to support the application, we will need a breakdown of the living expenses.
You may borrow up to $15,000 to fund your Career Plan. However, we encourage you to borrow only what you need to ensure you can repay the loan with ease. Repaying the loan on time will help you build you credit history, and good credit is critical to your future success in Canada.
Windmill loans are set at a fixed interest rate of 6.7% for the entire loan duration. This rate is more affordable than traditional bank loans and significantly lower than payday loans.
*The Healthcare Reaccreditation Loan is set at a fixed interest rate of 4.95% for the entire loan duration. See below for eligibility and more details.
The interest we charge helps replenish the loan fund and covers the interest and bank charges paid by our organization. We have been able to keep payments of principal and interest within the loan fund, helping to ensure the sustainability of the loan fund. As a registered not-for-profit, Windmill does not make any money from the loans. Future clients will benefit from the interest paid by today’s clients.
Windmill is a national not-for-profit organization. Our loans are generously funded by private donors (60%) and the Canadian Government (40%). We thank them for their generosity in helping us change the lives of newcomers.
Financial assistance to validate your qualifications and work in a regulated healthcare profession in Canada.
Windmill’s Healthcare Reaccreditation Loan is designed for regulated healthcare professionals seeking financial support to complete the exams or courses required to have their credentials recognized and work in Canada. Loans of up to $15,000 are available at a low 4.95% interest rate, aligned with the prime rate.
The Healthcare Reaccreditation Loan has a fixed interest rate of 4.95% for the entire loan duration.
To be eligible for the Healthcare Reaccreditation Loan, you must:
Canada has a critical shortage of regulated healthcare professionals and this loan is designed to help address that shortage.
To qualify for the Healthcare Reaccreditation Loan, your profession must be regulated in Canada. Below is a list of regulated healthcare professions that are eligible to apply for this loan program:
Applicants with a credit history in Canada, need a credit score of 600 or higher, as that has demonstrated a higher repayment rate. As a non-profit, Windmill relies on timely loan repayments to support other clients.
Yes, newcomers with no Canadian credit history or a credit score of 0, who are pursuing a regulated healthcare profession, are eligible to apply for the Healthcare Reaccreditation Loan program.
Below is a list of non-regulated healthcare professions. These professions do not qualify for the Healthcare Reaccreditation Loan.
However, you can still apply for the standard Windmill loan at a competitive interest rate of 6.7%. Click here to learn more.
Yes, you can! If you don’t qualify for the Healthcare Reaccreditation loan, you can still apply for our standard Windmill loan, which offers up to $15,000 at a competitive low-interest rate of 6.7%. This rate is more affordable than traditional bank loans and significantly lower than payday loans.
Click here to learn more about our regular loan program.
We strive to make our application process simple and clear. From the time that we receive your complete application, it takes 10-15 business days for you to receive the funds in your account if you are approved. These FAQs should help make your experience as smooth as possible.
The loan review process can take up to 10 to 15 business days after we receive your complete application, including all supporting documents. This timeline may vary depending on your individual situation, how quickly you provide all required documents, and how soon you book your coaching session. The coaching session helps us understand your need for the loan, as well as your plan for study, exams, or credential assessments.
Click here to see examples and details of some of the documents you need.
*Learning Institutions outside of Canada are not eligible unless a Canadian professional body recognizes the program for licensing purposes.
We can approve funds to cover costs incurred within the past 6 months, so please be prepared to provide receipts if you are requesting funds for expenses already incurred.
On the application, you will only be asked for your total monthly household expenses (including rent/mortgage payments), your monthly rent/mortgage expense, your total monthly household income, and your monthly employment income. If you’re unfamiliar with budgeting, please use our monthly budget template to help you.
When considering your expenses, please include your rent/mortgage, utilities, phone, food, household and personal care supplies, childcare, prescriptions, clothing, transportation, money sent back home to family or for debt repayment, home and life insurance, credit card payments if you have a balance owing, loan payments, investments, and any other miscellaneous costs.
When calculating your household income, please include all of the following that apply to you: your gross income (before deductions) from your full-time and/or part-time work as well as your spouse’s or any other member of your household, student finance loans or grants, business income, income support or social assistance from the government, any Child Tax Benefits, Employment Insurance or CERB, Worker’s Compensation Benefits, and any other sources of income in your household.
Learn more about budgeting and the cost of living in Canada. Read our Skilled Immigrant Career Success Guide.
We ask you to provide your void cheque or Direct Deposit Form as part of the application just to speed things up if your microloan is approved. We need your bank account details in order to send you your loan agreement to sign, so asking for it right away helps to remove one potential delay. Please note that this does not guarantee that your loan will be approved.
Windmill created its Client Success Assessment tool to help identify what kinds of assistance will help you find work as quickly as possible. It’s quick, easy and interesting to take. It will also help us better understand your skills, your re-training needs, and your job hunting tools and strategies.
The results of your assessment have no effect on your eligibility for a loan from Windmill, so please answer as honestly as possible. This tool has been a valuable source of information for many newcomers as it provides a snapshot of your current strengths and challenges. It also helps Windmill staff understand how to best support your educational and employment goals.
The results of your assessment are confidential, and the report is not shared with anyone outside of Windmill. You need to complete this assessment before you meet with a Windmill Client Success Coach to discuss your application. Your Success Coach will discuss the report with you and help you create an action plan tailored to your needs.
A Coaching Session is a one-on-one chat for 30-45 minutes between the coach and the client to support, guide and refer them to external services that can enable them to succeed in their Career Plan, and secure their desired end goal. The session could either be mandated by Windmill, or optional after the loan is approved. The Client Success Coach uses the session to understand some of the roadblocks that our clients are facing and work with them individually to tailor an Action Plan that would help them during their study plan process. This service is free of charge and offered as an add-on support to our clients.
Yes, we will pull your credit history as it shows how well you manage money and repay loans in Canada. Most banks and lenders use credit scores to understand a person’s financial health. At Windmill, we check your credit history through Equifax. When you filled out the Windmill application, you gave us permission to do this by clicking the consent box.
However, if you are new to Canada and don’t have a credit score yet, that’s okay. Even if your credit score is zero, we can still assess your loan application. We’re here to support newcomers and understand that building credit takes time.
Windmill will not conduct a credit check until you provide consent by clicking in the application form. As a registered partner with Equifax, a credit bureau, we will access your credit report to evaluate your financial suitability for a Windmill loan. This will appear on your credit history as a hard inquiry, which has minimal impact on your overall credit score.
After your loan is approved, timely repayments can help improve your credit history in Canada.
Every client’s situation is different, so our loans are not one-size-fits-all. You can calculate your payments with our Loan Calculator or read our loan terms and conditions to learn more about the factors that affect your loan repayment plan.
If your application goes through the full review process and gets declined after the coaching session by our Loan Review Team, you will get a decision letter with a link for an appeal. Please feel free to submit an appeal up to 30 days from the decision, if you have sufficient reasons to present to us for your loan to be approved.
Windmill loans are designed to be flexible and supportive of your journey. While you're studying, you are only required to make small, interest-only payments. Once you finish your learning plan, your payments will go up to include both principal and interest, at a time when you’re likely earning more.
At any point in time, if you would like to review your payment schedule or history, you can access this information in your client portal or contact our Loan Management team at loanmanagement@teamwindmill.org for assistance.
We are proud to be supporting you on your journey to career success.
If you would like to see the balance of your account or the history of your loan payments, log into the Client Portal using the email address and password you used when applying for your loan. You can also reset your password if you have forgotten it. If you have any further questions about your account, you can get in touch with our Loan Management Team at loanmanagement@teamwindmill.org.
If you miss a payment on your loan, you will be notified by our Loan Management team and be given the opportunity to make of an opportunity to make your payment before it gets reported to Equifax.
To make a deposit towards your Windmill loan we recommend that you add our company as a bill payee through your own banking institution. You can then transfer funds directly to your account as a payment. Please ensure you are making a deposit for the exact amount that had been missed.
To add Windmill as a payee through your bank, you must use your loan number as your account number. If you do not know your loan number, you may find it by logging in to the Client Portal. It will take 3-5 business days to apply the deposit to your account.
If you would like to make a payment in person through your branch, please contact the Loan Management Team at loanmanagement@teamwindmill.org for instructions on how to do so.
Windmill loans are registered with Equifax, a credit bureau. If your payments are made consistently and on time, a Windmill loan can help to build your credit in Canada, potentially giving you access to better interest rates on credit products in the future. All missed payments are reported to Equifax, and may reduce your overall credit score. You may find it difficult to secure credit in the future (ie car loans, mortgages) if your credit score is low.
If your Career Success Plan has changed, please get in touch with your Client Success Coach and they will work with you to determine whether a restructure of your repayment schedule is warranted. If you’re not sure who your Coach is, please contact loanmanagement@teamwindmill.org and our Loan Management Team will be happy to connect you to your Coach.
We understand that you may face setbacks along your pathway to career success. If you are unable to make payments, please get in touch with the Loan Management Team at loanmanagement@teamwindmill.org and they will work with you to determine whether a restructure of your repayment schedule is warranted.
The Loan Management Team will be happy to help you with your next disbursement. You just need to email them at loanmanagement@teamwindmill.org to request it. Even if your next disbursement was scheduled for a certain month, it does not go to your account automatically, and you still need to request it from them.
You can make a lump sum payment by setting up Windmill Microlending as a payee through your bank online, using your 8 or 9-digit Windmill loan/account number without the dash, for example 202312345. Once the payee is set up, you will be able to make a payment to your loan. Windmill Microlending loans are open loans, and can be paid off early at any time without penalty. To verify your loan/account number, you can review your loan documents, or check your Client Portal. If you have any issues, or want to confirm your payoff amount, please contact the Loan Management Team at loanmanagement@teamwindmill.org.
No, you cannot pay your loan directly through a credit card. Loans are set-up for regular payments to be withdrawn automatically from your bank account on the 15th of every month. If you need to make up for a missed payment, or want to make a lump sum payment towards your loan, please contact the Loan Management Team at loanmanagement@teamwindmill.org for instructions on how to do so.
Windmill loans are personal loans, rather than student loans (or government loans). Therefore, the interest payments on this loan are not tax deductible and we do not issue T4s for this loan.
If you have more specific questions, please try using our client support site. You can also contact our Loan Management Team at loanmanagement@teamwindmill.org and they will be happy to assist or direct you further.
