Loan Terms and Conditions

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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.

We’re here to help you launch your career in Canada.

Windmill is here to support skilled immigrants with low-interest loans to help pay for the education training or Canadian credentials you need to launch your career in Canada.

We’re here to help you launch your career in Canada.

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.

Apply now
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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.

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:
$43.00
During your loan repayment term you will be making monthly payments of:
$1,233.03
Total interest paid over the loan term
$3,330.31
Total amount of principal and interest paid by the end of the repayment term
$12,330.31
Total of 10 payments
$12,330.31
Total of 10 payments
$12,330.31
Principal
(97%)
Interest
(3%)
View Payment Details

Payment Details

Loan Repayment Structure

Educational Program Term

While you are studying, you pay interest only payments.

Repayment Term

After your training period, you start repaying the money you borrowed. The repayment term is how many months you take to repay.

Based on your selection, you would be borrowing $8,000

Your interest rate will be 6.70% fixed for the term of the loan.

Your monthly interest payment would be $43.00.

You would pay this for 15 months while you complete your training.

After that, your payments would be $356.19 per month for 24 months.

Payments are withdrawn automatically from your bank account on the 15th of every month.

Note that these terms may change when we review your application. However, the interest rate will not change.

Do you want to get started on applying for a loan?
‍
It will take approximately 10 minutes and there is no obligation.

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View Full Legal Disclaimer

Calculator Legal Disclaimer

In the results presented, we assume the following: {i} a constant interest rate throughout the loan term and amortization period; and {ii} the payment schedule you selected is maintained with no additional payments or skipped payments. Actual payment and interest amounts may differ and will be determined at the time of signing the Loan Agreement. This calculation is based on the accuracy and completeness of the data you have entered, is for illustrative and general information purposes only, and is not intended to provide specific financial or other advice and should not be relied upon in that regard. You should speak with your professional accountant or other professional advisors before making a final decision to ensure any strategy meets your financial needs and that your personal circumstances have been considered. When you make your credit application, interest rates may have changed or may be different due to information contained in your application and additional conditions may apply.

Windmill Microlending does not make any express or implied warranties or representations with respect to any information or results in connection with the calculator and will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you in reliance on any information or results.

* For the educational program term, payments must be at least $25. If your payment is less, a $25 flat rate will apply, with the remaining amount going towards your outstanding balance.

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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

What can a Windmill loan be used for?

From examination fees to childcare costs and living expenses, 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.

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

The Windmill Mentorship Program

Exclusive access to our Community Success Hub

Start your application today

Apply now
Apply now
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