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Loan Terms and Conditions

Here’s what you need to know about borrowing from Windmill and paying your loan back. If you are a Protected Person or Convention Refugee in Canada, see the below section for information on the loan terms and conditions that apply to your loan.

  • Up to $15,000 may be borrowed; most people borrow around $10,000.
  • Our loans are a variable interest rate loan product, meaning that if the prime rate increases or decreases, the interest on your loan will increase or decrease accordingly.
  • You will need to sign a promissory note.
  • 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.