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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 refugee / protected person in Canada, see the below section for information on the loan terms and conditions that apply to your loan.

  • Up to $10,000 may be borrowed; most people borrow around $6,000.
  • The annual interest rate is the RBC prime rate plus 1.5%, set quarterly.
  • You will need to sign a promissory note.
  • Loan funds are advanced as you make progress on your licensing/learning 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 learning plan. Generally, your payments will be in two stages:
    • Interest only while you are completing your licensing/learning plan (to a maximum of two years), and
    • Principal and interest for the next two 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 licensing/learning plan, or
    • Decide not to continue with your licensing/learning 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.

Since approval of your loan is based on your character, you will be required to provide references, demonstrate initiative, have a strong licensing/learning plan in place, and be willing to repay the loan.

Loan Terms and Conditions – Refugee Loan Program

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

  • You may borrow up to $10,000.
  • You will need to sign a promissory note.
  • Loan funds are advanced as you progress on your licensing/learning plan.
  • Minimum payments will start the month after you receive the loan funds and will be based on the amount you have borrowed at that time.
  • Payments must be made monthly and will be taken automatically from your bank account.
  • You have up to four years to pay back your loan. Generally, your payments will be a set of minimum payments while you are completing your licensing/learning plan (to a maximum of two years). Your payments will increase once you find employment or two years after your loan is received.
  • Your loan will be registered with a credit bureau which will help you build your credit rating.
  • You may pay your loan in full at any time with no penalty.
  • There are no administration fees on loans.

Since approval of your Windmill loan is based on your character, you will be required to provide references, demonstrate initiative, have a strong licensing/learning plan in place, and be willing to repay the loan.