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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.

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.

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 will 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.

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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 cannot offer this affordability, Windmill’s loans are specifically designed to support skilled immigrants like you.

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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.

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.

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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.