Windmill Microlending: Empowering Skilled Newcomers with Affordable Career Loans
Why Apply for a Windmill Loan?
At Windmill Microlending, we understand the unique challenges faced by skilled immigrants and refugees in Canada. Our career loans are designed to support you in obtaining the credentials and training you need to work in your trained profession or upskill as required by the Canadian market.
- Fixed Low-Interest Rate: Enjoy a fixed interest rate of 6.7% throughout the loan duration, which is significantly lower than typical credit card rates.
- Flexible Use of Funds: Use the loan for various expenses including accreditation, training, career development, and more.
Loan Amounts
- Standard Loan: Minimum $2,000 Up to $15,000
- Special Circumstances: Possibility of receiving up to $25,000 in exceptional cases
Eligibility for a Windmill Loan
You are eligible if you:
- Are a Permanent Resident, Protected Person, Convention Refugee, Provincial Nominee, or Canadian Citizen.
- Have completed post-secondary education outside of Canada and/or have a year of post-secondary work experience before coming to Canada.
- Need financing for costs associated with a Career Success Plan to achieve your professional goals.
- Are currently living in Canada and do not have an undischarged bankruptcy or active consumer proposal with less than six months of.
Special Considerations:
- People in Quebec needing help with credential recognition have different rules.
- Temporary work permit holders are only eligible if their address is in Quebec.
Note: International students with study permits are not eligible.
For further inquiries or questions, contact us at [email protected].
What Makes a Windmill Loan Unique?
- Deferred Payment Options: Up to two years of interest-only payments, followed by up to three years of principal and interest payments based on the length of your career plan.
- Comprehensive Support: Access to one-on-one coaching, financial planning tools, and the Windmill Mentorship Program.
How to Apply for a Loan
- Check Your Eligibility: Take our quick Eligibility Quiz to see if you qualify.
- Submit Your Application: Fill out the online application form and submit the required documents.
- Receive Your Funds: If approved, funds are typically disbursed within 10-15 days after approval.
Click here to know how to apply and get started with a Windmill loan
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What Can You Use a Windmill Loan For?
The Windmill loans may be used to fund your Career Success Plan, which could include:
- Education and training programs of two years or less, including courses to help you advance your career
- Fees for licensing and qualifying exams
- Living allowance to support you during your training, licensing, or relocation
- Credentials assessments (e.g. WES, ICAS, IQAS, or MIFI)
- English or French language training
- Relocation costs for employment
- Travel expenses to take courses or exams not available in your area
- Books, course materials, and work equipment
- Professional association fees
*Note that we do not provide loans for business start-up costs.
More Than Just a Loan
Windmill Microlending doesn’t just provide financial support. As a client, you benefit from:
- Community Success Hub: Exclusive access to job boards, career resources, and networking opportunities.
- Career Guidance: Ongoing support to navigate your professional pathway in Canada.
Understanding Your Loan
- Loan Amounts: Borrow up to $15,000 with specific programs potentially allowing more.
- Repayment: Flexible repayment options tailored to your financial and professional situation.
- Credit Building: Loans are reported to credit bureaus, helping you build your credit rating in Canada.
Interest Rates
- Competitive Rate: Fixed interest rate at 6.7%, which is considerably lower than the RBC prime rate and significantly less than average credit card interest rates of 20%-30%.
- Interest-Only Payments: During your educational program and for three additional months post-completion, payments are interest-only.
- Repayment Period: After the grace period, the principal amount borrowed is repaid over a 12-36 month period. The total interest-only period is capped at 24 months.
Support Services
- Holistic Support: Windmill provides more than just financial aid; clients receive coaching, access to career resources, and mentorship to facilitate their integration into the Canadian workforce.
Credit History
- Building Financial Stability: Successfully receiving and repaying a Windmill loan can help immigrants and refugees establish or improve their credit history in Canada, crucial for their financial integration.
FAQs and Success Stories
Have more questions? Read our FAQs or explore the success stories of those we’ve helped transition from survival jobs to careers that match their skills and training.
Windmill Microlending is dedicated to helping skilled immigrants and refugees achieve their professional potential and thrive in Canada. Join thousands of newcomers who have transformed their careers and lives with the support of Windmill Microlending.