How A Windmill Loan Works

Windmill Microlending Loan Overview

Loan Amounts

  • Standard Loan: Up to $15,000 for typical needs.
  • Special Circumstances: Possibility of receiving up to $25,000 in exceptional cases.

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%.

Payment Schedules

  • 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.

Flexible Use of Funds

  • Versatile Application: Loan funds can be used for a wide range of educational and living expenses, including:
    • Exam fees
    • Training costs
    • Association fees
    • Books and course materials
    • Travel expenses
    • Living allowances during study periods

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.

Minimum Loan Amount

  • Starting From: The minimum amount that can be borrowed is $2,000, allowing for flexibility based on less extensive needs.

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