Frequently Asked Questions About Windmill Microlending
Explore how a Windmill microloan can support your career development in Canada, including assistance with accreditation, training, certification, and career development courses. Here you'll find answers to common questions about our loans, eligibility, application process, and the additional support services we offer, such as one-to-one coaching, mentorship, and financial planning tools. For more detailed information, feel free to contact us directly.
General Loan Information
What can a Windmill loan be used for? Windmill loans are specifically designed to fund your Career Success Plan. You can use these loans for:
- Education and training programs (up to two years)
- Licensing and qualifying exam fees
- Living allowance during training, licensing, or relocation
- Credential assessments (e.g., WES, ICAS, IQAS, MIFI)
- Language training in English or French
- Relocation costs for employment (specific conditions apply)
- Travel expenses for remote courses or exams
- Books, course materials, and necessary work equipment
- Professional association fees Note: Loans are not available for business start-up costs.
What is microlending? Microlending issues small loans to individuals who may not qualify for traditional credit products from large financial institutions. Windmill specializes in loans for newcomers needing licensing, training, or relocation to achieve their career goals in Canada, offering friendly repayment terms and additional support services to aid client success.
Who is eligible for a Windmill loan? Eligible applicants include immigrants and internationally-trained individuals living in Canada on a permanent basis. Applicants must have completed post-secondary education abroad or possess significant work experience before immigrating. They must not be undergoing undischarged bankruptcy or have an active consumer proposal less than 6 months old. Permanent statuses include: Permanent Resident, Convention Refugee, Protected Person, or Canadian Citizen. Ineligible statuses include international students, live-in caregivers, or refugee claimants.
Loan Application Details
What documents are needed for a loan application? You will need:
- Immigration status document (PR card, COPR, refugee decision notice, etc.)
- Government-issued photo ID
- Proof of address if not on your photo ID
- Resume and diplomas (translated or evaluated)
- Acceptance letter or documents detailing your Career Success Plan
- Evidence of program costs and detailed expense breakdown
- Proof of financial situation (pay stubs, social assistance confirmation, etc.)
- Void cheque or Direct Deposit Form
- Selfie with your photo ID
What costs can be included in my application? Windmill can cover costs incurred within the past six months, provided you can submit receipts for these expenses.
Budgeting for Your Application
When applying, you will need to provide details of your monthly household income and expenses. This includes rent/mortgage, utilities, childcare, clothing, transportation, and other relevant costs. For help with budgeting, use our monthly budget template.
Credit and Repayment Information
Will applying for a loan affect my credit? Applying for a Windmill loan involves a credit check by Equifax, which appears as a hard inquiry on your credit report. This has a minimal impact on your overall credit score. Consistently repaying your loan on time can help build your credit in Canada.
How much can I borrow? You may borrow up to $15,000 to fund your Career Plan. It's advisable to borrow only what you need to ensure manageable repayments.
Interest Rates As of October 1, 2023, all new Windmill loans have a fixed interest rate of 6.7% for the loan duration. For Quebec residents needing funds for credential recognition, different terms apply.
Additional Services and Support
What additional services does Windmill offer? Windmill provides comprehensive support services including:
- One-to-one coaching
- Mentorship programs
- Financial planning tools
These services are designed to help you successfully integrate and advance in your career in Canada.
For any further questions or to start your loan application process, please visit our website or contact our support team directly.