Initial Setup and Repayment Schedule
When your microloan was approved by Windmill Microlending's Loan Management Team, you were assigned a repayment schedule that aligns with the duration of your learning plan. The length of time to pay back your loan will depend on how much you borrowed and the length of your studies. It can range from 2.5 - 5 years. Your coach will help you determine that. This period may include interest-only payments or reduced payments, particularly designed to ease financial strain while you focus on your studies and career transition.
Managing Repayment Challenges
Immediate Communication: If you find yourself unable to make scheduled payments, it's crucial to contact the Loan Management Team at loanmanagement@teamwindmill.org immediately. Proactive communication allows us to understand your situation and explore possible solutions together.
Options for Modifying Loan Terms
Shortening Your Loan Term: You are encouraged to shorten your microloan term if you wish to repay your loan faster than the scheduled timeline. This option can save you interest costs and expedite your financial independence.
Requesting an Extension: Extensions to your loan term are considered on an exceptional basis and must align with Windmill’s loan repayment policies. It’s important to note that while we strive to accommodate your needs, we cannot guarantee that all requests for extensions will be approved.
Handling Financial Emergencies
No Holds or Deferrals: Please be aware that payments on your microloan cannot be held, deferred, or stopped. If you encounter a financial emergency, it's essential to inform the Loan Management Team as soon as possible. By understanding your circumstances early, we can work with you to address the challenges effectively and prevent further complications.
Contacting Support: For any financial difficulties or questions regarding your loan, please do not hesitate to reach out to loanmanagement@teamwindmill.org. Our team is here to support you through your financial journey and help you succeed in your new career in Canada.