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 5.95%, 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.