For a standard fixed-rate loan at Windmill Microlending, the interest rate is fixed at 6.7%. Here's an overview of the repayment details based on different loan terms and amounts:
- Loan Amount: $15,000
- Interest-Only Payment Period(6-24 month term):
- Interest-only payments: Approximately $76 per month
- Principal and Interest Repayments(36 month term):
- Total monthly repayments: Approximately $455.99
Please note that terms may vary for loans with a variable interest rate or a cost-plus structure, leading to different repayment terms and details. Quebec residents who require funds exclusively for credential recognition are subject to different loan terms.
Loan Calculator: You can use the loan calculator on Windmill Microlending's website to see a detailed breakdown of your payment, depending on the amount you are borrowing, your education term and repayment term. Scroll down the page until you locate the "Loan Calculator" section.
Minimum Loan Amount: The minimum amount to borrow is $2,000.
For more comprehensive information about our loan programs and products, please visit our website at https://www.windmillmicrolending.org/. Or call us at 1 (855) 423-2262. We're here to assist!