Affordable fixed-rate loans for immigrants
Newcomers to Canada often feel financial pressure, especially now at a time of high inflation and rising costs of living.
What prevents immigrants and refugees from pursuing their Canadian dreams? In most cases, it is the high cost of tuition.
It takes money to pay for education or certification. Licensing processes or continuing education courses in Canada cost anywhere from $1,500 CAD to $150,000 CAD. The amount depends on qualifying exams, length of training, books or equipment needed.
Many unskilled immigrants and refugees may feel uncomfortable in Canada because of financial instability. Windmill Microlending offers the option of a 5.95% fixed-rate, term loan.
This rate is available through June 30, 2023, but can be extended at Windmill's discretion. In addition to the loan, immigrants can use the app:
- Make a plan to achieve your career goals;
- Get tools for financial planning and budgeting;
- Have access to a financial mindset mentoring program.
Canadian charity Windmill Microlending financially supports newcomers by allowing them to pay for education, certification, professional development, training, and living expenses while studying.
To qualify for a microloan, an applicant must meet one of the following requirements:
- be a permanent resident or a Canadian citizen;
- have a temporary open work permit (open work permit);
- be protected by the state as a refugee;
- be a provincial nominee;
- have an education or at least one year of post-secondary work experience before coming to Canada.
The loan is available for purposes such as two-year training or continuing education courses, licensing exams, language courses, transportation costs if you must travel to other cities for training, books and manuals, professional association dues, and a living allowance.
Windmill offers a loan of up to $15,000 CAD after filling out an application online. With Windmill's new fixed-rate offer, newcomers can be sure of costs when it comes to repaying the loan.
Career coach Joyce Wang works with refugees and immigrants every day. He states that most newcomers are trying to build a career in Canada, get an education and achieve financial independence. This is why many of them aim to become certified in their profession. After all, it means "going from a low-skilled job to a high income career that changes their life in Canada," Wang says.
It should also be noted that microloans are also available to those who have no credit history.
