Exclusive Loan for Healthcare Professionals - 4.95%

Loan Terms and Conditions

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Here’s what you need to know about borrowing from Windmill and paying your loan back.

Up to $15,000 may be borrowed on our regular loan program; most people borrow around $11,000. We also have specific profession related loan programs that may exceed $15,000.

Our interest rate for new loans is fixed for the term of the loan (5.20%). This means that your interest will not increase despite the constant increases on the prime rate by the Bank of Canada.

You will need to sign a promissory note.

In most cases, loan funds are advanced as you make progress on your Career Success Plan.

Payments must be made monthly and will be taken automatically from your bank account.

Your loan repayment schedule will depend on the length of your approved Career Success Plan. Generally, your payments will be in two stages:

Interest only while you are completing your Career Success Plan (to a maximum of two years), and

Principal and interest for the next two to five years

Payments of interest only will start the month after you receive the loan funds and will be based on the amount borrowed at that time.

You will have to start making principal payments within 90 days if you:

Find employment in your field

Complete your Career Success Plan, or Decide not to continue with your Career Success Plan

Loans may be paid in full at any time with no penalty. “Paid in full” means that all principal, interest and any additional charges that might have been charged against the loan have been received.

Your loan will be registered with a credit bureau so that you can build your credit rating.

There are no processing fees on loans.

Approval of your loan is based on several factors, including your financial history, the strength of your Career Success Plan, and your willingness to repay the loan.

Loans at 4.95% for immigrant healthcare professionals

Are you an internationally trained healthcare professional struggling to work in your regulated field?

We are a national charity, offering you an exclusive loan at 4.95% prime rate, to help cover accreditation and credentialing costs, so you can restart your career in Canada. With our support, over 13,000 professionals have grown their income by 4X, you can too!

What can a Windmill loan be used for?

This Healthcare Reaccreditation Loan¹ is for individuals pursuing a regulated healthcare profession² in Canada. If you need courses or exams to recognize your credentials, a Windmill loan can help cover those costs, as well as childcare or living expenses³ while you study.

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¹A Windmill loan cannot be used for business start-up costs and/or to pay off other debt or debt consolidation.

²Non-regulated healthcare professions are not eligible for this loan. Read our FAQs to see the list of non-regulated professions. However, you’re welcome to apply for a standard Windmill loan with a competitive interest rate of 6.7%.

³ Living allowance will be assessed on a case-by-case basis.