Windmill Microlending announces 5.95% fixed interest rate for new loans

Credit to Author: Canadian Immigrant| Date: Fri, 27 Jan 2023 19:36:08 +0000

As a newcomer to Canada, one of the best ways to achieve success is to get a grasp of the financial landscape and plan for the future. And this is not easy given the tough economic climate we face as we enter 2023.

Rising inflation levels, a hike in interest rates and an increased cost of living have all created apprehension and anxiety for many skilled immigrants and refugees.  The impact of higher interest rates just as you are establishing a new life in Canada — building your career, finding housing, and growing your family, can be very frustrating.

In response to these uncertain times, Windmill Microlending, a Canadian charity offering affordable loans to skilled immigrants and refugees, has announced that all new loans will be capped at a fixed interest rate of 5.95 per cent for the entire loan duration. Capping this loan at this unprecedented below-prime rate, fixed interest rate is to ensure that the loans are accessible and affordable for newcomers.

By setting a fixed interest rate over the loan period, the organization seeks to ensure payment stability, providing newcomers with greater peace of mind when managing finances. The microloans help pay for the costs of  accreditation, training and career development.  In addition, the goal is to provide clients with the opportunity and build their confidence to secure roles that align with their skills and experience.

The organization hopes that this temporary measure will alleviate financial suffering for skilled immigrants and refugees as they utilize their full potential, in addition to contributing towards easing Canada’s labour shortage.

You can learn more on the Windmill Microlending website here.

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