How long is the loan application process?
Approximately 2 weeks.
Is there a fee to apply for the FCR loan?
We are a government-funded project and there are no fees to apply for the FCR Loan.
How long is the repayment period?
Repayment period ranges from 1 to 2 years.
Do you need a security?
No, we do not require any security. As part of an application, we review your Credit History & Score, T4, pay stubs and/or Notice of Assessment, to have an understanding of your financial status.
Do I need to go back in the same profession as what I did before coming to Canada?
We certainly hope our loan will be able to help you return to the same profession, however, if your career plan is related to your profession, our loan may be able to assist you as well. For instance, an individual who was an elementary school teacher in their home country may consider applying a loan to become an Early Childhood Educator in Canada.
Am I still qualified to the FCR Loan if I am now working in my field?
If you have limited related working experience, you are still eligible to apply for an FCR Loan. Our goal is to provide financial assistance during the foreign credential recognition process.
Can you tell me how favourable is your interest rate?
Our interest rate is set at Prime + 1%. We guarantee to charge the lowest interest rate, from the date of signing the Loan Agreement and the first day of repayment.
For example: The Canadian Prime Rate currently sits at 3%. If an individual were to sign today, they would be charged an interest of Prime + 1% = 4%. However, if six months later, the Canadian Prime Rate has increased to 3.25% + 1% = 4.25%, we will guarantee the lower Prime rate of 3% + 1% = 4%
I am working at a full time job but in an occupation not related to my professional career. Am I eligible for the FCR Loan to attend a part-time diploma program to pursue my Foreign Credential Recognition in Canada?
Yes, as long as you require financial assistance during the foreign credential recognition process you are eligible to apply for the FCR Loan, regardless of your employment status.
Why is there so much paperwork involved in FCR Loan application?
The information provided in your application, will best help us to understand and assess your situation. Our Loan Advisors will work with you to develop a plan that leads you to success!