What is the interest rate?
Since January 2021, we are applying a new Reduced Loan Interest Rate:
Prime + 0.5%.
How long is the loan application process?
Approximately 2-4 weeks.
Is there a fee to apply for the FCR loan?
We are a Federally-funded project and there are no fees to apply for the FCR Loan. However you will be required to purchase a refundable share of $5 to become a member of the financial partner if you are approved for a loan.
How long is the repayment period?
The repayment period ranges from 1 to 4 years.
Do you need a security?
No, we do not require any security. As part of the application process, we perform a preliminary financial assessment to determine your financial needs. If you fit into our criteria, you will then be recommended to the financial partner for a loan. Our financial partner Vancity will assess your Credit History & Score, T4, pay stubs and/or Notice of Assessment, during the loan approval process to have a better understanding of your financial status.
Do I have to enter into the same profession as 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 for a loan to become an Early Childhood Educator in Canada.
Am I still qualified for the FCR Loan if I am now working in my field?
Although you are currently working in your field, we can still help you if you are looking to return to your originally-trained profession in Canada. Our goal is to provide financial assistance during the foreign credential recognition process.
Can you tell me how favourable your interest rate is?
The interest rate is set by our financial partner and is Prime + 1.49%. The Canadian Prime Rate currently sits at 3.95%. If an individual were to sign today, they would be charged an interest of Prime + 1.49% = 5.44%.
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?
Although you are working full-time in a position unrelated to your professional career, we are still able to provide you with case management support and an FCR Loan for a part-time diploma program so that you can meet the requirements in order for your foreign credentials to be recognized in Canada.
Why is there so much paperwork involved in the FCR Loan application?
The information provided in your application, will help us to best understand and assess your situation. Our Case Managers will work with you to develop a plan that leads you to success!
I still have a lot of questions! Whom can I ask?
We are here to help you! If you have any additional questions, please contact us at 778-819-0728 ext 1001, email us at FCRloaninfo@success.bc.ca or send us a message here.