About FCR » Loan Terms & Conditions
- Up to $15,000 may be borrowed.
- The rate of interest is prime plus 1%.
Note that prime rate changes from time to time. The
applicable interest rate will be fixed for the life of the loan.
- Repayment is over a two year period after completing the
required education or training.
- Loaned funds may be used to cover the costs of training
and/or living costs while training or obtaining certifications
appropriate to Canada. The funds may be used in addition to
student loans, if needed for costs that are not allowed under
student loans.
- 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.
- There are no processing fees on loans.