Canada is recognized globally as a great place to live. A high quality of life, free healthcare, an excellent public school system, and other social services attract future residents from around the world. If you are considering moving to Canada, prepare to pay a handful of fees. You will incur fees for transportation, establishing a home in a new country, permanent residence fees, and more. Apply for an immigration loan to help support you and your family’s move to Canada.
Do your family and loved ones need monetary support abroad? Even if you move across the globe, Western Union can help you send money whenever you need to. Western Union’s money transfers are secure, reliable, and can be sent from the convenience of your phone using the Western Union money transfer app.
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Who qualifies for an immigration loan in Canada?
Before diving into the application process, it’s crucial to understand the eligibility criteria for an immigration loan. The Immigration Loans Program (ILP) caters to immigrants—predominantly refugees—aiming to resettle in Canada. To be eligible, applicants must:
- Be 18 years of age or older.
- Possess the skills or employment needed to secure a job within three to four years.
- Demonstrate a willingness to engage in the labor market.
- Be either a Convention refugee, a foreign national on the path to permanent residency, or a person in need of protection, along with their beneficiaries.
Beneficiaries for loan applications include spouses, partners, dependent children, and other people in a dependent relationship with the loan applicant.
ILP loans are designated to cover certain expenses including the following:
- defraying the cost of transportation to Canada (transportation loan)
- assisting with establishment in Canada (assistance loan)
- defraying the cost of the right of permanent residence fee (RPRF) loan
According to the Immigration and Refugee Protection Regulations, loans can also be extended under certain circumstances to:
- Skilled workers who are refugees.
- Family class applicants when the ILP is the last financial resort
How are immigration loan applications assessed in Canada?
The assessment of loan applications is carried out by immigration officers, who consider a range of factors such as:
- The number of family dependents.
- Additional resettlement needs, which might include special medical conditions, lower settlement potential, or elderly applicants without family support in Canada.
- The existing debt of applicants with family already in Canada.
How Canadian immigration loans are repaid
Approved applicants are expected to repay the immigration loan in monthly installments, the amounts of which are based on the total borrowed. Should repayment become a challenge, Immigration, Refugees and Citizenship Canada (IRCC) offers support mechanisms to ensure that refugees can still make the journey to Canada, consistent with the Refugee Resettlement Program. This could include covering costs through contributions for those who face financial difficulties.
Furthermore, if an applicant associated with the Private Sponsor of Refugees (PSR) Program is unable to meet the repayment terms, immigration officers are authorized to adapt loan conditions. This flexibility may include deferred payments, adjusted schedules, or extended repayment terms to accommodate the individual’s financial situation.
Moving to a new country involves significant financial considerations, but fortunately, Canada’s immigration loan services are designed to ease this aspect of your relocation. By applying for an immigration loan, you’re not just moving—you’re building a foundation for your future in Canada.
Send money with Western Union
And to ensure your family’s wellbeing, Western Union’s money transfer services offer a convenient way to support them with their expenses. Whether it’s through our website, mobile app, or in-person at an agent location, sending money is straightforward and accessible.
