Loan Terms and Conditions

Here’s what you need to know about borrowing from IAF and paying your loan back.

  • You may borrow up to $10,000
  • You will need to sign a promissory note
  • Loan funds are advanced as you progress on your licensing/learning plan
  • Minimum payments will start the month after you receive the loan funds and will be based on the amount you have borrowed at that time
  • Payments must be made monthly and will be taken automatically from your bank account
  • You have up to four years to pay back your loan. Generally, your payments will be a set of minimum payments while you are completing your licensing/ learning plan (to a maximum of two years). Your payments will increase once you find employment or 2 years after your loan is received.
  • Your loan will be registered with a credit bureau which will help you build your credit rating
  • You may pay your loan in full at any time with no penalty
  • There are no administration fees on loans

Since approval of your IAF micro loan is based on your character, you will be required to provide references, demonstrate initiative, have a strong licensing/learning plan in place, and be willing to repay the loan.