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.