Career Advancement Loans


Are you a newcomer professional resident in Canada within the last 10 years?  Do you need money to pay for your licensing or certification? Let us help you get back to your career!

We offer low-interest Career Advancement Loans to internationally-trained newcomers with limited or no credit history, no collateral and who can’t get loans from financial institutions or alternative lenders.

You can borrow up to $5,000 for professional and career-related expenses such as:

  • Professional licensing and certification
  • Courses and exams (you do not need proof of acceptance to qualify)
  • Books and course materials
  • Credential assessments
  • Accreditation
  • Bridging programs
  • Living expenses and other education costs not cover by OSAP



You are 18 years or older


Be a Canadian citizen born outside Canada, Permanent Resident, Ukrainian Temporary Resident or Convention Refugee with a Notice of Decision from the Immigration and Refugee Board (IRB)


Resident of Ontario


Have a post-secondary qualification from outside Canada e.g. a degree, diploma etc.


Not in a consumer proposal or bankruptcy, or has been discharged for at least 6 months


Demonstrate financial need i.e. unable to obtain a similar loan from other sources


Not be in active consumer proposal or bankruptcy, or must have been discharged for at least 6 months


Be up-to-date with, and not owing taxes to, Canada Revenue Agency or child support to the Family Responsibility Office or provide proof of ongoing payments for at least three consecutive months



Credit report and score from Equifax

Visit Equifax.


Notice of Assessment from Canada Revenue Agency


Copies of all your post-secondary credentials from outside Canada (degree, diploma and/or certificates)


Proof of acceptance into, or information of, the course/certification program


Two pieces of valid photo ID (Front and Back)

E.g. Driver’s Licence, Passport, PR card, Ontario Photo ID; Note: Health Cards not accepted.


Proof of residence

E.g. utility bill, lease agreement, bank statement, etc.


Proof of income from either employment, personal savings or other sources suchas government assistance


Three to six month bank statements from a Canadian bank

Last three months from your personal chequing account and business account, if applicable.


Current resume or LinkedIn profile


*If you arrived in Canada recently under 6 months and have no credit history or Notice of Assessment, we can still assist you.

Once you’ve submitted your online application, you’ll be asked to email the supporting
documents to

***We are temporarily not accepting applications at this time. We apologize for the inconvenience.***

Career Advancement Loans FAQ

How long do I need to be in Canada before I can apply?

Generally, we accept applicants who have been in Canada for as little as a few weeks to up to 10 years as long as they meet the eligibility requirements.

How much can I borrow?

For a Career Advancement Loan, you can borrow up to $5,000 for career-related expenses.

There is a 5% administration fee of the approved amount that will be applied to the loan e.g. if you are approved for $5,000, the admin fee will be $250.

How much is the interest rate?

The interest rate is prime plus 1.25%. (Prime is the standard rate which banks charge, which can change and affect the overall interest rate).

Are there other fees associated with getting the loan?

Once approved, clients will need to open bank accounts with Alterna Savings to receive the funds, which has a small fee to open ($15), this amount will be refunded to you once you pay off your loan and decide to close the account. There will also be a monthly account fee.

*You may be charged additional fees for paying your loan late.

How long do I have to pay back the loan?

For the Career Advancement Loan, you have up to three (3) years to repay.
The loans are open, which means you can pay them back early without additional fees or interest. Interest will be calculated up to the time you decide to pay off the loan if it’s before the given term.

Which professions qualify for Career Advancement Loans?

We assist with both regulated (e.g. healthcare) and unregulated professions (e.g. finance, IT etc.). We’ll need to see that your primary qualifications were obtained outside of Canada and that the training or certification you want to take is not eligible or already covered by government programs such as OSAP.

We recommend that you research the job market opportunities and are confident that you’ll be successful in obtaining employment in your chosen field.

How can an ACCESS loan improve my credit?

When you get approved for the loan, you’ll open an account with our banking partner, Alterna SavingsThey’ll perform a credit check and will report your loan repayment activity to Equifax.

As long as you pay your loan on time according to the terms, and along with all your other financial obligations, you’ll start building and need to maintain a good credit history.