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Loan FAQs

Do you have questions around our loan program, eligibility or how we can help you achieve your educational and career goals in Canada? Find out more here.

What documents do I need to have ready for the application?

  • a copy of your immigration status document (ie PR card, COPR, notice of decision about your refugee status, etc.)

  • a government-issued photo ID, if your immigration status document doesn’t have a photo

  • proof of your address, if your government-issued photo ID does not have it

  • your resume

  • your diplomas, translated to English or French, or your credential evaluation from WES, ICAS, IQAS, MIFI etc.

  • your letter of acceptance into your program, if applicable, or other documents that explain your Career Success Plan*

  • proof of your financial situation (pay stubs, letter confirming social assistance, etc)

  • if the purpose of the loan is relocation, we will require an employment letter verifying the relocation

  • if the loan is intended for covering living expenses, we will need a detailed breakdown of the living costs to accompany the application

  • your void cheque or Direct Deposit Form, which you can download from your online bank account

Who is eligible for an Oasis loan?

To be eligible for an Oasis loan, you must be an international student on a legal study permit, a refugee with a legal status or an internationally-trained individual living in Canada on a permanent status. Internationally-trained individuals must have completed post-secondary education outside of Canada and/or have a minimum of one year of post-secondary work experience before coming to Canada. You must also currently be living in Canada and have lived here for at least 6 months.

Whether you're currently pursuing your education, intend to work in the same field you trained in outside of Canada, or you wish to apply your transferable skills to a new career, you must demonstrate that you have a Career Success Plan that requires funding.  You must not have an undischarged bankruptcy or a consumer proposal that has been active for less than 6 months. You can check your eligibility by going through the eligibility criteria.

What Immigration Statuses are eligible for Oasis Loans?

To be eligible for an Oasis loan, you must be a Student on a Study Permit, Permanent Resident, Convention Refugee, Protected Person or Canadian Citizen. 

Am I eligible for a loan if I am already working in my field?

Yes, you would qualify if you find yourself in an underemployed position (where your education and experience are not fully utilized), if you’re aiming for professional development to gain a competitive edge in the job market or secure a promotion, or if you’re considering a career switch to a field where your transferable skills are applicable.

How can an Oasis loan help me balance my studies with my work and family responsibilities?

Whether you're an international student with a part-time job or underemployed with a family, our loans may be used to help pay for short-term living expenses, i.e if you need to quit your job or reduce your hours at work while you are attending school or studying for exams. Applications for living allowance are considered on a case-by-case basis.

How much may I borrow?

From Jan 1, 2024, all new Oasis clients can borrow up to $20,000 at a fixed interest rate of 7% for the entire loan duration.

Why does Oasis charge interest?

The interest we charge helps replenish the loan fund and pays for the bank charges and operational costs that we incur in the process of providing affordable loans. We have been able to keep payments of principal and interest within the loan fund, helping to ensure the sustainability of the loan fund. As a registered not-for-profit, Oasis does not make any money from the loans. Future clients will benefit from the interest paid by today’s clients.

does Oasis collect collateral for our loans?

Oasis loans are personal, non-secured loans that help our clients who have limited credit history and otherwise don't qualify for financing by larger financial institutions. We do not generally collect collateral for our loans. However, we may collect up to 30% of the loaned amount in agreement with our client, if they do not meet our credit worthiness assessment criteria. 

Still, have questions? Our team would be happy to answer your questions and help you get started on your application. Contact us here.

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