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New Applicant FAQs

We aim to make our application process simple and clear. From the time that we receive your complete application, it takes up to 3 business days for you to receive the funds in your account if you are approved. These FAQs provide more information for new applicants considering an Oasis loan.

What can an Oasis Loan be used for?

Our loans may be used to fund a variety of costs related to post-secondary education and career development. This includes:

  • Program tuition from a recognized post secondary institution. A list of eligible institutions can be found here

  • Education and training programs of two years or less, including courses to help you advance your career

  • Fees for licensing and qualifying exams

  • Living allowance to support you during your program, licensing, or relocation

  • Credentials assessments, like ones from WES, ICAS, IQAS, or MIFI

  • English or French language training

  • Housing fees and school meal plans 

  • Relocation costs for employment

  • Travel expenses to take courses or exams not available in your area

  • Books, course materials, and work equipment

  • Professional association fees

* Please note that we only provide loans for expenses related to Learning Institutions in Canada. 

Can I include costs that I’ve already paid for in my application?

We can approve funds to cover costs incurred within the past 6 months, so please be prepared to provide receipts if you are requesting funds for expenses already incurred.

Do We Refinance tuition Payments I've already paid for?

Yes, we refinance tuition payments up to $20,000 paid within the past 12 months. It is the same application process as the new applicant one but we will require you to provide receipts.

Why do I need to provide my void cheque or Direct Deposit Form at the time of application?

We ask you to provide your void cheque or Direct Deposit Form as part of the application to speed things up if your loan is approved. We need your bank account details in order to send you your loan agreement to sign, so asking for it right away helps to remove one potential bottleneck. Please note that this does not guarantee that your loan will be approved. If your loan is not approved, we will remove your bank form from our system.

What are all the steps in the application process?

  • The application process starts with reviewing the eligibility criteria found here. If you do not meet the eligibility criteria, you may want to speak to one of our staff to determine whether you may become eligible in the future.

  • Once you’ve confirmed your eligibility, you can submit your application here. If you have all of your supporting documents ready, it should only take you 30 minutes to complete the entire application. A detailed list of the supporting documents that you’ll need is provided in the document upload section of the application. You will be also required to complete our online Client Success Assessment as part of the application , which we use to help determine the resources that will help you achieve your educational goal or find work more quickly.

  • Upon receipt of your completed application, we will review it and reach out by phone or email if we have any questions or require any more information. If you have not heard from us a few days after submitting your application, please check your junk mail folder to see if the next steps email went there.

  • Once you have completed the assessment, our Credit Assessment Committee will assess your application and make a decision. You will receive a conditional decision on your loan via email within seven business days from the date of your application.

  • In the same email with the conditional offer, we will invite you to book your coaching session, which will be done online. We recommend that you book your coaching session as soon as you receive the booking email, as spots can fill up fast. Your coaching session will last for up to 60 minutes and you will review your Client Success Assessment, your Career Success Plan, and financial situation, and your Success Coach will explain the Oasis payment terms, conditions and disbursement.

  • After your coaching session, your Success Coach will then write a summary of your application and send it to our Loan Review Team for final consideration. 

  • If your loan is approved, you will receive an offer with terms via email from Oasis in which we will ask you to sign your Loan Documents using DocHub and then arrange the disbursement of funds. You should see the funds in your bank account within 1-3 business days.

How do I calculate my monthly income and expenses for the budget section of the application?

On the application, you will only be asked for your paycheck amount after taxes, additional sources of income, total current debt, monthly debt payment, monthly total expenses (including rent/mortgage payments) and monthly rent amount.

When considering your paycheck after taxes, please enter the amount you receive for one pay cycle after all deductions are removed. For example, if you earn $1500 bi-weekly after deductions, this would be the amount you enter.  Additional income refers to any income that supplements your primary full-time or part-time income (after deductions). This could include stipends from your parents or guardians, student finance loans or grants, business income, investment income, income support or social assistance from the government, any Child Tax Benefits, Employment Insurance or CERB, Worker’s Compensation Benefits, etc. 

When considering your total monthly expenses, please include your rent/mortgage, utilities, phone, food, household and personal care supplies, childcare, prescriptions, clothing, transportation, money sent back home to family or for debt repayment, home and life insurance, credit card payments if you have a balance owing, loan payments, investments, and any other miscellaneous costs.

Why do I have to complete the Client Success Assessment?

Oasis requires applicants to take the Client Success Assessment to help us identify what kinds of assistance will help you achieve your academic goals or find work in your chosen field as quickly as possible. It will also help us better understand your current skills, re-training needs, and current job hunting tools strategies. Best of all, It’s quick and easy to fill out.

The results of your assessment have no effect on your eligibility for a loan from Oasis, so please answer as honestly as possible. This assessment is a valuable source of information as it provides a snapshot of your current strengths and challenges. It also helps our staff understand how to best support your educational and employment goals. The results of your assessment are confidential, and the report is not shared with anyone outside of Oasis. You need to complete this assessment before you meet with an Oasis Client Success Coach to discuss your application. Your Success Coach will discuss the report with you and help you create an action plan tailored to your goals. 

What is a Coaching Session?

A Coaching Session is a one-on-one chat for 60 minutes between the Client Success coach and the client to support and guide the client through your conditional payment terms, conditions and disbursement options, your Client Success Assessment, your Career Success Plan, and discuss how your loan fits into your financial situation. Your Coach may also refer you to external services that can enable you to succeed in your educational or career Plan. The session is required before the loan is approved. The Client Success Coach uses this session to compile final notes for our Loan Review Committee while ensuring that we understand the challenges that you face so that we can tailor an effective Action Plan that would help you achieve your goals during and post-study.  This service is free of charge and offered as part of the support we give our clients.

Does applying for an Oasis loan help build my credit?

Applying for an Oasis loan does not affect your credit. However, we plan on registering with Equifax by year end to enable our clients build their credit history as they repay their loans.  We may also begin to pull your credit report in order to assess your financial suitability and credit worthiness at that point but we will communicate that information beforehand. 

How much will my payments be?

Every client’s situation is different, so our loans are not one-size-fits-all. We charge 7% fixed interest per annum on the loan amount throughout the program term plus 3 months after completion in equal installments. Thereafter, we give you an option to make principal and interest payments in equal installments for either 12 or 18 months. Your Oasis contract will detail the terms and conditions in detail.. If you’d like to discuss your particular situation and potential repayment schedule in order to decide if an Oasis loan is right for you, please contact our Client Support Team at

Is there an appeal process at Oasis for declined loans?

If your application goes through the full review process and gets declined after the coaching session by our Loan Review Team, you will get a decision email and a link asking you to connect with a Success Coach if you believe an appeal is warranted. Please feel free to appeal within 30 days from the decision, if you have sufficient reasons to present to us for your loan to be approved.

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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