The Canadian Financial Aid For Refugees
Canadian Financial aid for refugees program, which is presented by the government, helps reduce the burden of settling in a new country.
That’s because many challenges face the new visitors to Canada, like financial issues in addition to the difficulties associated with learning a new language and dealing with new culture.
The Canadian financial aid for refugees (Immigration Loans Program)
This program offers immigration loans to fund the refugees who are trying to adapt to resettlement in Canada.
They can use the money to cover the expenses of traveling and the other resettlement costs.
And to be more specific, there are many types of the loans in this program:
- Transportation Loans to help in transportation costs.
- Assistance Loans to settle in Canada.
- The right to have a loan for permanent residence.
The financial aid for refugees (the resettlement program)
This program contributed to support the total income of immigrants and offer main services by special organizations.
This usually takes place in the first few weeks when arriving at Canada. The program aid offers the following:
- Welcoming the newcomers at the airport.
- Offering temporary habitats.
- Helping the newcomers to get used to the life in Canada, especially when it comes to learning life skills and financial training.
- Helping to find a permanent home.
What are the loans you can get as a refugee in Canada
There are many financial services offered by the financial aid program like getting a credit card, and here are some loans you can get:
Student finance for refugees
The refugees, who are resettled in Canada and are successfully accepted as permanents residents, are qualified to have students’ loans like any other permanent resident.
However, you cannot get this loan if you are impermanent resident.
Anyone can apply to this loan to buy a home in Canada.
The mortgage market is available anywhere in Canada for anyone, including the people that are not considered Canadian residents.
However, take into consideration that the process of applying to the mortgage loan is similar for the residents and nonresidents at the same time. But, more documents are required from nonresidents to avoid problems.
The Canadian financial aid for refugees and the credit cards
Again, if you have a permanent resident card that proves your residency in Canada, you can get a credit card in Canada.
Many big Canadian banks offer credit cards for nonresidents.
Nevertheless, it may be difficult to get a card without confirmation if you do not have a belonging record. In this case, you may be lucky to have a safe credit card instead.
The credit degree
The credit degree is accounted for the income information in your credit record.
It proves the borrowers and lenders’ responsibility for your money.
The lenders also make use of this information to know the challenges that you may face as a borrower.
And if you are managing your credit, you may have a high degree. However, you may get less degrees if you are not responsible for your money.
How can you construct credit in Canada as a refugee
To construct a credit in Canada, you need to use the credit products.
However, getting the traditional credit products may be difficult if you do not have a balance. In this case, search for secured alternatives.
nevertheless, if you pay the bills of your credit card on time every month and you keep your belonging record, you can get a strong credit degree.
The requirements for getting a financial loan for refugees
The required documents to get a loan vary according to the type of the loan that you want to get.
Generally speaking, here are some documents required to get the loan for refugees:
- An original copy of your identity card with a personal photo of your driving license and permanent residency card.
- A job approvement like the final salary document and tax statements.
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Finally, many refugees face many problems in getting the credit when they immigrate to Canada for the first time. However, there are many available programs for financial aid to cover life expenses with a health assurance as well.