Guide to Your Passage Loan: Application and Cash Collateral
This article provides a detailed overview of the Passage loan process, from application to cash collateral, including its purpose, payment timeline, and refund policy. Additionally, the FAQ section answers common questions about the Passage loan program.
Understanding the financial requirements for your journey is essential for a smooth transition to studying abroad. At Passage, we simplify this process by offering flexible loans without the need for co-signers, guarantors, or physical collateral. Instead, we require a cash collateral contribution, which ensures transparency and trust.
Understanding Your Cash Collateral
The cash collateral is your contribution to the loan, paid upfront after your loan is approved. It is a key part of securing your funding.
What is it for? The cash collateral is the money you send to Passage. It will be used to reduce your future cash payments. Every month, a portion of the cash collateral will be applied to your monthly payment.
You will receive the proof of financial support needed to apply for your visa only after Passage receives the cash collateral.
When do I pay? Once your loan request is approved, you have 2 weeks to pay the collateral amount. It is highly recommended to start getting ready for the payment so you can get to the next stages: applying for your study permit, securing your seat, and preparing for your arrival in Canada.
What if my visa is denied? If your visa application is unsuccessful, the cash collateral will be returned to you. Refunds are processed within 4 to 6 weeks as per Passage’s Withdrawal Policy.
Tip: Use the Passage Loan Estimator to: https://app.passage.com/loan
Get an estimate of your required cash collateral.
Understand your repayment schedule and total costs.
How to Pay Your Cash Collateral
Steps to Submit Your Cash Collateral:
Loan Approval & Agreement Signing: Once your loan application is approved and your agreements are signed, the “Send your cash collateral” step will become active in your Passage dashboard.
Access Payment Instructions: Go to your Passage dashboard to view your overall loan application status.
View Payment Instructions: When you reach the “Send your cash collateral” stage, click on “View payment instructions” to see the details on how to make your payment.
⚠️ Important Notice: You must click on the collateral step in your application, where you will find the payment link (Flywire or wire transfer) based on your country. Please ensure that if you or someone else is making the payment on your behalf, the payment is made directly to Passage only — no other institution.
When to Pay: Once your loan request is approved, you have 2 weeks to pay the collateral amount.
Refund: If your visa application is unsuccessful, refunds are processed within 4 to 6 weeks as per Passage’s Withdrawal Policy.
Tip: Use the Passage Loan Estimator to:
Get an estimate of your required cash collateral.
Understand your repayment schedule and total costs.
Frequently Asked Questions (FAQ) about Loans and Payments
This FAQ section provides clear answers to common queries about loan repayment, interest rates, cash collateral, tuition payments, and cost of living disbursements. Designed to help applicants navigate the loan process with confidence, it covers everything you need to know about managing your loan at Passage.