No-interest loans for essential expenses

30 November 2018
person holding piggy bank
Individuals and families on low incomes can apply for an interest-free loan with no hidden fees or charges.    

If you rent or use payday lenders to finance essential household or educational items, repayments can quickly add up and you could pay much more than the original price.

Low income earners can apply for a No Interest Loan Scheme (NILS) loan, an interest-free loan with no hidden fees or charges, so they can pay for essential household and education goods and services upfront.

The scheme provides individuals and families on low incomes with access to safe, fair and affordable credit of up to $1,500 for essential goods and services. Loans can be used for:

  • education essentials like computers and text books
  • household items like fridges, washing machines, furniture
  • car repairs or registration
  • some medical and dental services
  • vet bills.

To be eligible for a NILS loan you must be over the age of 16, have a Health Care Card or earn less than $45,000 a year, live in your current residence for more than 3 months and show a capacity to repay.  Loans are not provided in cash and cannot be used for debt consolidation, utility bills or holidays.

To find our more or to apply for a NILS loan, contact a Good Money store in Dandenong, Geelong, Collingwood or Morwell or find a community based NILS provider in your location. Victorian Good Money stores are delivered by Good Shepherd Microfinance  in partnership with the National Australia Bank and the Victorian Government.

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