With NILS, there's no interest. You only pay for what you get. - Marisol
A community focused initiative of Good Shepherd Microfinance goodshepherdmicrofinance.org.au
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The No Interest Loan Scheme (NILS) provides individuals and families on low incomes with access to safe, fair and affordable credit.
Loans are available for up to $1,500 for essential goods and services such as fridges, washing machines and medical procedures. Repayments are set up at an affordable amount over 12 to 18 months.
To be eligible for NILS you must have a Health Care or Pension card or earn less than $45,000 a year after tax ($60,000 for joint applicants or people with children). Loans cannot be used for cash, rent arrears, debt consolidation or bills.
NILS is offered by 178 local community organisations in over 600 locations across Australia. Chances are there’ll be a local NILS provider near you.
These may include:
Fridge
Furniture
Car Related
Washing Machine
Electrical Goods
Computer
Rent
Bills
Cash
With NILS, there's no interest. You only pay for what you get. - Marisol
To qualify you must:
Enquire
Interview
Bring your documentation to a meeting with a local loan provider.
Assessment
Your loan application is assessed.
Outcome
You are informed of the outcome of your loan application and agree repayment terms.
NILS isn’t a payday loan and it’s not a bank loan. NILS works through a process called 'circular community credit'. This means when a borrower makes a repayment to NILS, the funds are then available to someone else in the community.
I was very relieved that I could get these items and then pay them off at an amount I could comfortably afford. - Ray
We offer a range of people-centred, affordable financial programs for people on low incomes at different financial stages of their lives.
Our aim, together with those of our community partners, is to enable clients to realise their own economic wellbeing, as they define it themselves, through appropriate financial services. As a result, people feel valued, accepted, included and in control of their own finances and lives.
628
LOCATIONS ACROSS AUSTRALIA
205,000
PEOPLE REACHED
1,500
DEDICATED MICROFINANCE WORKERS AND VOLUNTEERS
When I found NILS I was overjoyed as there is no interest. - Rhonda
The No Interest Loan Scheme (NILS) offers individuals and families on low incomes access to safe, fair and affordable credit. To be eligible for NILS you must have a Health Care Card or earn less than $45,000 (after tax).
Please be aware processing times are currently longer than normal due to technical difficulties. We are working through all enquires and appreciate your patience.
