expired [LOW INCOME assistance] Borrow $1000 from the NAB interest free (No Interest Loan Schemes NILS®)


No Interest Loan Schemes (NILS)
Developed by Good Shepherd Youth & Family Service nearly 30 years ago, the No Interest Loan Scheme (NILS®) offers small, no interest loans for people on low incomes for the purchase of essential household goods.

Loans are safe, and affordable – in the region of $800 to $1,000 – and are completely free of interest and fees. In addition, the NILS® loan process also helps borrowers improve their savings and budgeting skills.

Good Shepherd Youth & Family Service accredits community organisations to be NILS® providers and co-ordinates the National NILS® Network, currently consisting of 280 NILS® programs around Australia.

NAB has provided $15 million to expand NILS® across Australia, as part of NAB's $130 million capital boost to support lending to low-income groups.

Over time, NAB’s support of the NILS® network is expected to treble the number of interest-free loans currently offered to Australians living on low incomes. With NAB's investment, the program’s expansion will also focus on communities experiencing increasing disadvantage including Aboriginal and Torres Strait communities, a focus for NAB and outlined in NAB’s Reconciliation Action Plan.

The NILS® capital supplied by NAB, will essentially become community funds lent on an ongoing basis for continual "recycling" by community-based no interest loans providers.

mod - added a reference that this is only meant for low income earners only

National Australia Bank Group (NAB)

Related Store: National Australia Bank Group (NAB)

closed Comments

  • -3 votes

    Awesome time to apply and pay off my tv that is nearing towards the end of the interest-free period!

  • +2 votes

    Not just anyone can go and borrow money:
    'Would you like to apply for NILS? Contact your local NILS program to find out if you are eligible.

    If you are eligible you will need to attend a loan interview. After that your application is assessed by the NILS program.'

  • +12 votes

    OK I'm negging this because it's not a bargain. NILS are built for a certain type of customer, and are for "small loans at no interest for the purchase of essential goods and services (between $800 and $1,200)". Yes it may be helpful to some people, but you'll have to be a low income earner with some particular, pre-approved requirement or need. Two minutes Googling would have shown the OP this before submitting. Not a bargain.

    • -2 votes

      … it's got benefit for some … a lot of the bargains are not applicable for everybody (eg location restrictions, age requirements on bonus saver accounts etc)

      But it probably needs something in the title so most people will realize it's not for them and move on without having to read it

  • +1 vote

    Not strictly a bargain, but still worth posting because it might help some people. BTW, Centrelink do this for those on benefits (well they used to years ago, maybe they still do).

  • +3 votes

    My guess is that anyone who needs to borrow $1000 for essential items is not going to have the internet connected. If they do, I would suggest their priorities are out of order and they would be better off with a course in how to manage a budget rather than a $1000 loan. Loans tend to increase the depth of poverty.

    • +10 votes

      Since you can get the internet for as little as $8 per month, or free at libraries and online centres, I don't think that comment is fair. One of the hardest things about living on a very low income isn't the day to day expenses, but big things like suddenly needing a new washing machine or car repair.

  • +2 votes

    I don't see this as a bargain per se. This is meant to be used by people in dire need of quick funds, not for paying off a tv.

  • +2 votes

    If your intention only to buy whitegoods (tv, computers, other gadgets) which is not essential, than you might consider these long established "community organization" such as: good guys, harvey norman, etc . They offer no deposit, no interest free from time to time


      I thought, "no deposit + interest free" usually includes fees.

      So, it costs more than if you'd gotten some loans for the same item.

      • +1 vote

        @medium_tight: Yeah but you pay a establishment fee (annual) and a monthly account servicing fee.

  • +2 votes

    I think it would be hard on a person on a low income to qualify for finance for the good guys etc

  • +3 votes

    Not a bargain, this is a service provided to people in need of assistance in a period of financial crisis/need. I have referred clients to this in the past and it is not accessible to just anyone, you have to meet certain criteria to qualify for the loan.


    +1 Mifepristone

  • +1 vote

    More suitable to the forums I'd say.


    It's like some people asking me 'How do I get on the disability pension, I want free money'…

    While I don't exactly agree with the extremely tight criteria, unfortunately it's almost necessary to stop people abusing it.

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