expired [LOW INCOME assistance] Borrow $1000 from the NAB interest free (No Interest Loan Schemes NILS®)
Last edited 23/01/2011 - 14:00 by 1 other user
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