As well as offering a way to pay for essential household items, these affordable loans may help you to establish a repayment record to assist in future financial dealings.
No-Interest Loans Scheme (NILS)
The No-Interest Loans Scheme (NILS) provides people on low incomes with access to safe, fair and affordable credit. NILS loans may be provided for amounts up to $1,500 for the purchase of items such as a fridge, washing machine, medical expenses or car repairs. There are:
- no fees
- no charges
- no interest
- no credit checks
To be eligible for NILS you need to:
- have a Health Care or Pension Card or earn under $45,000
- have lived at your current address for three months
- demonstrate a willingness and capacity to repay the loan.
StepUp Loans, for amounts between $800 and $3,000, may be used for major items such as second-hand cars and car maintenance, medical and dental care, vocational training or house repairs. The current interest rate is 5.99% with three years to repay the loan.
To be eligible for a StepUP loan you need to:
- have a Health Care or Pension Card or qualify for Family Tax Benefit A
- have lived at your current address for three months.
As StepUP loans are bank loans, they require a credit check. Your loan will need to be for an approved purpose. The loan amount will be paid by EFT or cheque to the company from which you are purchasing. Loans won’t be paid in cash and can’t be used for debt consolidation.
I would like to enquire about NILS loans or StepUp loans