You could be eligible for hundreds of dollars interest-free
Thousands of Australians could be eligible to access hundreds of dollars interest-free.
The “No Interest Loan Scheme” (NILS), which is backed by the federal government, aims to provide individuals and families on low income with access to safe, fair and affordable credit. You will not be charged fees and interest with NILS.
NILS is available for people who are on the pensions, have a Low Income Health Care Card, or earning less than $45,000 dollars a year after tax.
Loans are between $300 to $1200 and can only be used for essential goods and services. They cannot be used for cash, bond, rent arrears, debt consolidation, holidays or bills.
Repayments are set over a period of up to 18-months, with the money automatically deducted from fortnightly benefits.
Lisa Carrol, from NILS provider Good Shepard Microfinance, said loans provide people with “enormous relief.”
"The ability to know that you can borrow the money for essential items, and only have to pay what you borrowed with no fees or charges, is an enormous relief for a lot of our clients,” Ms Carrol said.
For more information on NILS, please visit their website.
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