Life can be unpredictable and for people on lower incomes, some of the financial surprises can be harder to deal with.
One of the ways to deal with a financial shock is through the use of No Interest Loans.
Not to be confused with payday loans or traditional bank loans, No Interest Loans or NILS are Government supported, community delivered programs for essential goods and services for those in need.
Keep reading to find out if you are eligible for a No Interest Loan, what it covers, and where to go to find one.
What are No Interest Loans?
No Interest Loans are provided to those that are vulnerable or may not be able to access traditional forms of credit.
These loans have no fees, no interest and are over a shorter time frame than the personal loan or car loan you could get from a bank.
They are generally for lower amounts of money from five hundred to five thousand dollars to enable those experiencing financial difficulties to survive without getting stuck in a ‘debt trap’
Who is eligible for a No Interest Loan?
The specific eligibility criteria can be slightly different depending on the state you live in, however, generally to be eligible you need to:
Have a health care card, pension card or DVA card.
Have a low income (generally less than $45,000 after tax).
Have stable accommodation history.
An ability to repay the loan in the allotted time period.
What types of No Interest Loans can I get?
No Interest Loans come in a few different varieties and again the state you reside in will determine what loans are available to you.
Some No Interest Loans that are available are:
No Interest Loans for housing – These loans help with establishing or maintaining a rental tenancy.
No Interest Loans for vehicles – These loans assist with the purchase or maintenance of vehicles such as cars, mobility scooters or even boats if required for daily travel to work.
No Interest Loans for essentials – household items, white goods, educational supplies such as laptops or textbooks and medical and dental care can all be covered under a no interest loan.
No Interest Loans for business – To help with setting up a micro-business to enable financial independence.
How long does it take to apply?
Applications for a No Interest Loan can take as little as 45 minutes with funds in your account in sometimes as soon as 2 days from a successful application.
Where can I find more information?
You can out more about what No Interest Loans you are eligible for through the relevant state website or not for profit entity below.
You can also get in touch with your consultant to see how they can assist you: