StepUP loan is a low interest loan offered by Good Shepherd Microfinance and NAB to help people to improve their quality of life, on a not-for-profit basis.
Loans between $800-$3,000 can be repaid over a set term of up to three years, with no fees and low interest.
StepUP loans can be used for:
- Second-hand cars or repairs
- White goods
- Vocational Education
- Medical expenses
Am I eligible for a StepUP loan?
To qualify you must:
- Have a Health Care Card/Pension Card, or receive Family Tax Benefit A
- Reside in your current premises for more than 3 months
So, how does StepUP loan work?
Step 1: send your enquiry to StepUP.
Step 2: complete the paper work provided by the StepUP Microfinance Worker. Your Microfinance Worker will help you collect the documents you need, complete the application, and help make sure you can repay your loan.
Step 3: bring all your paperwork to a meeting with your local StepUP Microfinance Worker.
Step 4: your application will be sent to NAB for assessment, this will include a credit check.
Step 5: if your application is approved, you will need to visit your local NAB branch to sign your loan contract and collect a cheque made out to the supplier. If your application if declined, you will receive a letter from NAB and a call from your StepUP Microfinance Worker.
Step 6: make repayments to NAB weekly, fortnightly or monthly as agreed in your loan application.
For more information or to enquire about a loan, visit http://stepuploan.org.au/#eligible.