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NILS No Interest Loans Scheme

What is NILS?

The No Interest Loans Scheme (NILS®) provides interest-free loans for individuals or families on low income. It’s a community-based program that enables people to access fair, safe and equitable credit for the purchase of goods & services.

How does it work?

When a borrower makes a repayment to a NILS program, funds are then available as a loan for someone else in the community. This is called “circular community credit” and is a real demonstration of the community in action.

What are the loans for?

NILS is generally for the purchase of essential household items like a fridge, washing machine, TV, bed or clothes dryer. NILS may also be provided to meet other essential needs like health aids or education costs. NILS is not for emergency relief, bond or rent money, living expenses or debt repayment.

Who is eligible?

NILS has limited funds so you must have a health care card or pension card and be of genuinely low income. NILS is run by local community groups, who try to provide loans to as many people as possible.

How much can you borrow?

It varies, but up to $1,200 and the repayment period is usually around 12 to 18 months.
Fortnightly Centrepay repayments/ deductions over the 12-18 months apply.

A Hand up not a Hand Out

NILS loans are small and completely free of interest and fees. They are designed to help people and families purchase essential household items. Over 50% of items purchased are either fridges or washing machines. In addition, the NILS loans program also provides borrowers with financial mentoring and assistance to help develop financial literacy and skills.

If you are interested in applying for a NILS loan and would like someone to contact you please complete the form below.

Channel 9's "Current Affair" story describing NILS - Check it out below... 


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