Apr2011_Pine Rivers No Interest Loan Scheme Launched
The Pine Rivers Neighbourhood Centre is excited to announce the commencement of their No Interest Loan Scheme (NILS) for individuals and couples on low incomes. The NILS scheme is run by local community volunteers and operates two days per week.
Research demonstrates that low income earners find it difficult to get safe credit for household items even when they are responsible with their limited finances. Essential items occasionally break down or are beyond their reach and some get caught in the trap of expensive rental schemes or high interest payday loans.
The NILS service allows individuals and couples to borrow up to $1200 for essential household items, such as white goods, car tyres, furniture and home security. The loans have no interest, fees or charges and are made available from a pool of community funds. Those interested in applying for a loan need to demonstrate they have capacity to pay back the loan by providing the necessary documentation and either be a concession card holder or earn an annual income under the NILS low income threshold. The loans need to be for essential household items which are determined on a case by case basis. Loans are available to those who reside in Pine Rivers region.
The NILS scheme is a joint initiative between the Pine Rivers Neighbourhood Centre, Good Shepherd Youth and Family Service, the Federal Government and the National Australia Bank.
Successful clients who complete paying off one NILS loan will not only have further loans made available to them, but have the opportunity to open an AddsUP account which will match up to $500 of their savings.
For more information and enquiries for loans, contact the NILS team at the Pine Rivers Neighbourhood Centre on Mondays and Tuesdays by phoning 3205 2955 or email prnc@prnc.org.au
The NILS service allows individuals and couples to borrow up to $1200 for essential household items, such as white goods, car tyres, furniture and home security. The loans have no interest, fees or charges and are made available from a pool of community funds. Those interested in applying for a loan need to demonstrate they have capacity to pay back the loan by providing the necessary documentation and either be a concession card holder or earn an annual income under the NILS low income threshold. The loans need to be for essential household items which are determined on a case by case basis. Loans are available to those who reside in Pine Rivers region.
The NILS scheme is a joint initiative between the Pine Rivers Neighbourhood Centre, Good Shepherd Youth and Family Service, the Federal Government and the National Australia Bank.
Successful clients who complete paying off one NILS loan will not only have further loans made available to them, but have the opportunity to open an AddsUP account which will match up to $500 of their savings.
For more information and enquiries for loans, contact the NILS team at the Pine Rivers Neighbourhood Centre on Mondays and Tuesdays by phoning 3205 2955 or email prnc@prnc.org.au
