More Australians will be able to access no-interest loans thanks to a $48.7 million funding boost from the Federal Government for the No Interest Loans program (NILs).
The NILs program – delivered by Good Shepherd with capital provided by NAB – has already helped more than one million Australians with over $560 million in interest and fee free loans over the past 21 years.
NAB Executive Sustainability Jessica Forrest said NAB is proud to be the bank behind Australia’s longest standing no interest loans program, providing a safe and accessible way for people to borrow money when they need it the most.
“NILs is NAB’s longest-running community partnership, and we’re committed to ensuring more Australians can access credit for life’s essentials.
“This additional funding means even more people on lower incomes can get the support they need without the stress of interest charges or hidden fees.”
No-interest loans of up to $2,000 help cover household essentials like fridges, washing machines, and furniture, as well as education and medical expenses. NILs for Vehicles loans of up to $5,000 can be used for motor vehicles, mobility scooters, registration, and maintenance costs.
“These loans give people a safer alternative to high-cost payday loans and can also assist Australians escaping family, domestic and sexual violence – helping them with financial recovery and independence,” said Ms Forrest.
Notes to the Editor:
Individuals can apply for NILs at over 600 locations across Australia. They are available
to individuals and families who can service the loan and:
- earn less than $70,000 gross annually (before tax) as a single person or $100,000 gross (before tax)
as a couple or person with dependants, or - have experienced family or domestic violence in the last 10 years, or
- have a Health Care Card or Pension Card
More information about NILs is available on NAB’s website.
