A no interest loan can be used to purchase essential goods such as fridges, medical bills or computers if the individual earns less than $70,000 per year. More than 42,000 no interest loans have been issued in the last year, up 19 per cent on the previous year.
"I have so far got a vacuum, TV for the boys for Christmas. My daughter got a tablet. I got a dryer. A lot of white goods is stuff I wouldn't be able to afford to get on my own. I would've just had to go without or not been able to get certain things for the kids, which makes you feel a bit low and sad knowing that you can't. But the opportunity that NILS ] provides families, it's just happiness.
It was established in 1981 by Good Shepherd - and can be accessed at 550 locations nationally through 120 community providers like the Salvation Army."Traditionally, we've seen the no interest loans primarily taken up by individuals, but now more and more we're seeing families turning to no interest loans for a solution. And the reason that families are looking for this kind of support is really for household essentials as well as vehicle and transport costs.
More no interest loans were issued to people aged between 35 and 39 than any other age group in the last year.
Source: Loan Digest (loandigest.net)
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