Unbeknownst to many, large salaries, credit cards and payday loans are not the only method to achieve one’s fiscal dreams. NILS loans have been helping thousands of Australians.
Community finance organisations, such as Foresters Community Finance, are established at executing No Income Loan Schemes.
An initiative started by Good Shepherd Microfinance and as featured by Channel 7 and 9 news programs, this scheme is a tailor-made financing loan option to assist people who have difficulty attaining traditional financing options. The NILS carries no fees and no interest.
No Income Loan Scheme: NILS Loans
In essence, is a loan of between $300 and $1200 mainly for essential goods and services to improve quality of life immeasurably. These goods and services most commonly extend to restoring household appliances and whitewoods, medical bills and also car repairs in areas with little public transport.
If hardships in these areas affect you and you require a loan, you may fit the eligibility requirements. To be eligible, you need to:
- earn under $45,000 a year or
- hold a concession card such as a health care card or pension card
- Have lived in your home for over 3 months
The only requirement is a willingness to repay the loan. These payments are flexible and can be rapid over 12 months. If you are struggling to pay bills, a loan is probably not your best option. Most companies that offer services and utilities have a hardship officer employed to assist customers with the fiscal difficulties that may arise.
Another great tip is to be wary of rent-to-buy schemes offered by department stores. Rental rates can often come with hidden costs and often end up costing far more than the original price of the item. Depreciation is not factored into these rates, leaving you with a dated item for a lot more money.
How we can help
Finally, at Forester Community Finance, we strive to connect individuals, organisations and communities in the pursuit of economic prosperity. If the No Income Loan Scheme does not suit your particular needs, Foresters has a number of other individual finance options to choose from.
We have loans for Education, Car Care and Disability assistance, Work Ready loans, QuickStART programs, Micro Enterprise loans, even Personal Loans for any worthwhile purpose.
Don’t feel disenchanted by high interest rates, unreasonable repayments and payday lending. Keep the wolves from the door. A No Income Loan Scheme, or other loan scheme, could benefit your situation immensely.
It’s the ethical, equitable and sustainable way to achieve your goals, without the pressure and stress of hidden costs.
– Rory Callaghan