No Interest Loans Scheme

ABOUT THE LNC ‘NO INTEREST LOANS SCHEME’

 The LNC No Interest Loans Scheme (NILS) has been established to provide no interst loans to people on low incomes and who live in the local government areas covered by the 2480 postcode and the 2470 postcode.

 LNC NILS offers a viable alternative for people who face barriers in gaining access to small amounts of credit on fair and reasonable terms for the purchase of basic and essential household goods.

 HOW MUCH CAN BE BORROWED?

The maximum amount loaned is $800

 WHAT CAN I PURCHASE WITH A NILS LOAN?

NILS loans can be used to buy essential household items such as

• White goods – fridges, washing machines

• Essential electrical goods

• Furniture

• Approved medical equipment

• Other approved worthwhile purposes

 NILS WILL NOT PROVIDE LOANS FOR –

• Emergency relief

• Debt repayment

• Tenancy bonds

• General living expenses, e.g. phone

• Where other funds are available

 HOW DO YOU KNOW IF YOU ARE ELIGIBLE FOR A NILS LOAN? 

If you answer ‘yes’ to the following questions you are eligible to apply for a no interest loan through Lismore Neighbourhood Centre: 

•  Are you on a low income, e.g. the holder of a health care card?

•  Have you lived in the 2470 or 2480 post code areas for at least the past six months?

•  Can you pay a loan of up to $800 off over a 12 month period?

•  Are you unable to quality for other affordable finance?

• Will this loan improve the health and wellbeing of you or your family? 

Call the centre on 6621 7397 between 9.30am – 3.30pm Monday to Friday for application form details.

 COMMUNITY MONEY 

The funds that provide NILS® loans come from the community.  Prompt and complete repayment of your loan means that LNC NILS® can lend out the money to other people in your community who are also in need of this service.