No Interest Loan Scheme (NILS): Financial Aid

Understanding the No Interest Loan Scheme (NILS)

Financial hardships can often strike when we least expect them, making it challenging to afford essential goods and services. However, there are services available to help you during these times. The No Interest Loan Scheme (NILS) offered by Good Shepherd is one such option.

What is NILS?

The No Interest Loan Scheme, or NILS, is a community-based program offering loans for low-income individuals and families. Managed by Good Shepherd,

How much can I borrow?

Borrow up to $2000 for essentials such as appliances or furniture, car repairs or rego, a new phone or laptop, or medical, dental or vet expenses.

Borrow up to $3000 for housing-related expenses such as bond or rent-in-advance, or for recovery from a natural disaster.

What Can NILS Be Used For?

You can use a NILS loan to pay for necessary expenses or essential goods such as:

• Household items like refrigerators, washing machines, stoves, dryers, freezers and furniture
• Some medical and dental services
• Educational essentials such as computers and textbooks
• Car repairs and tyres

It’s important to note that NILS is not for cash loans or paying bills, rent, or debts.

How Do I Apply for a NILS Loan?

Applying for a NILS loan involves the following steps:

1. Enquire: Visit the NILS website to find your nearest NILS provider.
2. Interview: You will have an interview with a NILS loan provider, where you'll need to provide documents that confirm your income residence and show that you can repay the loan.
3. Assessment: Your loan application will be assessed by the provider.
4. Approval and Agreement: If approved, you'll need to agree to the repayment terms.
5. Repayment: You repay the loan over the agreed period - up to 18 months.

Who is Eligible for a NILS Loan?

To be eligible for a NILS loan, you must:

• Have a Health Care Card or Pension Card, or earn less than $45,000 a year after tax ($60,000 for couples or people with dependants)
• Have lived at your current address for more than three months
• Show that you can repay the loan

Why Use NILS?

A NILS loan is a safe and affordable alternative to payday loans or rent-to-buy schemes, which can often come with high fees or interest rates. With NILS, you only pay back what you borrow, making it a fair and accessible option for low-income people.

For more information, visit the Good Shepherd website or contact a nearby NILS provider. Remember, at Claimsplus, we're here to help you navigate financial hardships, especially when dealing with superannuation claims. Don't hesitate to reach out to us for support. 

If you have any questions, please don't hesitate to contact us.  

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