The Parks Community Network Inc No Interest Loan Scheme (NILS) is a program that provides small loans to low income earners without any fees, charges or interest payments during the loan process or loan cycle. The loans aim to assist low income earners to access necessities without having to forego other needs.
The program helps individuals and families on low incomes (in particular those on Centrelink) in the local community to apply for a NILS loan of up to $1,500. This amount can cover the cost of essential items including but not limited to furniture, fridges, washing machines, dryers, televisions, mobile phones, laptops as well as other essential costs including medical expenses, car registration and repairs, school fees and more.
To apply for a NILS loan you need to be:
• On a low lncome
This is defined as either:
– holding a Centrelink Health Care Card or Pension Card; or earning total net income per annum (after tax):
– $45,000 or under for singles, or
– $60,000 or under for couples or people with dependants.
• Living at the same address for 3 months or more
Exceptions may be made for:
– applicants in transitional housing
– people experiencing family violence
– state/community housing transfer
– someone who has stayed in the area (but not address) for a long time
• Capacity and Willingness to Repay the Loan
They will use your budget and previous bill and rent payment history to assess this.
What can I get a loan for?
NILS loans help people living on low incomes to purchase significant or essential new household items, or a service, that improves their quality of life or enhances social and economic participation, where they would otherwise not be able to access fair and affordable credit.