NILS (No Interest Loan Scheme)

October 28, 2011

In these days of ever increasing costs the NILS (No Interest Loan Scheme) is a fantastic opportunity for those on low incomes to buy essential household items such as fridges, washing machines, computers and tv's. In some circumstances these interest free loans can also cover education and medical costs.

The terms of the loan is usually 12 – 18 months with interest free repayment amounts determined on a case by case basis according to the size of the loan and the ability to repay.

This year the NSW Government stepped up its contribution to the Southern Highlands Community Centre NILS to more than $42,000. With each loan being no more than $1200 this provides a vital option other than turning to expensive money lenders, rent schemes or 'loan sharks' for many people.

Eligibility for this scheme include residency in the shire for at least 3 months, be a health care or pensioner card holder and be able to make regular repayments.

What is fantastic about these loans is they are community based so when you repay your loan the money can be recycled and lent out to other people.

Ring the NILS coordinator at the Highlands Community Centres Inc on 4862 1122 to make an appointment for a loan interview.