03 December 2020

Vinnies No Interest Loans

Vinnies No Interest Loans

With the new school year fast approaching, we know many parents and carers will struggle to cover the cost of essential school items. This additional stress on families is especially difficult for those already experiencing financial hardship.

I am writing to let you know of a wonderful initiative available through Vinnies NILs called No Interest Loans (NILs). A NILS loan has no interest, no fees, no charges ever.

Every year, we help parents and carers on low incomes (in particular those on Centrelink) to apply for a NILs loan of up to $1,500 to cover the cost of essential school items such as uniforms, books, laptops, stationery, school camps, and musical instruments(as well as other essential such as washing machines, fridges, car repairs, medical and dental expenses).

What is a NILs loan?

A NILs loan is a safe, affordable alternative to high-interest payday loans or rent-to-buy leases. It’s not a payday loan or a bank loan but a form of ‘circular community credit'. This means when a borrower makes a repayment to NILs, the funds are then released to someone else in the community. NILs is supported by not-for-profit Good Shepherd Australia New Zealand, with funding from the Australian Government in partnership with NAB.

Parents can find out more information about NILs by contacting:

Vinnies NILs on 03 5229 8829

Email: enquiries.nils@vinniesnils.org.au