500 Loans and looking to the future.
The Josephite Foundation Young NILS is celebrating! People living on low incomes have taken out over 500 free loans through the Young No Interest Loans Scheme (NILS). Not only is that many people who now have an improved standard of living but the local economy has been boosted by over $420,000! As people repay their loans the money is recycled into new loans for new or existing borrowers. Since February 2010 Young NILS has provided a unique opportunity for people with a Centrelink or DVA concession card to take out free loans to buy household goods and some services. People have borrowed to pay for a huge range of items from washing machines to wheelchairs, fridges to freezers, televisions to tyres, heaters to hot water systems, mattresses to medical appliances, lounges to lawnmowers, dental work to driers and computers to coolers. People living on low incomes often can’t access mainstream credit such as personal loans from a bank so they can find themselves turning to very high cost options such as payday loans or rent-to-buy companies. NILS provides a fair, safe and affordable alternative with no interest, fees or charges. Young NILS services eligible people living in the Hilltops, Temora and Weddin (Grenfell) shires and the Cootamundra postcode area. If you would like further information give Judy a call on 6382 6328 on Tuesday and Wednesday.
