No Interest Loan Scheme Appeal

Winmalee Neighbourhood Centre Winmalee Neighbourhood Centre convenes the NSW "No Interest Loans Scheme" (NILS) Network, overseeing 22 Community Organisations State-wide.

Many low income households face a major problem if they need to buy an essential household item, but don't have savings and can't get affordable credit. Community groups have devised "No Interest Loan Schemes" to solve this problem.

NILS (No Interest Loan Scheme) provides low-income earners with loans of up to $800 to purchase new essential household equipment (e.g.. washing machine, fridge) and health-care equipment (e.g.. glucometer).

NILS helps to break the cycle of poverty experienced when equipment breaks down and loans carrying exorbitant interest rates are sought to purchase this equipment.

A typical NILS loan is for around $600 - $1000 for a washing machine, fridge or medical appliance. As loans are repaid over 12-15 months, the money is lent out again to other people in the community.