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The No Interest
Loan Scheme (NILS) is essentially a recycling scheme. Program funds
are used to lend you money, and your repayments are used to make
loans to other people. No money is used for administration or any
other purpose.
What do we lend
money for?
Essential
household goods. In some circumstances we may also lend money
for other
things.
What don't we
lend money for?
General living
expenses; repaying other debts and bills; fines; second hand goods
(unless they have a warranty); things that you can get assistance
for in other ways (such as bond money).
Who do we lend
money to?
You need to be
living in one of the target areas (St Kilda, Balaclava, Ripponlea,
Elwood, Prharan, Windsor Middle Park, Albert Park, South Melbourne
or Port Melbourne and have been there for at least six
months.
You need to be
on a government pension, benefit or allowance, be a Health Care
Card holder or have a low level of disposable income,
and
You need to be
able to pay the loan back without the repayments causing financial
problems for you.
We
can’t lend you money while you have a loan outstanding with
Centrelink
The Loans Committee will negotiate the length of time for repayment
of the loan. However as rule this will not exceed 18 months. We
want to be able to lend the money to someone else who needs
it.
Please call
your local PPCG office for more information.
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