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No Interest Loans
No Interest Loan Schemes (NILS) are loans by community organisations to low income people who can't get affordable commercial credit.
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' (NILSÒ) to solve this problem.
A typical NILSÒ 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. NILSÒ are run by local community groups such Neighbourhood Centres or charities.
Follow this link to the NILS website.
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