Low-income families and individuals on the Central Coast may be eligible to apply for no interest loans of up to $2,000 for essential goods and services through the St Vincent de Paul Society.
The loans could cover such essentials as car repairs, household items and medical bills.
Member for Gosford Liesl Tesch said the safe, affordable loans could make all the difference to those facing challenging financial circumstances.
“When a large household appliance breaks down and needs replacing, or you’re hit with a sky-high repair bill for your car, it can really rattle your world,” she said.
“It’s fantastic that members of our community experiencing financial stress can get some peace of mind, with access to credit safely and affordably.
“The last thing you want when you’re under financial pressure is to be caught in the jaws of payday lenders or buy-now-pay-later schemes that can come with severe penalties.”
Vinnies’ No Interest Loans have benefited 60 Coasties during the past year, with the number of loan applicants doubling over the past two years.
St Vincent de Paul Society NSW’s Gosford Regional President Annette Johnstone said the loans were worth considering before seeking alternative – and often more expensive – options.
“There are no account fees,” she said.
“There are no interest fees.
“You can generally repay them over two years.
“With Vinnies’ No Interest Loans, you repay exactly what you’ve borrowed.
“We’ve found that these loans often get people out of a spiral of debt.
“Because they’re not repaying any more than they’ve borrowed it gives people a financial skill they may not have had before – greater control of their finances.”
Vinnies makes no interest loans available as a form of community service.
“We are not looking to make any profit from it,” Johnstone said.
“As a non-profit organisation serving the community, our primary focus and our motivation is to help people to get the access to safe finance.”
The Vinnies’ No Interest Loans Scheme can be used for goods and services such as whitegoods, household furniture, educational needs (such as laptops, uniforms and school excursions), car repairs and registration costs and medical bills (like co-payments for specialists).
Eligible applicants must have a Health Care Card or Pension Card, or earn less than $57,000 per year after tax ($75,000 for couples or people with dependents).
Other qualifying criteria include living at your current or previous address for more than three months.
Some exceptional circumstances include applicants in transitional housing, people experiencing domestic violence, those in state/community housing transfer and applicants who have not had an address for an extended period and those struggling to obtain proof of residency.
The loan holder must be able and willing to repay the loan.
Applications can be made by contacting 1800 484 664 (Monday to Friday 9am-3pm) or emailing nils@vinnies.org.au
A member of the Vinnies NSW team will talk applicants through the process and request some documents to show they are eligible for a loan.
People who prefer to speak with someone in person and receive practical assistance with their paperwork can visit the Vinnies office at 273-275 Mann St, Gosford.
Further information go to www.vinnies.org.au/nsw/find-help/no-interest-loan-scheme-nils