The WA No Interest Loans Network Inc is a not for profit organisation created in response to the difficulties faced by low income households in obtaining affordable credit in order to purchase essential household items. “Low Income” is defined as anyone who holds a Commonwealth Health Care Card or Pension Card. WA NILS can help make getting a loan achievable.
The necessity to use credit for the purchase of essential items places low-income consumers in a vulnerable position amongst the various players in the financial marketplace. First hand experience and the findings of numerous research projects by consumer groups indicate that many financial institutions unfairly discriminate against low – income consumers, particularly in relation to credit provision.
It is a sad irony that those on the lowest incomes generally pay the highest rate of interest for credit. These rates are justified by the industry on the basis that the nature of the loan and its recipient make it high risk lending. WA NILS provide loans from $200 up to $1,500 without interest or charges to low income earners to purchase basic household items. Loans are generally repaid within eighteen months and are only for new goods.
WA NILS operations is funded by The Department of Child Protection & The Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA) via Good Shepherd Microfinance.
