Evolve Housing is now a No Interest Loan Scheme provider!
Evolve Housing is excited to announce that we are now accredited No Interest Loan Scheme providers, and can facilitate access to fair loans for our residents.
The No Interest Loan Scheme (NILS) is run by Good Shepherd Microfinance and allows individuals and families on low incomes to access safe, fair and affordable credit to purchase essential items.
Loans are available for up to $1,500 for goods and services including fridges, washing machines and medical procedures.
Repayments are set up at an affordable amount over a 12 to 18 month period, and importantly, there are no fees, interest or charges meaning that borrowers simply pay back the loan amount and are not burdened by unfair terms or extra costs.
As a NILS provider, Evolve will now be able to assist our low-income residents with important purchases and prevent them from having to seek out predatory lenders or pay-day loans.
NILS is based on a process of circular community credit – when a borrower makes a repayment to the scheme, the funds are then made available to another person in the community in need of credit.
The program is based on trust and respect, and no credit checks are required to access a NILS loan.
We are very proud to be able to offer this successful, community-focused program to our residents in need!
For more information about NILS, contact Evolve’s Community Development team by emailing firstname.lastname@example.org or calling 1800 693 865.