Loans

What is NILS?

  • No Interest Loans (NILS) provide individuals and families on low incomes with access to safe, fair and affordable credit.
  • Loans are available for essential goods and services such as fridges, washing machines, car repairs and medical procedures for up to $1,500.
  • Repayments are set at an affordable amount over 12 to 18 months.

 

 

 

NILS
LOAN DETAILS

  • Borrow between up to $1500
  • No fees
  • Repayments between  6-18 months
  • Ongoing support from Microfinance team.

 

AM I eligible?

  • I have a Health Care Card / Pension Card or earn less than $45,000 a year after tax ($60,000 for couples or people with dependents)
  • I have lived at my current or previous address for at least 3 months
  • I can show that I have a capacity to repay the loan

 

What can I use NILS for?

Loans are available for the purchase of essential goods and services

These may include:

  • Household items like fridges,
    washing machines, TVs and furniture
  • Medical procedures and dental services
  • Education essentials such as computers and text books
  • Car repairs or registration
  • Some other items as requested

Does not include:

  • Rent
  • Bills
  • Cash
  • Debts

 

HOW DOES IT WORK?

  • 1.ENQUIRE
    Send your enquiry to Nils@lecna.org.au
  • 2.IF YOU ARE ELIGIBLE EMAIL Nils@lecna.org.au or phone 07 3808 4529 to book an phone appointment.
  • 3.PAPERWORK/SUPPORTING DOCUMENTS
    Complete the paperwork/supporting documents from the document checklist *paperwork needs to be current at the time of the interview so please send 24-48 hours prior to your appointment date ensuring documents are no longer then two weeks old (eg bank statement/income statement/rental ledger/loan contract)
  • 4.INTERVIEW
    Allow at least one hour to complete your phone appointment -the microfinance worker will go through your budget to ensure the loan is affordable.
  • 5.ASSESSMENT
    Your application will be sent to the loans assessor for  assessment, we aim to  have an answer if you have been approved or not successful within 2-3 business days
  • 5.LOAN OUTCOME
    If approved, the company which the loan purpose is for will be paid and a remittance will be sent the following day to the company and yourself. There will be instructions to the company to contact you directly to organise  delivery/pick up of the goods or schedule service/repair.
  • 6.REPAY
    Make repayments this will either be automatic from your centrepay deductions or via direct deposit each fortnight as agreed in the loan application.

 

 

 

Enquires & Applications can be emailed to Nils@lecna.org.au 

*Please note our loans team are working remotely from home due to coronavirus please be patient as we are processing large volumes of applications at the moment.

 

WHAT IS StepUP?

StepUP is a low interest loan for people on low incomes who have difficulty accessing credit from a bank. You can borrow from $800 – $3,000 with up to three years to pay it back. There are no fees.

Microfinance workers will help you to collect the documents you need, complete the application and help make sure that you can afford to repay your loan. Loans can be held in individual or joint names.

These loans are to help people to improve their quality of life and are provided on a not-for-profit basis

 

 

StepUP
LOAN DETAILS

  • Borrow between $800 – $3,000
  • No fees and low interest at 5.99% p.a. (Comparison rate* 5.99% p.a.)
  • Repay over a set term of up to 3 years
  • A credit check is required

 

AM I ELIGIBLE FOR A StepUP LOAN

To qualify you must:

  • Have a Health Care Card/Pension Card, or receive Family Tax Benefit A

  • Reside in your current premises for more than 3 months

This and other eligibility criteria will be discussed by the Microfinance Worker when you enquire.

 

What can the loan be used for ?

>FurnitureSecondhand cars or repairsNew household appliances such as fridges and washing machinesMedical expensesVocational educationComputers

items such as:

  • Secondhand cars or repairs
  • White goods
  • Furniture
  • Computers
  • Vocational education
  • Medical expenses

*Loans cannot be used for cash, debt consolidation, holidays or bills

 

 

HOW DOES IT WORK?

  • 1.ENQUIRE
    Send your enquiry to StepUP.
  • 2.PAPERWORK
    Complete the paperwork provided by the StepUP Microfinance Worker.
  • 3.INTERVIEW
    Bring all your paperwork to a meeting with your local StepUP Microfinance Worker.
  • 4.ASSESSMENT
    Your application will be sent to NAB for assessment, which includes a credit check.
  • 5.LOAN OUTCOME
    If approved, you will need to visit your local NAB branch to sign the loan contract and either receive a cheque made out to the supplier or the supplier will be paid via EFT. If declined, you will receive a call from your StepUP Microfinance Worker and a letter from NAB.
  • 6.REPAY
    Make repayments to NAB weekly, fortnightly or monthly as agreed in the loan application.

 

 

 

 

 

 

 

 

 

Enquires & Applications can be emailed to stepup@lecna.org.au 

*Please note our loans team are working remotely from home due to coronavirus please be patient as we are processing large volumes of applications at the moment.

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