No-interest loans in Byron
A new no-interest loan scheme launched in Byron Bay last week was ‘a fantastic initiative which would benefit those most in need’.
Speaking at the launch at the Byron Bay Community Centre last Thursday, Greens MLC Ian Cohen said the scheme would extend the hand of support to those in need.
“This no-interest loan scheme is progressive, is grass roots and is truly a wonderful scheme for the community,” he said.
“The community centre needs to be congratulated for taking the scheme under its wing.”
The Byron Community No Interest Loan Scheme (NILS) provides interest-free loans to low-income earners for essential items to ‘enhance quality of life and promote financial independence’.
A typical NILS loan is around $800-$1200 for whitegoods, furniture, medical appliances or any other essential household items.
As the loans are repaid over 12 to 18 months, the money is recycled and lent out again to others.
The National Australia Bank has provided $200,000 for the scheme.
Community centre general manager Paul Spooner said there was a huge demand for the scheme.
“It’s not a welfare program. People pay the money back, and I am pleased the centre is taking this new project on,” he said.
To find out more about the scheme which is available from this month, phone the community centre on 66856807 or email firstname.lastname@example.org.