A No Interest Loan (NIL) helps you borrow money quickly to pay for unexpected repairs or household, uni or work essentials. You can also borrow to pay the bond on a new rental property, or for recovery from a natural disaster.
A No Interest Loan is 0% interest and no fees or charges. So, it’s a lot cheaper than a payday loan!
No Interest Loans are offered by more than 170 local community not-for-profit organisations in over 600 locations. Good Shepherd has an interactive map to help you find a NIL provider near you.
How No Interest Loans work
A No Interest Loan lets you borrow up to $2,000 for essential goods and services like appliances, furniture, car repairs and registration, medical and dental costs, a phone or laptop, education costs and employment costs like licenses or equipment.
You can also apply to borrow up to $3,000 for bond on a new rental property, or recovery from a natural disaster.
Because there’s no interest, fees or charges, you only repay what you borrow.
A No Interest Loan is not a cash loan. You provide the invoice and it’s paid directly.
Don’t get scammed on social media
There are unauthorised websites and social media accounts with false information about the No Interest Loans Scheme. These scam accounts are trying to get your private information like Centrelink and Medicare details. Here’s what to look out for.
Learn what to do if you've seen a scam or think you might have been scammed.
Can I get a No Interest Loan?
There are no credit checks. A NILs team member will work with you to see if you can afford the loan. They won't judge you on your history.
To be eligible, you must:
- earn less than $70,000 (before tax) as a single person, or $100,000 (before tax) if you have a partner or dependents,
- or have experienced family or domestic violence in the last 10 years,
- or have a Health Care Card or a Pension Card,
- and show that you can afford to repay the loan over 2 years
How to get a No Interest Loan
Use the Good Shepherd Find a NILs provider map to find a genuine not-for-profit community organisation.
You can also call the Good Shepherd No Interest Loans (NILs) team on 13 64 57 if you prefer to talk to someone.
When you apply, a NILs team member will look at your:
- proof of identity (like driver's license, passport, Medicare card, Centrelink card, bank card or bills, including your address)
- financial situation (bank statements, payslips, Centrelink statement, an estimate of your regular living costs)
- current debts (like buy now pay later, credit card, payday loan, rent-to-buy)
- quote or invoice for the item you wish to buy, including supplier details
- total loan amount and repayment timeframe
If you haven't chosen the exact item to buy, but know the rough amount, ask about 'pre-approval'. Then supply the invoice later.
Georgia pays for car repairs with a No Interest Loan
Georgia's car broke down and she needed $900 to fix it. She didn't have the money, but a friend suggested a No Interest Loan.
Georgia called the Good Shepherd NILs team and found out she was eligible. Georgia met with a team member to talk about the cost of the car repairs and loan repayments.
Together, they filled in an application form online. The next day, the $900 invoice from her mechanic was paid.
Georgia agreed to repay the No Interest Loan with fortnightly repayments of $34.60 for one year. Her repayments are being automatically deducted from her bank account after she is paid. She will repay only the amount she borrowed — $900.