The Byron Community No Interest Loan Scheme (NILS) is a community-based program that enables people on low incomes to access safe, fair, and affordable credit to buy essential goods and services. Interest free loans up to $1,000 are issued to eligible Byron Shire residents from a special pool of community funds, and borrowers pay loans off with manageable fortnightly repayments.
Eligible purchases include white goods, furniture, electrical appliances, dental or medical services, computers, tools and educational needs – to name a few! Please note that loans cannot be used for cash, everyday expenses, debt consolidation, holidays or bills. A NILS loan is a much healthier alternative to “fringe” or “pay-day” lending, which can often trap people in a destructive debt spiral.
How does it work?
Loan applications are carefully assessed by a Loan Assessment Committee for each applicant’s willingness and capacity to repay, and loans are usually repaid over 12 months. Each time a borrower makes a repayment to Byron Community NILS, those funds then become available for someone else in the community to borrow – over and over again! This is called circular credit. As well as making a big difference to each borrower’s life, this “recycling” also benefits the whole community every single time the money is spent at local businesses or on local services.
Applications can only be returned in person to a NILS officer, during our hours of operation:
- Mondays: 10.00am -12.30pm
- Tuesdays: 1.00pm – 3.00pm
No Interest Loans