NILS: Safe, fair and affordable credit
The St Vincent de Paul Society Victoria offers no-interest loans – Vinnies NILS – to purchase essential goods and services with fair, accessible credit for people on low incomes.
The program is supported by dedicated volunteers, but with the cost-of-living affecting so many Victorians, our services need more volunteers to help with the rising demand.
Learn more about Vinnies NILS
WHAT IS VINNIES NILS?
No Interest Loans (NILs) provide individuals and families on low incomes with access to safe, fair and affordable credit.
NO FEES NO CHARGES NO INTEREST
Loans are available for essential goods and services such as fridges, washing machines, car repairs and medical expenses for up to $2,000.
Repayments are then set at an affordable amount over a 12 to 18 month time period.
NILS WORKS THROUGH A PROCESS CALLED 'CIRCULAR COMMUNITY CREDIT'.
This means when you make a repayment to NILs, the funds are then available to someone else in the community.
IT IS WORTH CONSIDERING A NILS LOAN FIRST BEFORE SEEKING OTHER EXPENSIVE OPTIONS FOR CREDIT LIKE A PAYDAY LOAN OR RENT TO BUY.
Meet Sharon
Sharon, a young mum who was pregnant with her third child, was pleased to hear about Vinnies NILS when her washing machine broke down. She had been hand-washing the family’s clothes and trying to dry them in the dreary winter weather in rural Victoria. A volunteer told her of the no-interest loan scheme and she made contact. Within a week, Sharon had a new washer/dryer delivered and installed.
