Low Interest Loans for Low Income Earners and Pensioners
Qualifying for mainstream loans has become increasingly tough, especially if you are a low income earner or pensioner with bad or impaired credit. Getting access to funds for emergencies or important living needs can not only be difficult but generally come with unfavourable terms. Quick cash operations, store credit, credit cards and personal loans can and often do come with ridiculous terms, essentially taking advantage of families and individuals who are in a vulnerable state.
High interest rates and unreasonable fees are just some of the more serious repercussions of these types of arrangements. They are also quick to sell off debt to debt collectors and add black marks to your credit file. There are some instances where these types of loans may be of benefit, but make sure to read the terms and conditions carefully.
BELOW ARE SOME OPTIONS:
If you are in need of extra cash there are other ways to get help with money. Making adjustments to your spending habits and budgeting can go a long way. However, if you are in need of cash quickly, then below are a few programs created for helping low income earners and pensioners in desperate need of funds.
No Interest Loan Scheme (NILS®) – With this scheme, low income earners can receive no-interest loans without any fees up to $1200. The criteria for obtaining a loan includes; having a Centrelink healthcare or pension card and show the capacity to pay back the loan within a year to year and a half.
StepUp – Is another loan program that was formed by the Good Shepard Youth & Family Service in conjunction with the NAB. This program provides low fixed rate loans between $800 and $3000 for different personal or household needs.
Terms include no fees and payment terms over a 3 year period.
To find the nearest provider of the above services, visit the Good Shepard Youth & Family Service website.
In addition to the above, speaking to a state funded financial counsellor can go a long way with getting financial issues in order and preventing them in the future.
Please add more ideas or services in our comments section to help readers find alternatives to unfavourable loan operations.