StepUp Loans and Alternatives
StepUp loans are an incredible loan product provided through the partnership of the NAB and Good Shepard Microfinance. It is an initiative that provides a funding option for people or families who are in need of a cash injection and are on a low income. It is a unsecure personal loan and loan amounts are between $800 to $3000 with a very low interest rate of 3.9% per annum and no fees.
The loan program is to help with the purchase of important household or personal items that borrowers would not otherwise be able to purchase. This can include items such as white goods, vehicle purchase or repairs, medical items and other essential products or services. It is a terrific program that provides an alternative for people who are under financial duress and can’t qualify for traditional loans or credit.
Beyond the great terms provide for StepUp loans, one of the other attractive benefits of the loan is that applicants can still qualify for the loan even if they have a poor credit history. One of the main obstacles for qualifying for a bank loan is a borrower’s credit history, with StepUp this is taken into consideration but they are more flexible.
To get more detailed information on StepUp Loans, visit the NAB or Good Shepard Microfinance websites.
SOME POPULAR ALTERNATIVES TO THE STEPUP LOANS PROGRAM ARE LISTED BELOW
Small Loans Australia is one of the few services that provide microloans with a higher credit limit. They provide loans up to $5000 and are able to give borrowers approval without accessing their credit file. They to provide a quick process that can be done in around 15 minutes online.
Centrelink’s Advanced Payments scheme is an excellent alternative to a loan all together and is ideal for those who are currently on Centrelink benefits. This service allows recipient’s to access a portion of their next payment in advance for emergencies. This eliminates the need to go and apply for a loan and having to pay the fees or interested in doing so.
No Interest Loans Scheme (nils) is another program provided by the NAB and Good Shepard which is similar to the StepUp program but with a few key differences. This loan has a lower credit limit which is between $800 and $1200. In addition, there is no interest charged to this loan.
Please feel free in providing other microloan alternatives in our comments section. In addition, you can email us about any new or popular loan products not mentioned here and we can add it to the article.