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    No Interest Loan Scheme

    The No Interest Loan Scheme (NILS) provides interest-free loans for individuals or families on low income. It's a community-based program that enables people to access fair, safe and equitable credit for the purchase of goods and services. No Interest Loan Schemes offer people on low incomes the opportunity to access credit for an essential household item without any fees, charges or interest payments. As loans are repaid, the money is lent out to other members of the community to utilise this service.


    When a borrower makes a repayment to a NILS program, funds are then available as a loan for someone else in the community. This is called "circular community credit" and is a real demonstration of the community in action.

    NILS is generally for the purchase of essential household items like a fridge, washing machine, TV, bed or clothes dryer. NILS may also be provided to meet other essential needs like health aids or education costs. NILS is not for emergency relief, bond or rent money, living expenses or debt repayment.

    Coast Shelter NILS is available to low income earners who have lived in the Gosford LGA for at least 3 months. It has limited funds so you must have a Health Care Card or Pension Card and/or be of genuinely low income. All NILS projects are run by local community groups, who try to provide loans to as many people as possible.

    It varies, but usually $800 to $1,000 and the repayment period is usually around 12 to 18 months.

    Call staff at our Community Centre on 4346 1263 to discuss your loan and arrange a time for you to come in for an interview.

    We will arrange a time and let you know what documentation and forms of identification you will need to bring along with you.

    Once your application is completed at the interview, our Loans Committee will make an assessment on your application.

    Once approved, we will agree on affordable repayments over 12 to 18 months.

    Tony repaid his No Interest Loan very quickly with extra payments and in that time, had saved enough money to purchase the furniture he needed.

    Tony applied for a No Interest Loan to purchase a refrigerator and furniture for his home. The total price exceeded the maximum loan amount of $1,000, so he decided to buy the fridge first. As we assessed his budget, it soon came to light that he had a reasonable surplus each fortnight, but no savings to show for it. Tony insisted he had no money left over and was always waiting on his next Centrelink benefit.

    On a closer look at Tony’s budget, we realised that his fortnightly surplus was being spent on poker machines. He enjoyed playing them, but had no idea how much he was spending. Tony phoned us later to inform us he was monitoring his spending much more closely and was horrified at how much he had been spending on poker machines.

    Tony repaid his No Interest Loan very quickly with extra payments and in that time, had saved enough money to purchase the furniture he needed. Tony has since repaid his second No Interest Loan. He is grateful for our assistance and takes pleasure in watching his savings grow.