The origin of our no and low interest loans
The Sisters of the Good Shepherd have a long history of making no interest loans to people in their communities. In Auckland in the 1990s, the Sisters of the Good Shepherd provided small, no interest loans to families from refugee backgrounds to help with family reunification costs. Prior to this, in Melbourne, the Sisters had been providing loans for essential household items since the early 1980s. All of these loans were provided with no interest, and people were trusted to repay them so the money could be loaned again to benefit others in their community.
Now, NILS (No Interest Loan Scheme) can be found in 600 locations across Australia, and in 34 locations across New Zealand. Good Shepherd NZ works with community organisations to deliver the loans, with support from the Ministry for Social Development. We partner with BNZ to meet the ongoing need for fair and affordable finance, and together we’ve established StepUP low interest loans to work alongside NILS for those who need larger loans for purchases such as cars.