What’s good about Good Loans?
August 11, 2021
Our Good Loans programme is designed to give you a helping hand whilst improving your long term financial wellbeing.
Our no and low interest loans provide a fair and affordable way for you to purchase essential items or services.
The loans can be used for second-hand cars, car repairs, new household appliances, computers, course costs or medical expenses.
Debt solution loans may also be available as part of our DEBTsolve programme. DEBTsolve combines debt coaching, advocacy and debt solution loans of up to $15,000 to help with unmanageable debt.
Good Loans provides an alternative to third-tier lending and reduces the risk of high interest. It has no fees or charges, is not-for-profit and is community-based – making it a fair option for a loan.
How does it work?
First you’ll arrange an appointment with your community loan worker or phone-based loan worker – depending on where you are in Aotearoa.
Next you’ll work with your loan worker to choose the right Good Loan for you.
There are no credit checks for our no interest loans.
Once you’ve selected the appropriate loan together, you’ll fill out an application for a Good Loan with your loan worker. This includes looking at your expenses, existing debts and budget to ensure you’re ready for the loan.
Then we will assess your application to make sure your loan payments are manageable.
If the application is successful, your Good Loan payment will go directly to the supplier of the services and goods you need – meaning these loans are not for cash.
If your application isn’t successful, your loan worker will be able to offer other forms of support that may be useful, or work with you to reapply in the future.
What do our clients say?
We’ve seen Good Loans have a life-changing impact on our clients’ lives.
Clients can buy an essential item like a car, washing machine or laptop that has a real impact on their day-to-day life.
Our client Aroha shared:
“I don’t know where my daughter and I would be without my car. Knowing that I can just take my daughter to A&E if I need to is really important to me. It’s given me so much independence.”
We’ve also seen clients gain the skills and knowledge they need to make more informed financial decisions as part of the application process that includes a financial conversation with a loan worker.
You may be able to get a no or low interest loan if your yearly income is less than the amounts listed in the table below: