The Queensland Government has endorsed a new ‘no or low-interest loan’ financing store which opened today on the Gold Coast, saying it will save locals from “unscrupulous payday lenders”.
The state’s first Good Money store is based in Nerang Street, Southport. It can provide access to the award-winning No Interest Loan Scheme (NILS) which offers small loans up to $1200 for essential goods and services such as fridges, washing machines and car repairs.
Queensland’s Minister for Communities Shannon Fentiman said the store was a would be great news for people doing it tough on the Gold Coast, and means “we can help them keep their distance from unscrupulous payday lenders or consumer lease companies”.
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Ms Fentiman said: “Payday lenders are a dime a dozen on the Gold Coast and there’s too many vulnerable Queenslanders who feel they have no other option but to sign up to high-interest loan schemes that will leave them worse-off.
“Good Money Stores offer low and no-interest loans so that clients can buy a new fridge or washing machine, or pay for repairs to their car, without being saddled with crushing debt and crippling interest payments.”
Ms Fentiman said she was pleased the Palaszczuk Government partnered with Good Shepherd Microfinance and the National Australia Bank to bring two Good Money stores to Queensland – the second to be based in Cairns.
“It’s a great example of what can be achieved when the corporate sector, a not-for-profit and the government all work together,” said the Minister.
Paul Collins from the National Australia Bank said it can be a difficult time of year for families on low incomes who are still recovering from the costs of the Easter break.
“The Good Money store will make it easier for thousands of individuals and families to meet their needs for education, medical, transport and other necessities,” he said.
Find out more about how you can access the Good Money services on their website.