Mackay Community No Interest Loan Scheme - MCNILS
What is MCNILS?
Established in 1998 the Mackay Community No Interest Loan Scheme provides individuals and families on low incomes an oppurtunity to apply for an interest free loan.
Who is eligible?
MCNILS has limited funds so you must have either a Health Care Card or Pension Card and be generally of low income. MCNILS is coordinated by the George Street Neighbourhood Centre who tries to provide loans to as many people as possible.
What can I borrow for?
Loans are generally for the purchase of essential household goods like a fridge, washing machine, TV or bed.
They may also be provided to meet health and education needs.
What are the loans NOT for?
No Interest Loans will not be provided for emergency relief, bond or rent money, living expenses or debt repayment or cash.
How much can you borrow?
Loans can be up to $900.00 inclusive of delivery of the item. Please note any additional warranty on the item/s you choose will not be included in the loan amount.
Fortnightly repayments over 12-18 months usually apply. It is also important to note that the loan process may take up to 3 weeks.
Community Credit
When a borrower makes a repayment to a NILS program, funds are then available to be used for a loan for someone else in the community. This is known as circular community credit.
How does it work?
There is a formal application process for a NILS loan:
Would you like to apply for a No Interest Loan?
Contact George Street Neighbourhood Centre of the Shakespeare Child and Family Centre to find out if your eligible.
For contact details please visit Contact Us