Two new Good Money community finance stores will respond to the increasing need for access to fair and affordable financial services for Queenslanders on low incomes.
The stores are a three-way partnership between Good Shepherd Microfinance, the National Australia Bank (NAB) and the Queensland Government, and will be located in Cairns and on the Gold Coast.
The Good Money stores will offer:
- No Interest Loan Scheme (NILS) - Loans of between $300 – $1,200 for essential goods and services such as fridges, washing machines or education expenses
- StepUP Loans - Low interest loans of between $800 – $3,000 with no fees and affordable repayment periods
- AddsUP - A matched savings plan of up to $500 offered to people who have successfully repaid a NILS or StepUP loan
- Affordable insurance - Simple car and contents insurance with flexible payment options
- Referrals to other services - Such as financial counselling which provides information and support to assist people in financial difficulty
It is envisaged that the stores will open for business in 2017.
For more information visit the Good Shepherd Microfinance website.