*During normal business hours.
Small loans no interest sound almost too good to be true. After all, nothing comes for free, right? Well, Nifty decided to do a little digging, and find out if there really are such things as small loans no interest.
A no interest loan is a type of loan provided to consumers usually on a low income. With the majority of credit, interest will be paid on top of the principal amount of a loan. With a no interest loan, however, only the principal is repaid. Generally, no-interest loans will also have manageable and flexible repayment plans.
Are small loans no interest a real thing? In short, yes! If you’re looking for an interest-free loan, there are a few options available to you. Keep in mind, however, that they aren’t open to everyone. To qualify for the following small loans no interest options, you will need to meet certain eligibility criteria.
If you do, however, qualify for the following small loan no interest options, they may be a great option. If you are, especially, on a low income, a no interest loan may be ideal. So, while the process of qualifying for a no interest loan may feel more rigorous, in the long run, they may often be a more suitable alternative to a payday loan or personal loan.
If you are looking for small loans no interest, and are a Centrelink recipient, you may qualify for a Centrelink advance payment. In short, a Centrelink advance payment is simply getting part of your benefits paid to you early. Finally, you repay the advance out of your future benefits, interest-free.
Not everybody, however, is eligible for an advance payment.
If you’re wondering how to qualify for a small loan no interest through Centrelink, you will need to meet certain criteria. Keep in mind, however, that not all Centrelink recipients are eligible to apply for an interest-free loan. Therefore, to apply, you will have needed to have been receiving one of the following benefits for at least 3-months:
Additionally, you can apply for an advance at any time if you are receiving one of the following payments:
Additionally, you are able to get more information about your particular benefit, plus what you amount you may qualify for, by visiting The Department of Human Services.
In short, the easiest way to apply for Centrelink’s small loans no interest is either online, or via the Centrelink mobile app. Therefore, you will also need to have a myGov or a Centrelink online account set up to apply. You can, however, find out about creating a myGov account, here.
When you apply you will need to let Centrelink know what your income and expenses are. Put simply, this is so they are able to see if you will be able to afford repayments out of your benefits. Additionally, get all necessary personal and contact information ready, and make sure all your details are up to date.
To apply, follow the below steps:
After you have successfully lodged your application online, revisit your receipt. At this time, make sure everything is correct. If there is a mistake, get in touch with Centrelink as soon as possible.
Additionally, if things are still unclear, there is a video available that explains how to apply for an advance payment.
Your repayments will be automatically deducted from your usual Centrelink benefits every fortnight. Centrelink will automatically set this up for you.
The No Interest Loans Scheme was set up to allow individuals and families on low income to access to interest-free credit that can be used to pay for essential goods and services.
What is a small loan from NILS? Put simply, they are loans of up to $1,500 that can be used to cover the costs of essential good and services. Additionally, affordable repayments are then set up over a 12 to 18-month term.
You can, therefore, use these small loans no interest to cover things like:
If you feel you need a small cash loan now without interest, you ought to get in contact with NILS as soon as possible. Additionally, you can find locations and more information on how to apply via their website, or give them a call directly on 13 64 57.
The Step-Up program is a not-for-profit lender that offers fixed-rate, low interest unsecured personal loans between $800 and $3,000. These small unsecured personal loans, additionally, have no fees or charges associated with them. You can use a StepUp loan to cover essential goods and services, such as:
Keep in mind, however, that StepUp cannot be used for cash, debt consolidation, holidays or bills.
You can see if there are StepUp Loans providers near you, via their website.
To qualify for a StepUp Loan, you must:
Keep in mind this is just the base eligibility criteria. You may, however, have to meet additional criteria when you inquire.
StepUp has a fixed small loan interest rate, at 5.99%. Additionally, there are no fees or charges associated with a StepUp loan. Therefore, here’s an idea of what your repayments could look like on a StepUp Loan:
|3 Year Term||Weekly||Fortnightly||Monthly|
|2 Year Term|
|1 Year Term|
Disclaimer: The above table is just an approximate guide. Additionally, Nifty is in no way affiliated with StepUp. To find out more, you will need to get in contact with StepUp directly.
Nifty is an online lender that offers personal loans. Nifty, however, does not offer small loans no interest. Instead, we can provide instant small cash loans with a 100% online application process.
We can offer small loans ranging from $300 to $2,000. If you, however, are looking for a larger amount Nifty can also offer:
Before you apply for Nifty’s personal loans online, you need to make sure you:
Additionally, while you apply, make sure you have the following details at hand:
If you have any questions, however, feel free to send us an email via the form on our Contact Us page, or give us a call directly on 1300 471 328.
Apply for a $3,000 loan with Nifty!
Since founding Nifty in 2016, Bell has continued to make waves within the local financial sector for his continued ambition and willingness to adopt emerging technologies.Read More
$5,000 - $10,000
$2,001 - $4,600
$300 - $2,000
* Not applicable. Small loans do not charge an annual interest rate.
** WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Different loans may include other payable fees and charges. All fees and charges will always be displayed on your loan contract.