The Tasmanian Government’s unprecedented social and economic support package included funding of an additional $1 million for the No Interest Loan Scheme (NILS) to help low-income Tasmanians through the pandemic.
The funding has allowed NILS to help more Tasmanians access goods and services in their time of need, with 753 loans issued in the April to June quarter this year- up almost 20 per cent when compared to the previous year.
These loans provided families with over 155 laptops and tablets, which were integral to enable learning at home when schools were closed during the pandemic.
NILS estimates the scheme has saved low income households up to $2.4 million in interest and charges, and diverted many from using expensive “rent to buy” or “pay day” loan options.
Pleasingly, the funding has also allowed NILS to reduce the time for loans to be approved, allowing Tasmanians in need to access the loans quicker.
We know this year has thrown up many challenges for so many Tasmanians, and having access to loans with no interest, fees or charges has been an enormous relief to those Tasmanians who found themselves out of work or in need of money due to the pandemic disruptions.
Throughout the pandemic the Tasmanian Government has provided the most generous economic and social support in the nation and we will continue to respond as needed to support our most vulnerable.
We congratulate NILS on their support for Tasmanian families and look forward to continuing to work with them as we recover and rebuild from the COVID-19 pandemic.