In today’s world, it is not impossible to borrow without paying any interest. Several interest-free loans are available in the Australian market that allow people to borrow cheaply for necessary reasons.
In this blog, we will discuss ways in which you can borrow money without having to pay any amount as interest. We will also discuss the types and benefits of no-interest loans to make borrowing easy for you!
What are No Interest Loans?
In Australia, a no-interest loan is a loan of up to $1,500 that you can borrow in order to pay for essential items. The repayment of zero-interest loans is somewhere between a year to 18 months. The best part about no-interest loans is that they do not have any hidden fees or charges. The borrower only has to repay the principal amount borrowed over a fixed time period. Like all other loans, the repayment schedule for a zero-interest loan is set at the time of borrowing.
Getting a no-interest loan is pretty easy in Australia. All you need is a Pensioner Concession Card, Health Care Card, or an income of less than $45,000 per year after tax deductions. You also need to show the lender that you will be able to repay the loan and have been living at your current address for three months (minimum).
Since a no-interest loan is mostly borrowed for necessities, the following is a list of items you can purchase after borrowing a no-interest loan:
- Household items (microwave, washing machine, refrigerator)
- Medical/Dental services
- Educational services and materials (gadgets, textbooks)
- Car tyres and repair services
However, keep in mind that a no-interest loan cannot be used to pay rent and bills, make food and cash purchases, or pay back any existing loans that you might have.
The Benefits of No-Interest Loans
There are many benefits of no-interest loans. The most significant advantage is that the borrower does not need to pay a single penny over the principal amount. Zero-interest loans also enable people to get back up on their feet if they are struggling financially.
With a no-interest loan, you can easily afford to buy home appliances, cars and even pay for education without having to worry about affording any of these necessities. Unlike other loans, a lender does not run a credit check if you borrow a zero-interest loan, so even if you have bad credit, you can still get a no-interest loan quickly!
How to Apply for a No-Interest Loan in Australia
In Australia, you can borrow a no-interest loan in 5 easy steps:
- Step # 1: Visit the No Interest Loan Scheme (NILS) website.
- Step # 2: Enter your address and find your nearest NILS provider or call 13 64 57.
- Step # 3: Call your local provider up and arrange a meeting.
- Step # 4: Meet with your provider and let them complete your assessment. An average evaluation takes around 45 to 90 minutes.
- Step # 5: Wait for a call to receive your loan! A no-interest loan is usually approved within 2 days of your meeting with the provider. Collect your cheque from your loan provider. The cheque will be addressed to the supplier you will use to make your essential purchase.
A no-interest loan is a secure and easy way to get quick money to fulfil your essential needs. Visit the NILS website today to secure your financing. If you are looking for some easily accessible Payday Loans instead, please visit CashOnYourMobile for fast and secure cash and personal loans of up to $50,000!