The Benefits of Getting No-Interest Loans


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Benefits of No-Interest Loans

The Benefits of Getting No-Interest Loans

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!


What is a Cash loan?

A cash loan is a short term loan which can be paid off over a short period of time upto 12 months

How much can I borrow?

You can apply for $400 to $2,000. The lender will tell you how much you qualify for when you application.

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Eligible Borrower:


A payday loan or cash advance is a short term loan. It provides the consumer with the needed cash to use until their next payday, or over a 12 month period. The loan, plus any applicable fees, is paid back on the consumer's next payday (This can be extended if required)

  • 18 years of age or older.
  • Australian Permenant Resident.
  • Valid check or savings account with direct deposit.
  • Regular income of at least $1,000 per month.
  • Bad Credit or Centrelink Customers are welcome to apply. (Centrelink)
  • *All Loans are subject to an assessment of suitability and affordability.

If approved, electronic transfer can be in as little as 4 hours. Most bank transactions will be received within 1 business day, although certain banks can take up to 48 hours to show the credit

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If your application is succesful you will be presented with a loan offer subject to terms and conditions shown on the offer.

We are a Licensed Finance Broker. We do not provide any kind of credit facilities. Your request will be referred to a third party that you can deal directly with.

You will be advised of the 3rd party lenders fees and charges before signing your contract. We may receive a small fee (amount unascertainable) from these third parties for the referral.

It is recommended that you take independent legal and financial advice before taking up any products that you are referred to.

Frequently asked questions

Normally within 24 hours of application approval. Bank holidays, weekends and certian banks can impact delivery time up to 48 hours

Our lenders costs are the same for all states. They charge an establishment fee which is 20% of the loan amount you borrow plus a 4% monthly fee.

Yes you can. Your credit score does not always play a factor in most of our lenders decisions.
All our lenders will perform credit checks but bad credit will not always preclude you from obtaining a loan

The loan amount and any fees will be electronically deducted from your bank account on the due dates. You do not have to do anything.

Please speak directly with your lender if you have any issues paying back the loan.

Fill out the easy online application and submit it. You are under no obligation at that point. You will be able to see the loan offer before agreeing to it.

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