Good Money and Other Small Loan Options

If you are looking for a low cost loan in Victoria or South Australia, you may want to consider Good Money. Low to middle income Australians may benefit from the loan services provided by Good Money and their multiple community finance storefronts.

The aim of Good Money is to provide access and support for financial products, information and programs that may help low income earners.

About Good Money
Good Money is a unique partnership between Good Shepherd Microfinance, the state governments of Victoria and South Australia and the National Australia Bank (NAB). This partnership has enabled the company to seek out convenient locations in communities that need this trustworthy service close to those that need it. The goal of Good Money is to enable customers to make responsible and sustainable decisions regarding their finances and loan needs to secure successful long-term financial management.

Good Money Products
Good Money is not simply a loan product company, but an organisation that believes in providing support, services and programs that help those in need of financial aid. Good Money offers a number of services including a few that are government backed, such as:

• No Interest Loan Scheme (NILS) – with offers consumers loans between $300 to $1,200 for essential items or services to low income families. With no interest, this program offers you an opportunity to replace your refrigerator or computer with low monthly payments.
• AddsUP – Combine either of the previous two paid loan programs with this one and it allows you to get a matching savings plan up to $500. So pay off a NILS or StepUP loan and get dollar for dollar matching with this program to save even faster for your next priority.
• Auto & Home Insurance­ – getting affordable insurance for your car or home contents has never been more affordable than with this program.
• Financial Counselling­ – get back on track with a referral to financial wellness programs including counseling to ensure you know how to set up a budget, account for income and expenses and take a hold of your future financial success.
• Medical & Education – apply for other loans to help cover medical expenses or education including books, tuition or even a laptop.

Main Uses of Good Money Loans
Loans provided cannot be used for any general purchase; the loans are for those needing help with items that support essential living needs. Below are examples on how these loans can be used.

– Household goods such as important appliances or home repairs
– The purchase of second hand vehicles or repairs to current vehicles
– Education related expenses like computers or laptops
– Medical expenses such as equipment (wheel chair, oxygen machine, walking aids, etc)

Funds should not be used for paying utility bills, debt consolidation or entertainment purposes.

How to get a Good Money Loan
The application process for Good Money loans usually requires more time and effort than typical online loan programs. However, this time and effort does have its benefits as these loans have flexible approval criteria compared to banks and come with lower fees and interest rates.

Follow this process to get a loan from Good Money:

• Call, drop in or fill out the online enquiry form.
• Set up a face to face meeting with your local Good Money store.
• Be sure to bring the paperwork required as mentioned when setting up your in-person interview.
• Wait for Good Money to assess your application and see which program you are a best fit for.
• Be notified of the outcome of your application, receive the funds and agree to the terms of repayment.

Good Money may take up to a week for a loan application and disbursement of funds, yet having to pay zero interest or no fees is often worth the wait. Find out where the nearest Good Money store is near you and start the process today.

Consider other national financial assistance programs
In addition to Good Money, other national government benefits, grants and non-profits provide financial assistance whether that is through an advance, loan or service.

Below are other options to consider.

– A great non-loan option for Centrelink beneficiaries is the Advanced Payment
– Fairloans is a low rate low fee small loan option
– There are a range of Centrelink loan options
– If you need money to help with utility bills, there are free assistance programs available