Good Money in high demand on the Gold Coast

The Gold Coast’s new Good Money community finance store has been inundated in its successful first few months, with more than 400 enquiries resulting in 70 no and low interest loans worth more than $70,000.

Today the Good Money store at Southport welcomed the Shadow Minister for Financial Services, Senator Katy Gallagher, and Queensland Labor Senator, Murray Watt, to find out more about its no and low interest loan schemes and financial counselling.

Good Money is operated by national not-for-profit organisation Good Shepherd Microfinance in partnership with NAB and the Queensland State Government.

Acting CEO, Peter McNamara, said the Gold Coast store was a shining example of Good Money’s success since the concept was launched in Victoria five years ago.

“Good Money has grown to seven stores,” said Mr McNamara.

“So far on the Gold Coast, we’ve found the top three purposes for needing a loan are to pay car registration or buy a new fridge or washing machine. These are essential items that enable people to drive their cars and support their families.

“There is huge demand from people on low incomes who want an affordable alternative to taking a high-interest cash loan or consumer lease.

“Our no and low interest loans can save borrowers hundreds of dollars – it’s a safe and affordable way to pay for essential items.”

 

Fast facts:

  • Two million Australians are experiencing severe levels of financial stress and another 10 million have a low level of financial vulnerability.[i]
  • Payday lenders were estimated to generate between $670 million and $905 million in cash loans in 2015.[ii]
  • The number of women accessing payday loans increased by 110% between 2005 and 2015, compared to industry growth of 80 per cent.[iii]

 

MEDIA CONTACT: Barbara Cox – 0403 090 913

 

For more about Good Money: goodmoney.com.au

For more about Good Shepherd Microfinance, the No Interest Loan Scheme (NILS) and StepUP low interest loans: goodshepherdmicrofinance.org.au

 

[i]      Financial Resilience in Australia 2015. Centre for Social Impact and NAB.

[ii]     http://www.digitalfinanceanalytics.com/blog/how-big-is-the-payday-lending-market-in-australia/

[iii]    http://www.digitalfinanceanalytics.com/blog/women-are-increasingly-using-payday-loans-at-growth-rates-above-system/

 

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No Interest Loans (NILS) Coronavirus Relief

No Interest Loans and financial information for anyone adversely impacted by the Coronavirus will be made available soon. These loans of up to $1500 or more will provide financial relief for household products and bills with a payment period of 18 months. However, anyone needing immediate assistance can apply for a NILS loan through our existing program, although this loan has narrower criteria and is not for bills. For further information about a NILS loan, please call us on 1300 770 550.