The first ‘one-stop shop’ providing financial services to South Australians on low incomes, including no and low interest loans, has opened in Salisbury in Adelaide’s north.
Minister for Communities and Social Inclusion, the Hon. Zoe Bettison MP, was on hand to launch Good Money Salisbury, an initiative backed by the South Australian Government, Good Shepherd Microfinance and National Australia Bank.
In the two months since the launch Good Money has become an important part of the local community. Staff have had over 700 financial conversations and approved 53 live changing loans. What’s more, the team in Salisbury is booking appointments three weeks in advance.
As well as offering the award winning No Interest Loan Scheme, the store offers the StepUP low interest loan and a matched savings program called AddsUP. In addition, Good Money can provide customers with information and referrals to other onsite services such as financial counselling and credit law assistance.
Minister Bettison said Good Money provided an important service to people on low incomes in South Australia.
“For many households, the cost of living is increasing and it can be a stretch to find enough money to go around, so the temptation is to resort to payday lenders as a quick fix,” she said.
“Payday lenders and rent-to-buy schemes are far from a quick way out, with crippling interest rates leaving many people in a situation where their debt spirals out of control.
“Good Money provides a trusted alternative where people can get sound advice and access to responsible products,” said Minister Bettison.
Good Money is part of the South Australian Government’s $3.68 million, four years investment in safe, fair and affordable finance for people on low incomes.
Good Money Salisbury is located at 58 John Street, Salisbury. Opening hours are Monday to Friday from 9.30am-4.30pm. To learn more about Good Money, visit www.goodmoney.com.au
More about Good Money
An innovative partnership between Good Shepherd Microfinance, the Victorian and South Australian Governments and National Australia Bank has enabled Good Money to set up in prominent ‘high street’ locations.
Good Money community finance stores offer safe, affordable and responsible financial services for people on low incomes who are otherwise excluded from mainstream financial services. We support customers to make responsible and sustainable financial decisions that lead to greater social inclusion and long-term financial self-management.
Good Money was launched in Geelong in 2012 with the support of the Victorian Government followed by stores in Collingwood and Dandenong.