“I had a rental contract and they messed me around that bad. They charged me three times as much as they were supposed to. I ended up paying more interest and more interest … They ended up taking the goods back.”
John had been burned by goods rental and was determined not to return to the payday lenders that had “charged like wounded bulls.”
Recognising that he needed an affordable alternative to these products, John was reading a flier in the window of Good Money – a new comer to his local shopping strip due to open the following week.
Eager to become part of the community, a Good Money team member came out to speak with John and explain the products they could offer, including the no interest NILS loan. They set up an appointment for the following week when the store would be open.
“When I went in for the interview and all that I thought there is no way in the world I’d get the feedback I did. I wouldn’t be able to get this anywhere given my circumstances,” said John.
John was keen to access a loan to buy a computer and a heater, and after reviewing his income and expenses, Good Money approved John for a no interest loan with an affordable payment plan design just for him.
What’s more, Good Money used its relationship with The Good Guys to get a great price on the laptop and heater – John says it meant he got a better heater than he had ever hoped for.
So would John recommend Good Money?
“I recommend anyone goes there. I’ve started spreading it around a bit and telling other people how it works … they’re thinking it’s a pretty good idea.”
About Good Money
Good Money provides safe and affordable financial services for people on low incomes to pay for essential goods and services. An innovative partnership between Good Shepherd Microfinance, the Victorian and South Australian Governments, and National Australia Bank has allowed Good Money to set up in four prominent ‘high street’ location.
In August Good Money opened its first South Australian store at 58 John Street, Salisbury.