15 March 2018 Media Release
South Australia needs more Good Money
A $1.34 million commitment by South Australian Labor to open the state’s second Good Money store has been welcomed by not-profit-organisation, Good Shepherd Microfinance.
Read MoreMany of the three million people experiencing financial exclusion in Australia have been turned away from mainstream financial institutions, often more than once.
So where do they go when they need to replace a broken fridge, fix the car or pay education costs? Unfortunately many people end up using high cost credit options like payday loans or ‘rent to buy’ services. The negative impacts of this ‘fast cash’ often means that people have to take repeat loans and are left in a spiral of debt.
These stores support customers to make responsible and sustainable financial decisions that lead to greater social inclusion and long-term financial self-management.
An innovative partnership between Good Shepherd Microfinance, the Victorian, South Australian and Queensland Governments, and National Australia Bank has enabled Good Money to set up in prominent ‘high street’ locations.
Good Money was launched in Victoria in 2012 with stores in Geelong, Collingwood and Dandenong. It expanded to South Australia in 2015 with the opening of a store in Salisbury, and into Queensland in 2017 with stores in Cairns and Southport. In 2017, an additional Victorian store was also opened in Morwell.
Products available through Good Money include NILS and StepUP Loans, and Essentials by AAI. Stores can also provide referrals to other services such as financial counselling, Legal Aid and Centrelink.
A $1.34 million commitment by South Australian Labor to open the state’s second Good Money store has been welcomed by not-profit-organisation, Good Shepherd Microfinance.
Read MoreThe Good Money community finance stores have been recognised in the national MoneySmart Week Awards announced last night.
Read MoreResearch recognised with an Outstanding Achievement Award at a ceremony in Sydney celebrating MoneySmart Week.
Read MoreThe South Australian Government has announced its support for Good Money.
Read MoreIt puts you on a par with everyone else and gives you access to fair and affordable finance.
Barbara, Good Money client