StepUP Loan

StepUP Loan

For many people, a car is a necessity. Particularly in areas where public transport is limited or non-existent, the car gets you to work, the kids to school and enables you to stay engaged with the community.

With 78 per cent of StepUP Loans used to purchase second-hand cars or pay for car repairs, these affordable loans get people on the road and keep them on the road.

The StepUP Loan program, delivered in partnership with NAB, brings low interest loans of between $800 and $3,000 to people on low incomes.

Loans can also be used for other essential items such as whitegoods, furniture and computers, and education, car and medical expenses. Loans are repaid over three years and repayment plans are designed around the customer to ensure they’re affordable.

StepUP is run on a not-for-profit basis and, unlike payday loans, that offer ‘quick cash’ but charge exorbitant rates, StepUP doesn’t attract any fees and has a low interest rate of 5.99% per annum (Comparison rate* 5.99% p.a.). It has won Money Magazine’s Best Socially Responsible Product on three occasions.

The StepUP Loan application process has also been shown to have a positive effect on applicants. Life changing chats, a research paper published in 2015, explored the impact of the financial conversation held between a microfinance worker and an applicant for a StepUP loan. It found that the financial conversation had a positive impact on clients’ financial behaviour, skills and knowledge.

*Comparison rates are based on a loan of $2,500 over a term of two years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Terms and Conditions Apply. Approved purposes only (no cash loans) NAB is the product issuer and is subject to NAB’s credit assessment ©2014 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686

Latest News from StepUP Loan

9 December 2016 Media Release

Affordable financial services for Latrobe Valley

Latrobe Valley residents will for the first time have access to a unique model of financial services - with plans for Victoria’s fourth Good Money store to open in Morwell next year.

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14 May 2016

Small loans made a big difference for Melanie

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17 April 2013 Media Release

Small loan program making a big difference to thousands of low income Australians: new report

A little help goes a long way: Measuring the impact of the StepUP Loan Program’, shows 73.6 per cent of respondents experienced a positive change in economic and social outcomes after receiving a loan through the not-for-profit program.

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21 July 2017 Media Release

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.

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I really wanted a car. I needed it for my independence, so I thought I would get in touch and that’s how I met Julie.

Robert, StepUP client