Tuesday, 28 August 2018

Morwell’s Good Money store is celebrating a successful first anniversary, with almost 2100 people from the Latrobe Valley enquiring about a no or low interest loan.

The shopfront in Tarwin Street is part of an innovative partnership between Good Shepherd Microfinance, the Victorian Government and NAB to promote financial inclusion.

Acting CEO of Good Shepherd Microfinance Peter McNamara said it was terrific to see people making the most of Good Money’s affordable, responsible loans.

“From time to time, we all face unexpected costs like the car or fridge breaking down or kids needing a laptop for school,” Mr McNamara said.

“Our Good Money stores give people an alternative to expensive options like payday loans or ‘rent to buy’, which can lead people into a cycle of debt.

“Since the Morwell store opened last August, we have provided more than 500 no and low interest loans for essential household appliances, car-related expenses, household furniture and costs such as medical and education expenses.

“Two-thirds of the borrowers were women and most of them were single or single parents.”

There are four Good Money stores in Victoria providing access to the No Interest Loan Scheme (NILS), the StepUP low interest loan, confidential financial advice and affordable insurance.

Attending the Morwell celebration, Member for Eastern Victoria Harriet Shing said Good Money was providing meaningful support to people who were struggling.

“We know that many people in our community are doing it tough, so it’s vital to offer safe, affordable finance options that won’t lead to more strife,” Ms Shing said.

“The Good Money store provides much more than just loans – it’s helping to reduce financial stress on families and providing advice on managing the household budget. We are proud to support Good Money and hope it will help thousands more people to get ahead in the coming years.”

Head of Financial Inclusion & Indigenous Affairs Elliot Anderson said NAB was proud of its role in establishing Good Money stores in Victoria, Queensland and South Australia.

“Sometimes just a small amount of credit can be all that’s needed to prevent people falling into financial crisis,” Mr Anderson said.

“NAB is committed to addressing financial exclusion through supporting initiatives that build the financial resilience of communities.”