What are the costs and interest?
Foresters Community Finance is a not-for-profit, ethical lender that offers you the best choice depending on your budget and circumstances.
We are accredited to supply NILS loans up to $1,500 to Centrelink and low income earners. These loans have no costs or interest.
We can supply you with a Community Loan. A Community Loan has costs and interest.
This enables Foresters to keep costs low so a Foresters Community Loan is accessible to all Australians including financially excluded individuals.
For a Community Loan you will pay
- the cost of setting up and maintaining your loan. It is a one-off establishment fee of 20% of your requested loan amount. This can be paid off over the life of the loan.
- for loans that extend over 12 months and up to 2 years, 15% interest is charged on the loan balance. If you make more payments this reduces the interest! AND
- No ongoing monthly fees, dishonour fees, default fees, or late repayment fees apply.
And, your repayments are recycled to the next person that needs a hand.