Ngā Tāngata no interest loans are a pathway to eliminate high interest debt and to get out of the debt cycle and/or to pay for essential items. We also lend for family wellbeing and asset purchases.
This page will tell you whether you have all the things you need and are in a position to Enquire for a loan.
GetControl – Interest Free Loan
A GetControl loan is designed to assist you in paying off high-interest loans you may already have and/or covering essential items. Additionally, we provide funding for family wellbeing and asset purchases. For example a fridge, washing machine, TV, bedding, beds, spectacles or dental work. School and education related expenses are also included. Please note that this is a last resort loan and should not be viewed as an emergency fund. The loan repayment will be deducted from your wages or WINZ payments. NTM does NOT lend for vehicles.
This includes incomes from MSD, part-time wages, minimum wages, and other circumstances where rent/health/family costs are high.
You must be dedicated to lowering your debt. This might sound obvious, but it's the most important thing!
The debt(s) must have high interest, typically 15% or higher.
If interest-bearing debts still remain after a first application, loan extensions up to a max of $5000 are possible, as long as the max borrowed at any time is not more than $5000.
It often takes several months before debt balances can be settled with $5000, being with a budgeting service in the interim is needed.
This loan needs to be repaid promptly so that money goes back into the community pool for others to use.
Repayments for $3000 loan are $30 weekly. Repayments for $1500 loan are $15 weekly. Budgeting service prepared budgets and debt schedules are used to show the proposed affordability.
If you’ve answered YES to all these questions, please see your financial mentor to discuss the loan with them as part of your long term financial capability.
You may never have been to a budgeting service before…
How does the GetControl community loan scheme work?
Ngā Tāngata Microfinance loans provides individuals and families on limited incomes with access to safe, fair and affordable credit to help get out of a debt cycle from high interest debt and/or to pay for essential items. We also lend for family wellbeing and asset purchases..
Financial difficulties may have come from one or several debts to get help with life demands. And generally speaking more debts means more complexity in the budget. It is best to contact a budgeting service first to sort, negotiate, and plan ahead. It is for this reason we work with budget services which helps all parties out.
Ngā Tāngata Microfinance only accepts applications from budgeting services. Please see your financial mentor first.
The question is, would this be right direction for you?
Would a $5000 interest-free loan help?
And am I eligible?
If a budgeting service that you have already contacted is not on the list, please ask them to contact us.