The offer is also available to non-BNZ customers
BNZ, through its partnership with Good Shepherd NZ, is now offering All Good Loans with no interest and no fees.
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The interest-free Good Loans of up to $7,000 are available to eligible families and people on limited incomes, not just BNZ customers, to help them avoid predatory lenders and high-cost debt. They can use the loans to buy essential items or services such as new household appliances, computers, car repairs, or medical expenses.
BNZ is also supporting Good Shepherd NZ to offer interest-free Good Loans of up to $15,000 through its free DEBTsolve programme, which helps more Kiwis take control of unmanageable debt through a combination of debt coaching and advocacy alongside interest-free debt solution loans.
Previously, interest-free Good Loans were only available for amounts up to $2,000 and Good Loans up to $15,000 attracted a low interest rate of 6.99%.
“Sometimes all it can take is an unexpected event, like their car breaking down, to tip people from just managing financially to being under a significant amount of financial stress,” said Fleur Howard, said Good Shepherd NZ CEO. “These households may have been forced to turn to high-cost lenders, exacerbating their financial difficulties and creating a spiral into further debt. Through Good Loans we want to continue reducing barriers and increasing access to fair and affordable lending for essential services and products for the growing number of families and individuals who need this support.”
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Since 2014, BNZ, Good Shepherd NZ, and community partners have provided nearly $12 million in no- or low-cost lending to more than 4,000 families, saving them an estimated $6 million-plus in fees and interest had they borrowed from other high-cost lenders.
BNZ has committed to delivering $50 million in no- or low-interest loans and advances as part of its wider sustainability strategy to grow the long-term social and financial wellbeing of all Kiwis.
