No interest loan scheme is launched in Bognor Regis

Bognor Regis Town Council are delighted to announce the brand new Bognor Regis No Interest Loan Scheme.

Workinginpartnershipwith localnot-for-profitorganisation ‘Boom Community Bank,’ the no interest loan scheme looks to support those living within the five wards of Bognor Regis, who are facing barriers to accessing traditional credit due to accessibility or affordability constraints,meaningtheyareoften forced to resort to forms of borrowing that attract punitive interest rates or penalties when repayments are missed.

If you can afford regular repayments but struggle with essentials or sudden expenses, such as rent deposits, car repairs, upfront nursery fees, broken household appliances or unexpected bills, then a NILS loanof£300to£2,000,withflexible repayment terms spanning one to three years, may be the solution.

There are no hidden fees, you only repay the amount you borrow, and the repayments are tailored to suit the borrower’s financial circumstances.

The scheme, which has been fundedfromthetowncouncil’s Economicdevelopmentfund,is proving successful for communitieswithinworthingborough and Adur District Council’s and Bognor Regis Town Councillor’s hope that these same benefits can be felt for residents of Bognor Regis.

The aim of providing this alternative lending option, as well as helping residents who are affected on a day-to-day basis by thecost-of-livingcrisis,istooffer a positive and affordable money lending experience for those who have not been afforded this option in the past. Bognor Regis Town Council want people accessingtheseloanstobeencouragedbydevelopingahealthyand longer-term relationship with a reputablelendingagency,whilst beginning the process of buildingtheirfinancialindependence and readiness for the future.

Chair of the Town Council’s Policy and Resources Committee, Cllr Bob Waterhouse said: "The intention of the scheme is to allow low-income residents who would have difficulty in arrangingothersourcesoffinance, to make these types of expenditure, whist avoiding the need to resorttohighcost‘paydayloans’ andsimilarexpensivesourcesof borrowing.wehopethathaving thisoptionwillensureresidents avoid the worst impacts of the cost-of-living crisis.”

Visit: boomcb.org.uk/loans/ bognor-regis-nils