New Bognor Regis No Interest Loan Scheme (NILS) open to residents

Working in partnership with local not-for-profit organisation ‘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, meaning they are often 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 loan of £300 to £2,000, with flexible 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 funded from the Town Council’s Economic Development Fund, is proving successful for communities within Worthing Borough 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 the cost-of-living crisis, is to offer 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 accessing these loans to be encouraged by developing a healthy and longer-term relationship with a reputable lending agency, whilst beginning the process of building their financial independence and readiness for the future.

Chair of the Town Council’s Policy and Resources Committee, Cllr. Bob Waterhouse said of the scheme: "We’re so pleased to announce this venture with Boom Community Bank, to enable our residents to borrow interest free loans to fund emergency expenditure.

"The intention of the scheme is to allow low-income residents who would have difficulty in arranging other sources of finance, to make these types of expenditure, whist avoiding the need to resort to high cost ‘pay day loans’ and similar expensive sources of borrowing.

"We hope that having this option will ensure residents avoid the worst impacts of the cost-of-living crisis.”

To hear more and for further details on eligibility and how to apply, then please visit: boomcb.org.uk/loans/bognor-regis-nils