As Cowra families get ready to start sending their kids back to school, many will feel pressure to provide their child with a laptop or tablet.
We all want our kids to have a 21st century education but the Cowra No Interest Loans Scheme is warning Cowra parents to think twice before taking out a ‘rent to buy’ deal to purchase laptops or tablets for school.
By the end of the contract you’ll have paid around three times the value of the product.
In fact, the Australian Securities and Investments Commission recently found a ‘rent to buy’ deal which charged the customer over eight times the recommended retail price of a washing machine!
There is a safe, fair and affordable alternative for people on low incomes.
The not-for-profit No Interest Loan Scheme provides loans of up to $1500 to pay for essential items including laptops and other education expenses.
Before you ‘rent to buy’, contact Debbie at Cowra NILS on 6340 1100 to see if you’re eligible for one of their community loans.
“People borrowing through the No Interest Loan Scheme only ever pay back the amount they borrowed,” Debbie said.
Eligibility criteria are:
- You must hold a Pension Card, Health Care Card, or be on a low income;
- must live in Cowra, Canowindra, Grenfell or one of our villages;
- and must have lived at your current accommodation for at least three months.
In addition to school requirements, Cowra NILS lends for whitegoods, furniture, car repairs and registration costs, medical and dental, and minor home repairs.
Cowra No Interest Loans is situated at the Cowra Information and Neighbourhood Centre on Tuesdays and Wednesdays.