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Microfinance loans are small fee-free and interest-free loans for people who might not ordinarily qualify for credit through mainstream financial institutions. Our partnership with Ngā Tāngata Microfinance Trust gives qualifying Kiwi access to safe, fair and affordable credit. It’s not just about a quick fix, it’s about laying a foundation for future success, so applicants need to work with a financial mentor and get ongoing support and budgeting help.
We provide the loan capital for Ngā Tāngata to lend to Kiwi. As loans get repaid, that money is then recycled back into the community in the form of more loans. For us, it’s critical to be able to do what we do best, finance, to support amazing organisations working in our communities to help people to get ahead. One of the biggest benefits of these microfinance loans is helping Kiwi to reduce financial stress and build a better future for themselves and their families.
Ngā Tāngata provides two types of fee-free, interest-free loans: a Get Ahead Asset Building Loan (up to $2000) and a Get Control Debt Relief Loan (up to $3000).
These loans help with costs like education fees, appliances, medical costs, vehicle repairs or paying off high-interest debt. The programme is about more than the loan, it's about providing customers with the financial capability through budgeting and mentoring to help break the cycle of poverty.
Over 1,000 Kiwi have received loans since inception, totalling to over $1.6 million.
The repayment rate of the loans is over 95%. Additionally, 80% of customers stated that their loan had a positive impact on how they spend their money and 75% of customers also said that these loans helped improve their wellbeing and peace of mind.
One Ngā Tāngata customer said: “Even though the loan was just $2,000 which seems like a small amount, it made a huge difference. And the fact that it was interest-free and the payments were really reasonable helped – I haven’t missed any payments and have paid off the loan now.”