No interest loans for Pasifika families hit by Covid-19
April 12, 2020
By Paige Faigaa - Paige.email@example.com
Pasifika workers and families hard hit by the impact of Covid-19 can now take advantage of no-interest loans offered by BNZ and Good Shepherd.
Both have extended their joint Community Finance programme, offering no interest loans of up to $1500 for financial relief.
Good Shepherd NZ Chief Executive Fleur Howard says the impact of Covid-19 has led to job losses, reduced hours and increased home expenses. And that means loan companies can take advantage of Pasifika families.
"They are particularly vulnerable to predatory and high cost lenders, and those lenders are advertising really aggressively," says Howard.
She urges the Pasifika community to come to them if they need quick financial relief because they offer not-for profit loans which are cheaper, "and there's no lender that cares more about your financial well-being".
Good Shepherd says it will be "understanding" with repayments, given the difficult times many are experiencing because of Covid-19.
"Our response is to be as flexible as we can be, there are no penalties on these loans if you fall behind on your repayments, just keep talking to us and we can support you through those times," says Howard.
She hopes the five-million dollar Community Finance programme will have a positive domino effect.
"If we can provide quick financial relief for people, we can relieve that immediate stress, and when we've reduced that stress, it gives people time to think more about their financial situation."
For more information head to goodloans.org.nz