Cash in the bank for loans relief

A DANDENONG affordable-loan service for disadvantaged families has had its funding exended for a further four years.
In last week’s State Budget, Good Money was granted $7.2 milion over four years to continue running its shopfronts in Dandenong, Geelong and Collingwood.
The service, which is provided by Good Shepherd Microfinance and National Australia Bank, was set up as an alternative to payday lenders.
When it set up in Dandenong in 2012, the service estimated that about 23,000 local families – or one in five – were severely or financially excluded from credit cards and bank loans.
Often they resorted to loans from payday lenders, common in Dandenong’s CBD, who charge cripplingly high interest of up to 20 per cent a month.
Good Money provides no-interest loans of up to $1200 and low-interest loans up to $3000 to low income families.
The loans are to help with essentials, such as fridges, washing machines, education and medical expenses.
It also provides referrals to services such as financial counselling.
As of last month, Good Money had helped 6000 Dandenong families which was hailed as a “wonderful achievement” by Dandenong MP Gabrielle Williams at an event at the store on Friday.
Families and Children Minister Jenny Mikakos said the funding would help ease cost-of-living pressures on families.
– CAM LUCADOU-WELLS