Personal Loan Education

23/11/2009

Another program sponsored by a big bank in partnership with a charity is NAB’s AddsUp Savings Plan, which is being offered in partnership with GoodShepherd Youth & Family Service. AddsUp provides up to $500 in matching payments from NAB.

Once the account holder has saved $300 they are eligible for the matching payment. At the anniversary of the initial deposit NAB will match whatever is saved, up to $500, with a one-off payment.

NAB head of community finance and development, Richard Peters, said the account was designed for people who have used the bank’s No Interest Loan Scheme or StepUP loan and are able to continue making payments.

The loans schemes are also run in conjunction with charities and are specially designed to assist very low income earners access credit.

The No Interest Loan Scheme will provide finance to 5500 borrowers this year said Mr Peters.

NAB expects to pay matching contributions totalling up to one million dollars over the next year.

Since launching its first microfinance product six years ago NAB has developed programs with a dozen partners.

Source: Courier Mail

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