New Good Money store opens in Cairns

Cairns residents can steer clear of dodgy payday lenders with the official opening of a Good Money store in Cairns today.

Treasurer and Member for Mulgrave Curtis Pitt officially opened the facility today, the second in Queensland.

“This Good Money store will be a lifeline for cash-strapped locals who, through the shop, can access no or low-interest loans and get budgeting advice from the store’s staff,” Mr Pitt said.

“The Palaszczuk Government has partnered with Good Shepherd Microfinance and the National Australia Bank to bring two Good Money stores to Queensland.

“This is a great example of what can be achieved when the corporate sector, a not-for-profit and the government all work together.”

The Cairns Good Money store is located at Shop 19, 157 Mulgrave Road, Cairns, and follows the Gold Coast store which opened last week (Thursday 20 April).

Minister for Communities, Women and Youth, Minister for Child Safety and Minister for the Prevention of Domestic and Family Violence Shannon Fentiman said the stores offer low and no-interest loans so that clients can buy a new fridge or washing machine, or pay for repairs to their car, without being saddled with crushing debt and crippling interest payments.

“The Good Money store Cairns is great news for people doing it tough in Far North Queensland and means we can help them keep their distance from unscrupulous payday lenders or consumer lease companies,” Ms Fentiman said.

“Payday lenders are a dime a dozen across the Far North and there’s too many vulnerable Queenslanders who feel they have no other option but to sign up to high-interest loan schemes that will leave them worse off.”

Good Shepherd Microfinance’s Chief Executive Officer Adam Mooney said the organisation was delighted to bring the Good Money concept to Queensland for the first time.

“We know that there’s a huge demand for safe and affordable finance in Queensland,” he said.

“Good Money provides access to the award-winning No Interest Loan Scheme (NILS) which offers small loans up to $1200 for essential goods and services such as fridges, washing machines and car repairs.

“I’d like to congratulate the Queensland Government on this significant investment which is part of their Financial Inclusion Plan – an investment that will strengthen the NILS footprint across the state through life-changing small loans.

“More than 90 per cent of customers feel they’re better able to budget after speaking with Good Money and 50 per cent of clients who had previously used high cost payday loans said they’d avoid them in the future.”

Ms Fentiman called on the Federal Government to fast-track changes to lending criteria that lowers the cap on payday lender repayments from 20 per cent to 10 per cent of a person’s income.

“While we are fighting to make sure ordinary Queenslanders have access to responsible lending and fair financial advice, the LNP in Canberra are dragging their heels and making it easier for shonky lenders to lock more people into spiralling debt,” she said.

Good Money Stores are part of the Palaszczuk Government’s $25 million Better Budgeting program, including 27 financial counsellors.

For more information about the financial counsellors go to www.qld.gov.au/community/losing-your-job-income/financial-literacy-resilience-services/index.html

For more information about the Good Money Stores visit www.goodmoney.com.au/

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