02 January 2025
Supporting Farnham Residents with No-Interest Loans
Boom Community Bank, in partnership with Farnham Town Council, is thrilled to announce the launch of the Farnham No Interest Loan Scheme (NILS). This innovative programme is designed to provide fair, no-interest loans to residents of Farnham who face challenges accessing traditional credit options. By removing the burden of high-interest rates, Farnham NILS offers a lifeline to individuals and families in need, enabling them to manage essential expenses, emergencies, and unexpected costs.
What is Farnham NILS?
Farnham NILS is a collaborative effort between Boom Community Bank and Farnham Town Council to create accessible, no-cost borrowing options for local residents. Through this scheme, eligible applicants can borrow between £300 and £1,500 completely interest-free. Funds can be used for a range of necessary expenses, including:
Furniture and appliances
Car repairs
Educational resources
Healthcare needs such as eyecare and dental services
This initiative addresses a critical need in the community, offering residents a safe and ethical alternative to high-cost borrowing options.
Who Can Apply?
To qualify for the Farnham No Interest Loan Scheme, applicants must meet the following criteria:
Be 18 years or older.
Reside in one of Farnham’s designated electoral wards, including:
Badshot Lea
Moor Park
Bourne
Castle
Hale
Shortheath
Firgrove
Weybourne
Wrecclesham
Rowledge
Not currently hold an existing loan with Boom Community Bank.
Not have an active Debt Relief Order (DRO) or County Court Judgment (CCJ) within the past six months.
Empowering Residents
“This initiative, made possible by Farnham Town Council’s support, enables us to deliver crucial financial assistance to those who need it most,” said Mark Jasper, CEO of Boom Community Bank. “Our no-interest loans are designed to empower residents with a safe, affordable solution that promotes financial stability and resilience.”
In addition to providing no-interest loans, Boom Community Bank helps recipients build positive repayment histories, positioning them for greater financial opportunities in the future. Borrowers are also encouraged to participate in a financial literacy education programme, which helps foster long-term financial resilience by promoting saving habits alongside borrowing.
Why Farnham NILS Matters
The Farnham NILS programme is a timely response to the financial pressures many residents face. Councillor Graham White explains: “We are very supportive of this pilot to offer no-interest loans to Farnham’s residents. Anybody can fall on hard times, whether due to job loss or illness. This scheme offers a lifeline during times of hardship and serves as an alternative to borrowing from loan sharks or other high-interest lenders.”
By providing ethical lending options, Farnham NILS helps reduce the risks associated with high-cost debt and supports the long-term wellbeing of the community. This scheme aligns with Boom Community Bank’s mission of promoting financial inclusion and Farnham Town Council’s commitment to enhancing the lives of its residents.
How to Apply
The application process for Farnham NILS is quick and straightforward, with flexible repayment options tailored to individual circumstances. For more information or to apply, visit the Farnham NILS page on Boom Community Bank’s website or contact Boom Community Bank directly.
About Boom Community Bank
Boom Community Bank serves residents across West Sussex, Surrey, Kingston, north Hampshire, and Berkshire, offering ethical lending solutions and promoting financial inclusion. Initiatives like Farnham NILS reflect Boom’s commitment to strengthening local communities through accessible financial support.
About Farnham Town Council
Farnham Town Council is dedicated to enhancing the wellbeing of local residents. Through partnerships like Farnham NILS, the council continues to provide vital resources that promote community stability and resilience.
