Bognor Regis No Interest Loan Scheme (NILS)
Bognor Regis NILS offers support to residents grappling with financial challenges. To apply, you must:
- Be at least 18 years old.
- Not have an existing loan with Boom Community Bank.
- Reside in one of Bognor Regis' five wards: Hatherleigh, Hotham, Marine, Orchard, or Pevensey.
- Not be under an active Debt Relief Order (DRO). or have had a County Court Judgment (CCJ) related to debt within the last six months.
Bognor Regis No Interest Loan Scheme
Community financial support
Bognor Regis NILS is funded by Bognor Regis Town Council to support residents facing barriers to traditional credit due to accessibility or affordability constraints. If you can afford regular repayments but struggle with essential or sudden expenses, a NILS loan of £300 to £2,000 may be a solution. There are no hidden fees; you only repay the amount you borrow over one to three years, enabling us to lend it again to someone else.
Check the affordability
Loan calculator
Maximum Loan Term :
The Bognor Regis No Interest Loan Scheme (NILS) is available to Bognor Regis Town Council area residents. The rate, repayment amount, and frequency displayed on this page are illustrative. Our offer depends on the applicant's financial circumstances and the outcome of the credit and affordability assessment. We may offer an alternative loan option to NILS applicants whose financial circumstances meet our regular lending criteria. In this case, interest will be applied (Representative 29.49% APR).
Representative example
No interest or fees
Loan amount
£900
Add weekly savings
£ optional
Loan term
78 weeks
Total interest
£0
Weekly repayment
£11.54
Final payment £11.42
Amount repayable
£900
Loan purpose
How can NILS loans be used?
About borrowing
Good to know
Easy to manage, fixed-term personal loan.
Zero interest, zero fees
Quick and easy application process.
Alternative to high-cost borrowing.
Build a positive repayment history for the future.
The opportunity to build future savings as you repay your loan.
Become a member of Boom Community Bank.
Trusted local service.
How it works
Loan application process
Step
1
Work out how much you want to borrow
Use the loan calculator to see what the repayments are likely to be.
Step
2
Apply for your loan
The online application is quick and easy to complete.
Step
3
Our loan offer
Our loan offer is subject to affordability and credit checks.
Step
4
The Credit Agreement
Sign the agreement online and upload you ID and other documents we ask for.
What to expect
When you apply
- We will check your eligibility to apply.
- We will ask you to enrol in Open Banking, allowing us secure access to your bank statements.
- You will be kept fully informed via text messages and emails.
- We will ask you to supply specific documents, including a valid photo ID, to pay out an approved loan.
Find out more
Frequently asked questions
The Bognor Regis NILS is funded by Bognor Regis Town Council to support local residents; therefore, applicants must meet the following criteria:
- Be at least 18 years old.
- Not have an existing loan with Boom Community Bank.
- Reside in one of Bognor Regis' five wards: Hatherleigh, Hotham, Marine, Orchard, or Pevensey.
- Not be under an active Debt Relief Order (DRO). or have had a County Court Judgment (CCJ) related to debt within the last six months.
Successful NILS applicants are likely to receive low incomes and benefits. We may offer an alternative loan to applicants we assess meet standard lending criteria.
Applicants must not have a current loan balance with Boom Community Bank.
Approval is subject to credit checks and affordability assessment. We aim to respond within one working day. It may take a little longer if we need additional information, in which case we will contact you.
NILS Loans are issued under a legally binding credit agreement and must be repaid according to the repayment schedule agreed upon when the loan is issued.
Failure to make timely repayments may impact your credit score. Our account support will proactively contact members when payments are missed and are available to be contacted should any concerns arise.
