Farnham No Interest Loan Scheme (NILS)
Farnham NILS is designed to support residents who cannot access traditional forms of credit. To apply, you must:
- Be 18 or older.
- Not have a loan with Boom Community Bank.
- Live in a listed Farnham Town Council Electoral Ward: Badshot Lea and Moor Park, Bourne, Castle, Farnham North West, Hale and Heath End, Shortheath and Firgrove, Weybourne, and Wrecclesham and Rowledge.
- Not have an active Debt Relief Order (DRO) or County Court Judgment (CCJ) for debt in the last six months.
Farnham No Interest Loan Scheme
About NILS
With support from Farnham Town Council, Boom Community Bank offers Farnham NILS to help residents who can't access or afford other credit options but can repay smaller amounts. This scheme provides interest-free loans between £300 and £1,500.
What can a loan be used for?
About borrowing
Good to know
Apply for a zero-interest unsecured personal loan.
High approval rate for eligible applicants.
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.
Check The Cost
Loan calculator
Maximum Loan Term :
The Farnham No Interest Loan Scheme (NILS) is available to Farnham 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 credit and affordability assessment outcome. 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
£400
Suggested weekly savings
£1
Loan term
40 weeks
Total interest
£0
Weekly repayment
£10
Amount repayable
£400
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
Farnham NILS is funded by Farnham Town Council to support local residents; therefore, applicants must live in the Farnham Town Council area
Successful NILS applicants are likely to be in receipt of a low income 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 in accordance with 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.
