No-interest Loans Scheme: Northern Ireland
The question
To ask the Chancellor of the Exchequer, whether she plans to expand the pilot No Interest Loan Scheme to Northern Ireland.
Answered by Tulip Siddiq
The government recognises the importance of affordable credit in helping people across the UK manage their finances. A government-funded No Interest Loan Scheme (NILS) pilot is being conducted by Fair4All Finance and its partners in England, Scotland, and Wales. The pilot aims to assess how effectively NILS meets the needs of vulnerable consumers. PwC has been appointed to conduct a comprehensive evaluation of the pilot to determine whether NILS is a viable and sustainable product that should be made permanently available.
Lending for the pilot concluded on 31 August 2024. Although Fair4All Finance intended to extend the pilot to Northern Ireland, the absence of a Northern Ireland Executive from October 2022 to February 2024 meant there was insufficient time to secure sign-off for the necessary capital to fund the pilot there before the lending period ended.
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