No-interest loan scheme

Adur & Worthing Councils is working with Worthing-based Boom Community Bank, a not-for-profit organisation whose members pool their savings, to offer no-interest loans to residents who may struggle to access credit.

A no-interest loan can help those unable to access loans from high street banks, but who can afford to repay small sums. The loans are designed to cover emergency or unexpected costs including car repairs, educational resources, dental and eyecare costs, season tickets, furniture and white goods. 

The scheme is being funded by £100,000 from the UK Shared Prosperity Fund, which the councils successfully bid for.

Typical loans are for between £300 and £1,500 with residents having up to three years to repay them.

Repayment schedules are tailored to reflect the borrower's financial circumstances and their capacity to pay. Funds repaid by borrowers are then used to service new loans - enabling more people to be assisted.

To find out more about the scheme and how to apply, see:

For more help with the cost of living, see:

Page last updated: 14 September 2023

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