Shout out to over 70s

I’m not sure why, but our no interest loans scheme (NILS) is not really used by people over 70. As a financial counsellor, this has never sat well with me.

The elderly are too often the most financial vulnerable in our community, but they aren’t using a safe loan option available to them.

My biggest fear is they are loaning money elsewhere when they have unplanned expenses and are wasting precious savings paying penalty fees. Instead, I advise my clients to use NILS which is managed by Anglicare NT.

There is a great example I can think of where NILS helped an elderly man buy new teeth. His false teeth were falling apart and was quoted $2500 for new ones, which of course he didn’t have spare. He got in touch with the NILS team at one of our bush visits, and because he’s on the pension, he was eligible for a $2000 loan with no interest and two years to pay it back.

I often hear stories about the elderly who find themselves in difficult financial situations because of unexpected expenses – like new teeth or hearing aids. NILS is no interest, which means you’re paying only the amount you borrowed back, no fees. If you’re on the pension, you’re most likely eligible for NILS.

Call us today (08) 8985 0000 or visit our website https://www.anglicare-nt.org.au/service/no-interest-loans/

Vicki Borzi is manager of our financial counselling services.