Need a quick loan but not sure which lender is best? All the information you need to make an informed decision.
If you've decided you need a short-term loan, chances are you need the money sooner rather than later. Even though you might be in a rush, finding the right lender is important to ensuring your loan is affordable and manageable. The table below compares the fees and features of two prominent short-term lenders, MoneyMe and Nimble, to help you narrow down your choices.
|How much can you borrow?||$200 to $10,000||$300 to $5,000|
|How long do you have to repay?||Small loans (under $2,000): 1 to 2 months|
Medium loans ($2,001-$5,000): 3 months to 2 years
Personal loans ($5,001-$10,000): Up to 3 years
|62 days to 2 years|
|How much will the loan cost?||Small loans (under $2,000): 11-20% of loan amount (establishment fee) + 4% of loan amount each month|
Medium loans ($2,001-$5,000): $400 (application fee) + 11-30% p.a. interest
Personal loans ($5,001-$10,000): Establishment fee - 8% of the principal borrowed with maximum APR: 36.08%
|Loans of up to $2,000: 20% of loan amount + 4% of loan amount each month|
Loans of $2,001 to $5,000: Application fee of $400 + 47.62% APR
|Eligibility criteria||You must be 18+, an Australian resident and employed with a decent credit history.||Applicants must be employed and earning a regular income into a bank account.|
|How quickly is the loan funded?||Applications can be approved within five minutes and MoneyMe aims to have your funds to you in one hour.||Within 60 minutes if the loan is confirmed by 4:30pm. On the next business day for loans confirmed after this time.|
|Is there a prepaid card?||Yes||Yes|
|How much are you charged for a late repayment?||Small loan payment dishonour fee: $25|
Medium and personal loan payment dishonour fee: $15
Late fee: $5 charged daily
|Direct debit dishonour fee: $15|
Default fee: $5 per day
|Can you pay off the loan early without fees?|
|Want to apply?||Review and apply||Review and apply|
MoneyMe and Nimble are each prominent lenders in the short-term loans space, but one will be a better choice for you than the other. Compare all the fees and features outlined in the above table before making your decision.