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 ensure 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?||$500 to $15,000||$300 to $5,000|
|How long do you have to repay?||
||62 days to 2 years|
|How much will the loan cost?||
|Is there a prepaid card?||Yes||Yes|
|Can you pay off the loan early without fees?|
|Want to apply?||Review and apply||Review and apply|
More points to compare between these lenders
How do the loans work?
Nimble offers two tiers for its short-term loan, a Small Loan and a Medium Loan. The Small Loan is available for amounts up to $2,000 and the Medium Loan allows you to apply for up to $5,000. The Small Loan comes with a maximum loan term of 62 days to 1 year while you have up to 2 years to repay the Medium Loan. Each comes with its own cost structure (outlined in the table above).
A personal loan from MoneyMe is available for a wider range of loan amounts. You can apply for between $500 and $15,000. Costs depend on how much you borrow and your credit situation, but are explained in more detail in the table above.
Are you eligible to apply?
- Nimble. You need to be employed and earning a regular income into a bank account.
- MoneyMe. You must be 18+, an Australian resident and employed with a decent credit history..
How quickly are the loans funded?
- Nimble. Within 60 minutes if the loan is confirmed by 4:30pm or the next business day for loans confirmed after this time.
- MoneyMe. Applications can be approved within five minutes and MoneyMe aims to have your funds to you in one hour.
What happens if you make a late payment?
- Direct debit dishonour fee: $15
- Default fee: $5 per day
- Small loan payment dishonour fee: $25
- Medium and personal loan payment dishonour fee: $15
- Late fee: $5 charged daily
If you need a higher loan amount, you may want to consider a loan from MoneyMe as it offers loans up to $15,000 while Nimble's maximum loan amount is $5,000. However, your credit history plays a huge factor in what you will pay with MoneyMe, so if your credit file isn't great then you may want to consider a Nimble loan over MoneyMe. It's also important to remember these aren't the only two lenders available so be sure to compare all of your options before making a final decision.