moneyme-vs-nimble

MoneyMe vs Nimble

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.

FeatureMoneyMeNimble
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: $400 (application fee) + 47.62% p.a. interest

Eligibility criteriaYou 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?YesYes
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?
yes
yes
Want to apply?Review and applyReview 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.


Image: Shutterstock

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