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MoneyMe vs Nimble

MoneyMe offers a larger maximum borrow amount of $50,000 while Nimble has lower dishonour fees.

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While people often look at short term loans when they need money quickly, finding the right lender is important to ensure that the loan is affordable and manageable. Use this guide to learn more about the loans offered by two prominent lenders – MoneyMe and Nimble – before deciding whether or not to apply for finance from one of them.

Are you struggling financially?

If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support.

⚠️ Warning about Borrowing

payday-warningDo you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

Comparison of MoneyMe and Nimble

The table below compares the fees and features of MoneyMe and Nimble side-by-side, so that you can see what options are available from these two short term lenders.

How much can you borrow?
  • $500 to $50,000
  • $300 to $25,000
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 5 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): $295(establishment fee) + 6.25-19.95% p.a. interest
  • Personal loans ($5,001-$10,000): from $395 to $495
  • 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% p.a. for $2,050 to $5,000
Is there a prepaid card?NoYes
Can you pay off the loan early without fees?yesyes
Want to apply?Review and applyReview 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 $25,000. The Small Loan comes with a maximum loan term of 62 days to 9 months while you have up to 4 years to repay the Medium Loan. Each comes with its own cost structure (outlined in the table above).
  • MoneyMe offers three types of loans. The short term, small loans are available for amounts under $2,000 and must be repaid within 1 to 2 months, the medium loans are for amounts of up to $5,000 and have repayment terms between 3 months to 2 years, while the personal loans are available for up to $50,000 and have terms of up to 5 years. 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 4:30pm.
  • 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

Final verdict

When it comes to loan amounts MoneyMe offers more options, with loans of up to $50,000. In comparison, Nimble's maximum loan amount is $25,000. However, MoneyMe will factor in a person's credit history, while Nimble is focused more on current financial circumstances. So, ultimately, the choice between these providers comes down to personal circumstances and preferences. It's also important to remember these aren't the only two lenders available, so it's important to compare other options before making a final decision.

Image: Shutterstock

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