MoneyMe vs Nimble

Need a quick loan but not sure which lender is best? All the information you need to make an informed decision.

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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.

Financial hardship

If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.

⚠️ 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.

The table below compares the fees and features of two prominent short-term lenders, MoneyMe and Nimble, to help you narrow down your choices.

Feature MoneyMe Nimble
How much can you borrow? $500 to $25,000 $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) + 8.99-30% p.a. interest
  • Personal loans ($5,001-$10,000): Establishment fee - 5 - 8% of the principal borrowed
  • Loans of up to $2,000: 10% of loan amount + 2% of loan amount each month
  • Loans of $2,001 to $5,000: Application fee of $400 + 47.62% p.a.
Is there a prepaid card? Yes Yes
Can you pay off the loan early without fees? yes yes
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 9 months 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 $25,000. 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

Final verdict

If you need a higher loan amount, you may want to consider a loan from MoneyMe as it offers loans up to $25,000 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.

Image: Shutterstock

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