Nimble $5,000 Medium Loan review
Nimble offers loans up to $5,000 with the Nimble Medium Loan.
A Nimble Medium Loan offers up to $5,000 online with up to 22 months to pay it off.
Maximum loan amount
up to 22 months
Term of loan
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. Find out more here: https://www.finder.com.au/coronavirus-financial-help
⚠️ Warning about Borrowing
Do 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.
How does Nimble’s Medium Loan work?
Customers can apply for a loan by visiting the Nimble website and submitting their application directly. Eligible individuals can apply for up to $5,000. If their loan is confirmed before 4:30pm AEST on business days, they can receive their funds within 60 minutes directly into their bank account. Conditions apply.
Repayments will be direct debited from a nominated bank account on the day specified in the loan agreement schedule. Customers can log in to the Nimble Members’ Area any time to manage their loan and check their repayments.
Features of the Nimble Medium Loan
Nimble's Medium Loan's include the following features:
- Flexible loan amount. Loan customers can apply for between $2,050 and $5,000 with the Medium Loan.
- Extended repayment terms. Once someone is approved, they can select repayments in accordance with their individual budget. Terms are available up to 22 months which is longer than some other payday lenders.
- Automatic repayments. On the scheduled date, repayments will automatically be direct debited out of the borrower's nominated bank account. They'll receive an SMS repayment reminder before the scheduled date.
- Account management. Successful applicants can manage their loan and check their repayments through the Nimble Member’s Area
How much does the loan cost?
Consider the following interest rates, fees and charges before applying for the Nimble loan:
- Establishment fee. An establishment fee of up to $400 applies
- Interest. On top of the the establishment fee, there will be an interest rate of 47.62% per year which accrues daily and is charged monthly in arrears based on the outstanding balance of the loan. This is a high interest rate so applicants should always check to see if there are any alternatives available to them.
- Dishonour. A payment dishonour fee of $15 will be charged if there are insufficient funds in an customer's account on the repayment date.
- Default fee. A fee of $5 per day will apply to cover the administrating costs of your account until it remains in default.
- Rescheduling fee. A reschedule fee of $15 is charged each time a payment is rescheduled
What to consider before submitting your application
Before applying, customers should consider whether or not they can realistically afford the loan. Prospective applicants can use the Nimble website to get an estimate of their repayments and work out if it’s affordable on their current budget. They should also consider whether they need the full amount that they are applying for, or if they could get by with a smaller amount. Remember, if the loan recipient is unable to make repayments at any stage there will be additional fees added that will make their financial issues worse.
How to apply
For those considering applying for the Nimble Medium Loan, head to the Nimble website to get an application started. All applicants should check that they meet the below eligibility criteria before they begin. Applicants need:
- To be over the age of 18
- To be employed
- Their primary income to not come from Centrelink
Before someone applies, they should make sure that they have the following details on hand to complete their application:
- Personal details. Their name, contact information and a form of ID.
- Employment information. They need to indicate whether they are employed full-time, part-time or other.
- Financial details. Their proof of income, expenses and assets.
- Banking information. They'll need their Internet banking logins so Nimble can verify their financials.
Make sure to compare this loan with similar products before submitting an application.