Nimble Small Loan
Compare the short term loan options offered by Nimble.
Nimble is a provider of short term loans that people could consider as an alternative to traditional lines of credit if a financial emergency or something else unexpected comes up.
Maximum loan amount
for $1,500 loan
62 days to 3 months
Term of loan
|Product Name||Nimble Short Term Loan|
|Minimum loan amount||$300|
|Maximum loan amount||$2,000|
|Initial Maximium Loan Amount||$1,600|
|Loan term||62 days to 3 months|
|Turnaround time||1 hour - conditions apply|
|Costs||20% of loan amount + 4% of loan amount each month|
|Requirements||You must be over 18, employed and not receiving Centrelink benefits as your primary source of income|
|Available to Centrelink Borrowers?||No|
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 do Nimble Loans work?
Nimble offers loans of between $300 and $2,000. The loan terms vary but will be between 62 days to 3 months.
What is the interest rate on a Nimble Small Loan?
The interest rate on a Nimble Small Loan is represented by the fees you are charged. You will be charged 20% of your principal loan amount as an establishment fee and 4% of your principal loan amount as a monthly fee. This makes up the "interest" you pay on your Nimble loan. The longer you hold the loan and the more money you borrow, the more fees you will be charged
Is Nimble safe?
Nimble is an Australian-based lender that has been operating in the short-term loans space since 2005. Nimble offers assistance via email, social media channels and over the phone to answer any questions.
Pros and cons
- Straightforward application process. Nimble's Small Loan application takes just a few minutes and eligibility criteria is flexible.
- Potential for fast approval and funds transfer. Nimble loans offer quick, online approval and you could receive your money within 60 minutes if your loan is confirmed before 4:30pm on a banking day.
- Flexible loan terms. Loan terms ranging between 62 days and 3 months.
- Potential for high fees. These types of loans can have much higher fees for borrowing when compared to other personal loans, including late payment fees and more. This makes it important to carefully compare options before deciding whether or not to apply.
- Your repayment term is limited. Your repayments are based on your pay frequency and are not as flexible when compared to other loan providers. Generally you have to have the Nimble Small Loan repaid within a short period, with a maximum loan term of 90 days.
- Not available to Centrelink recipients. You can't access a Nimble loan if you are getting welfare payments from Centrelink.
What fees will you be charged?
With a Nimble Small Loan, the total repayment amount will be the amount you borrow plus an establishment fee of 20% and a monthly fee of 4%, both calculated off the principal amount.
If you fail to make your repayments or do not make your repayments on time, you will be charged additional fees. These may include a $15 charge for a missing payment or daily fees of $5 for late payments. The total amount you may pay is capped to twice the amount of what you borrow.
Are you eligible for a Nimble loan?
Generally, to be considered for a Nimble loan you need to meet the following criteria:
- Be 18 years or older
- Be employed
- Be paid regularly into a bank account
- Not be reliant on benefits such as Centrelink as a primary source of income
How to apply
Clicking the "Go to Site" button will take you to a secure application page. You will have to provide personal details, contact details and financial details which include your pay cycle, monthly expenses, rent or mortgage repayment amounts and your employment details.