Nimble provides short term credit solutions to cover you when you're caught short.
Nimble are a provider of short term loans that you can use as an alternative to traditional lines of credit. If a financial emergency or something unexpected comes up and you don't have sufficient funds to cover it, then you might want to consider a short term loan.
|Product Name||Nimble Short Term Loan|
|Min Loan Amount||$100|
|Max. Loan Amount||$2,000|
|Initial Maximum Loan Amount||$1,600|
|Loan Term||62-365 days|
|Turnaround Time||1 hour - conditions apply*|
|Total Cost of Borrowing $100||20% of borrowed amount + 4% of borrowed amount each month|
|Requirements||You must be over 18 and not receiving Centrelink benefits as your primary source of income|
|Available to Centrelink borrowers||No|
- Quick turnaround on loans
- Loans for up to 1 year
- Access cash with the Nimble Card
- Strict lending conditions
- Not available to Centrelink earners
- Limited repayment options
How do Nimble Loans work?
Nimble offers loans of between $100 and $2,000. The loan terms vary but will be between 62 and 365 days. Your repayment dates and frequency will be determined by the amount you borrow, your pay cycle and the first agreed upon repayment day.
What is the interest rate on a Nimble loan?
The interest rate on a Nimble 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 and the higher your "interest" will be.
Is Nimble safe?
Before you take out a loan, or any type of loan, it's important to make sure the lender is reputable and that the lending process is safe. Nimble is an Australian-based lender that has been operating in the short-term loans space since 2005. Here are a few things that help make Nimble loans a safe and secure borrowing option:
- It offers transparent fees and rates. The amount you pay in fees and rates is clearly outlined. You'll know how much you have to pay before you take out the loan.
- It's a reputable company. Nimble is a reputable lender that has been operating in the Australian lending space for over nine years.
- There are fair and responsible lending standards. The online application metrics ensure a fair application process.
- Online and phone-based customer service. Nimble offers assistance via online chat, email, social media channels and over the phone to answer your questions and help you with your loan.
Wheigh up the good and the bad of Nimble's loans
- Nimble offer fast approval and funds transfer.* Nimble loans offer quick, online approval and you could receive your money within 60 minutes. This will depend on who you do your banking with and what time of day you apply for the loan.
- Nimble claim to be a reliable lender. Nimble has been providing short term loans since 2005 and have built up a good business reputation. They are also easy to contact, which is important for borrowers.
- Nimble offer a Reloadable Prepaid Visa Card. When you are approved for a loan with Nimble you are also entitled to a free prepaid Visa debit card. You can use this card anywhere Visa is accepted by loading your own money onto it or use it to receive instant loans from Nimble once you are approved online.
- Your repayment options are 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 loan repaid within one month, with a maximum loan term of 365 days.
- There is a range of high fees. These types of loans have much higher fees and interest rates charged for borrowing when compared to credit cards and personal loans. You need to consider these fees and charges if you are using Nimble Loans often and whether it would be more cost-effective to get a credit card or longer term personal loan.
What fees will you be charged?
Nimble loans come with a set fee structure so you know exactly how much you will have to pay. When you borrow, your total repayment amount will be the amount you borrow plus an establishment fee of 20% and a monthly fee of 1.00%, 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.
Things to avoid
Nimble loans are designed to help you out with unexpected expenses or to cover you until payday and are not intended to solve longer-term financial troubles. Although Nimble allows you to borrow repeatedly, you might want to consider other credit options if you find that you are borrowing from them often.
Having a Nimble Prepaid Visa Card makes borrowing from them repeatedly convenient and also makes it easier to receive needed funds, but this option should be used sparingly. The Visa card offers a debit option for customers, but remember you are able to load your own funds onto the card and it should be used as a regular debit card instead of an alternative to a credit card.
Does Nimble really offer "smart little loans"?
Nimble's short term loan solutions can help people out of a tight spot when they might not be approved for other forms of credit. In this way, these loans are filling a needed gap in the loans market. With all lending products, the loans become an unintelligent choice when they are taken out by those in too-tight of a spot.
If you can't afford the repayments then you shouldn't be taking out the loan in the first place. If you use the loan in the way they're intended – that is, to covered shortfalls in your cash flow and repay the loan by your next payday – then the loans can be a useful credit solution to those in need.
Are Nimble loans smart? It depends on your financial situation and the way you manage your loan.
Are you eligible for a Nimble loan?
Nimble has online technology which determines your eligibility for a 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 you can apply
Start your application by clicking "Go to Site". 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.
Questions you might have about Nimble...
How quickly will I receive my loan?
After Nimble approves your application, you can expect to receive your loan amount into your nominated bank account within 60 minutes. The time depends on what bank you are with, for example CommBank customers may receive payment within a few minutes, while other banks may take up to two hours. If you have a prepaid Nimble card, you'll receive your cash instantly if you are approved.
Am I eligible if I have bad credit?
Nimble still considers applications if you have bad credit, but this will depend on many factors including your present financial situation.
How do I get a Nimble Prepaid Visa Card?
When you are approved for your first loan with Nimble you can ask for a Nimble Prepaid Visa Card. You will be sent this card free of charge within 3-4 days.
How do I make repayments?
Nimble sets out your repayment dates and amounts in your contract and direct debits your account on that day by about 10am. Nimble will send you an SMS the day before repayments are due so you can make sure you have sufficient funds in the nominated account.
What if I can't repay my loan?
If you are experiencing financial hardship and don't think you will make a repayment, you should notify the Nimble Repayments Team as soon as possible.
Warning about Borrowing
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.