The Nimble Card is a prepaid Visa Debit and can give you access to cash in 60 seconds.
There's a range of reloadable debit cards on the market, but if you're looking for one that allows you to borrow money on a short term basis with no monthly fees then you might want to consider adding the Nimble Visa Prepaid Card into your comparison.
|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
Nimble has provided customers with access to small, short-term loans since 2005 and now they are giving you more ways to access and manage your money with a reloadable debit card. The Nimble Card can also be reloaded by yourself using your own money, or to be used as an account through which you can receive approved Nimble loans.
How does it work?
The Nimble Prepaid Visa Card is offered to Nimble customers after they have been approved for a Nimble loan. The card is offered free of charge. Primarily, the card is to be used as a debit option for customers who want to the ability to make purchases through Visa but without incurring traditional credit card fees or bank fees. The card can also to be used to automatically receive approved loan payments from Nimble. Nimble cardholders can receive funds within seconds if approved, which is a convenient option if you often find yourself strapped for cash.
The features of the card
Nimble is different from a lot of other payday loan providers because of their unique loan system. Not only do they offer easy and quick short term loans, but their Nimble Visa Prepaid Card gives you a fast and convenient way to control your finances. Here are some of the features of a Nimble Visa Prepaid Card:
- Fast application and approval. Nimble has unique technology which can automatically approve personal loans within minutes and after your loan is approved you can ask for your free prepaid Visa card.
- Get access to funds quicker. Due to their automatic approval system, once approved you can receive your personal loan within one hour and your card will be delivered to you within 3-4 working days after you request it. Once you start using your card, money will be transferred to your Visa within seconds of being approved.
- Complimentary card. The Nimble Visa Prepaid Card is free when you take out a Nimble loan and become a Nimble member.
- Contact. One of the most important features of a short term loan provider is that they are easy to contact. Nimble answers 87% of calls within 20 seconds and 98% of emails in less than 30 minutes, so you can have peace of mind knowing they can easily be reached.
- High balance. You can load up to $25,000 of your own money onto this card.
How much does the card cost?
One of the main benefits of this card is the limited fees when compared to other reloadable debit cards. Take a look at the outline of fees associated with the Nimble Visa Prepaid Card.
You will pay:
- Loan fees. A 20% loan establishment fee and a 4% monthly fee applies to your Nimble loan.
- Balance inquiry fees. If you request an SMS balance notification, the charge is $0.25.
- Card load fees. When you load money on your card through a bank you will be charged $1.99 per load, or $2.79 per BPAY reload.
- Transaction fees. A BPAY transaction fee of $1.00 applies and you will be charged $0.50 when you pay anyone out.
- Foreign transaction fee. You will be charged 2.99% for every overseas transaction.
You won't pay:
- Point of sale fees
- Monthly fees
- Replacement fees for lost cards
- Online balance inquiry fees
- Service desk fees
- Fraud monitoring fees
Pros and cons of the Nimble Visa Prepaid Card
- Convenience. You can have access to your money 24/7 and use the card to make purchases online using your own money.
- Members Area. When you become a Nimble member you have access to the Members Area, which helps you understand your money better with graphs and built-in feedback.
- Security. The card is protected by Visa's latest chip card technology.
- Savings. The card is a great option if you are considering a debit card with no monthly fees and low transaction fees.
- Restrictions when applying. You can only apply for a Nimble Visa Prepaid Card when you apply for a personal loan through Nimble.
- May encourage more spending. Having immediate access to personal loans using the card may encourage you to take out more loans and this may be detrimental to your finances in the long term.
Want to apply for the card? Here's how
To apply for a Nimble Visa Prepaid Card you first need to apply for a Nimble loan. If you for approved for a loan simply request your card and it will be sent to you within three to four business days. Once you have a Visa card you can automatically receive loan payments directly onto your card, provided that:
- Your employment details haven't changed and have been previously confirmed by Nimble.
- You have paid off all of your previous loan repayments in full.
- You loan eligibility circumstances haven't changed.
- You are still using your Nimble Visa Prepaid Card.
Frequently asked questions
Can I change to PIN assigned to my card?
No. Your PIN is allocated by the PIN mailer and cannot be changed.
What do I do when I receive my card?
When you receive your card you must sign the back of the card and memorise your PIN. To activate your card you must register as the cardholder via the website by following the prompts and upon registration you card will be ready to use.
Can I make transactions that exceed the balance of my card?
Your card is a debit card, not a credit card and as such you will not be able to make purchases that exceed the amount in your account.
How quickly will I receive my money after I apply for a loan?
When applying for your first loan through Nimble you will be transferred your loan amount directly into your bank account within 60 minutes of approval. Once you have a Nimble Visa Prepaid Card you can be transferred your money within seconds.
How long does it take to load money on to the card?
If you have your Nimble loan approved the money will be on your card within 60 minutes. If you choose to load via BPAY the money will be available within 3 business days depending on what time you made the transfer.
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.