The Nimble Visa Prepaid Card allows customers who already have a Nimble Personal Loan to potentially borrow money on a short term basis while also making debit transactions, without traditional credit card or bank fees (though fees do apply).
Nimble has provided customers with access to small, short-term loans since 2005 and now they are offering more ways for their customers to access and manage their money, with a reloadable debit card. The Nimble Visa Prepaid Card can use the card to borrow money or the card can be reloaded using the customer's own money. It can also be used as an account through which they 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 (keep in mind transaction fees apply). 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.
The features of the card
Here are some of the features of a Nimble Visa Prepaid Card:
- Fast application and approval. Nimble has technology which can automatically approve personal loans within minutes. After an applicant's loan is approved, they can request a complimentary Visa Prepaid Card.
- Get access to funds quicker. Due to this automatic approval system, once a customer is approved, they can receive their personal loan within one hour and their card will be delivered to them within 5-10 working days after it is requested. Once someone starts using their card, any further loans will be transferred to their Visa debit card 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. Some transactions fees apply (see below).
- 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 their customers can have peace of mind knowing they can easily be reached.
- High balance. The card is reloadable and can hold a maximum balance of up to $25,000 at any one time.
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.
Fees and charges:
- Loan fees. A 10% of loan amount + 2% of loan amount each month applies to loans up to $2,000. For loans between $2,050 and $5,000, a $400 establishment fee applies as well as an annual rate of 47.62% p.a.
- Card load fees. When someone loads money on their card through a bank they will be charged $1.99 per load or $2.79 per BPAY reload.
- Foreign transaction fee. Card customers will be charged 2.99% for every overseas transaction.
Card customers 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. Customers can have access to your money 24/7 and use the card to make purchases online using their own money.
- Members Area. When someone becomes a Nimble member, they have access to the Members Area, which can help them understand their money better with graphs and built-in feedback.
- Security. The card is protected by Visa's latest chip card technology.
- Savings. The card is an option for those who may be considering a debit card with no monthly fees and low transaction fees.
- Restrictions when applying. Customers can only apply for a Nimble Visa Prepaid Card after they have been approved for a personal loan through Nimble.
- May encourage more spending. Having immediate access to personal loans using the card may encourage customers to take out more loans and this may be detrimental to their finances in the long term.
How to apply
To apply for a Nimble Visa Prepaid Card applicants first need to apply for a Nimble loan. If their application is successful they can simply request their card and it will be sent to them within 5 - 10 business days.
Once the Nimble Visa Prepaid Card has been activated customers can receive loan payments directly onto their card within seconds of their loan being approved.
Frequently asked questions
Can I change the PIN assigned to my card?
No. PINs are allocated by the PIN mailer and cannot be changed.
What do I do when I receive my card?
When someone receives their card, they must sign the back of the card and memorise the PIN. To activate a card, customers must register as the cardholder via the website by following the prompts and upon registration, the card will be ready to use.
Can I make transactions that exceed the balance of my card?
This card is a debit card, not a credit card. This means that customers will not be able to make purchases that exceed the amount in their account.
How quickly will I receive my money after I apply for a loan?
When someone successfully applies for a loan through Nimble, they will be transferred their loan amount directly into their bank account within 60 minutes of approval, if their loan is confirmed before 4:30pm on a banking day. If is confirmed after this time, funds will be transferred the following business day. Once someone has a Nimble Visa Prepaid Card, they can opt to borrow and be transferred the money within seconds.
How long does it take to load money on to the card?
For Nimble loans, if approved the funds can be transferred to the card within seconds. If someone chooses to load via BPAY, the money will be available within 3 business days (depending on what time they made the transfer).