Find the right lender for your needs: Nimble and Cash Converters compared.
Need a short-term loan but not sure which lender to go with? We compare two prominent short-term lenders to find out which fees, features and restrictions will suit your borrowing needs best.
| Feature | Nimble | Cash Converters |
|---|---|---|
| How much can you borrow? | $300 to $5,000 | $50 to $5,000 |
| How do you apply? | Online | Cash advance: In-store only Small or medium personal loan: Online |
| How long do you have to repay? | 62 days to 1 year | 4 weeks to 1 year |
| How much will the loan cost? | Loans of up to $2,000: 20% of loan amount + 4% of loan amount each month Loans of $2,001 to $5,000: $400 (application fee) + 47.62% p.a. interest | Cash advances and small personal loans: 20% of loan amount (establishment fee) + 4% of loan amount each month Medium personal loans: $400 (establishment fee; financed under loan) + 48% p.a. interest |
| Eligibility criteria | Applicants must be employed and earn a regular income into a bank account. | Applicants must be over 18 and live in Australia. For a medium personal loan, applicants must also earn at least $1,000 per week and have been in their current employment for at least three months. |
| How quickly is the loan funded? | Within 60 minutes if the loan is confirmed by 4:30pm. The next business day for loans confirmed after this time. | Same day for cash advance loans and 24-48 hours for small and medium personal loans. |
| Do they have a prepaid card? | Yes | Yes |
| How much are you charged for a late repayment? | Direct debit dishonour fee: $15 Default fee: $5 per day | Dishonour fee: $33 |
| Can you pay off the loan early? |  | |
| Want to apply? | Review and apply | Review and apply |
Both Cash Converters and Nimble offer convenient loan options if you find yourself in need of a short-term loan. When deciding which one is right for you, remember to consider how much you want to borrow, the application process and which of the lenders you may be eligible with.
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