Nimble Small and Medium Short Term Loans
Compare various loan options from $300 up to $25,000 with Nimble
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Operating since 2005, Nimble offers small and medium short term loans with different amounts and repayment term options. The fees you'll pay will also depend on how much money you borrow. Like most short term loans, Nimble loans are designed to be short-term financial option and should not be used to fix long term financial problems. You can learn more about this form of credit and compare your options in this guide to Nimble short term loans.
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.
What loans are available?
Nimble offers three different short term loans:
- Small loan. This is a loan between $300 and $2,000 that can be repaid over a period of between 62 days to 9 months.
- Medium loan. Nimble also offers a larger loan between $2,050 and $5,000 which can be repaid over 22 months.
- $5,000 - $25,000 loan. Nimble also offer a loan upwards of $5,000 and up to $25,000 for customers looking for that little bit more finance. These loans are available on terms from 6 months up to 4 years.
What features does Nimble offer?
- Fees. The fees you'll pay will depend on the type of loan you apply for. Small short term loans will attract an establishment fee as well as monthly fees. The medium loan will be charged an application fee plus an interest rate. You can compare the current fees that apply in the table above. Arrears fees will also apply if you don't pay your repayments on time.
- Repayments. Nimble sets out the repayments in the contract but you can choose your loan term and repayment structure. Your payments will be direct debited out of your account on the set repayment days, which you can check in the Nimble Members Area, and Nimble will also send you a reminder the day before payments are due. If you think you can't make a repayment on time, contact Nimble immediately to discuss your options.
- Turnaround. If the loan is approved before 4.30 pm on a business day, you can expect to see your money in your nominated bank account within one hour. This may vary between banks.
- Visibility. Nimble offers detailed information about the company and its services on the website.
What to know about Nimble
Nimble launched in November of 2005 after the company's founders saw a gap in the short term and payday loan market. They aimed to develop a business which stood out from the other loan providers that were available at the time. Since the company's inception that have approved over 1,000,000 loans.
What are the risks of short term loans?
- Unaffordable repayments. Short term loans are an expensive way to borrow money and should only be used as a last resort. Check the size of each repayment and ensure you will be able to pay it on time. Unaffordable repayments can lead to late fees that will only make things worse.
- High rates and fees. Rates and fees on short term loans are high but there are rules in place so be sure to check your lender is not charging you more than ASIC allows. Also, look at what you would be charged if you are late on a payment or if you default on the loan altogether.
- Unreputable lenders. All Australian lenders should be accredited by ASIC. Check for a credit licence on the ASIC Register and ensure that the lender is easily contactable.
- Impact on credit score. Every loan application shows up on credit reports. While lenders might not consider credit history, applying for lots of loans within a short period can have a negative impact on your credit score in the future.
How do you apply?
To apply with Nimble simply follow the secure link on this page to their online application form. The application will take a few minutes and you need to meet the following criteria to be eligible:
- Be over 18
- Be employed
- Not depend on Centrelink benefits
If you have bad credit history Nimble may still consider you for a loan. Although if you are currently bankrupt, in a part nine debt agreement or have especially bad credit history your application will not be approved.
While the system verifies your details automatically, on some occasions Nimble will need to do additional checks in order to approve your loan. To apply you will need to provide personal details, employment details and details of your finances including your pay cycle, rent or mortgage repayments and your next pay date.
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