Nimble Loans is a popular app that offer short term and long term loans in Australia. They are also a leading financial service provider, Nimble specializes in offering quick, convenient, and flexible cash solutions to individuals facing unexpected financial challenges. Nimble Loans operates efficiently, providing Australians with the means to access small to medium-sized loans promptly.
Nimble offers loans between $300 and $2,000. The loan terms vary but will be between 62 days to 9 months. The application process is known for its simplicity, enabling borrowers to apply online with ease. Nimble’s unique approach includes assessing an applicant’s financial situation, ensuring that the loan is manageable and affordable. The company prides itself on quick decision-making, with approved funds typically transferred within an hour. Customers appreciate Nimble’s transparent fees, which are easy to understand, and their commitment to responsible lending practices.
What is Nimble Loans?
Nimble Loans is an Australian mobile and financial application that offers short-term, small personal loans between $300 and $2,000 with terms ranging between 62 days to 9 months, delivered to borrowers in need of quick financing, to address immediate urgent financial needs.
Nimble Loans which started operations in 2005 have different categories of fast, effective and flexible borrowing options and types including cash loans, personal loans, and car loans to help individuals meet unexpected expenses. All loan types offer a distinct loan amount and loan term limits, depending upon the borrower’s needs and affordability.
How do I apply from Nimble Loan?
As is expected from a lender which specialises in fast approvals and settlements, the process of applying for your personal loan with Nimble isn’t a complicated one. The steps you’ll need to follow are basic, but they’re worth knowing before you apply to prevent delays. Applying with Nimble will see you meet the following key points:
Ensure that you’re eligible:
always make sure you’re able to qualify for the loan you’re applying for before you commence your application. Nimble’s qualification criteria are broader than other lenders, which ensures more people are considered eligible, but the main factors to consider are that you’re a citizen or permanent resident in Australia, employed and earning an income and are at least 18 years old.
Fill out your application form:
You can move straight into applying for your personal loan from here, which is a simple process which should take you no more than ten minutes to complete. This confirms your personal details, such as your address, current employment and your financial situation by linking your bank details.
Receive a response
You’ll be contacted shortly after with Nimble’s decision on whether you’re a suitable borrower. If they’re happy with the application, you’ll be approved for financing.
Sign your loan contract and receive your funds:
Once you’re approved, you’ll be sent a loan contract to sign which confirms all of the key details of your agreement. You can sign this electronically and return it, after which the funds can be advanced directly into your account as soon as 60 minutes afterwards.
What are the eligibility requirements for a Nimble loan?
Typically 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 to apply
- Clicking the “Go to Site” button will take you to a secure application page. 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.
How Does Nimble Loans Work?
Nimble Loans ehich offers loans between $300 and $2,000 and loan terms which varies between 62 days to 9 months works by simplifying the general borrowing process which is 24/7 online. Nimble assesses borrowers’ financial situation to ensure responsible lending. If approved, funds are typically disbursed swiftly, often within an hour, allowing customers to address their financial needs promptly. Nimble Loans does not accept Centrelink as your primary source of income.
Features of Nimble Loans
Nimble Loans has a number of unique featured and benefits that set it apart from other loans like Nimble. Some include the following:
Borrow up to $25,000
You can be approved for as little as $2,050 or as much as $25,000, making these loans suitable whether you need a smaller cash injection or need to cover something a bit bigger.
Repay in as little as two months
Unlike most personal loans which implement a minimum term of 12 months or more, you can pay off your personal loan with Nimble in just two and up to 48.
Pay weekly, fortnightly or monthly
Regardless of how often you receive your income, you can select a frequency which suits your own individual needs and ensure they’re manageable for you.
Rapid approval and funding
Nimble specialises in delivering its personal loan funds fast, so you can be funded in as little as 60 minutes after being approved, depending on the time of day.
Fixed interest for ease of budgeting
The interest on your loan is fixed, meaning it’ll remain the same across your term and prevent the cost of your repayments from increasing between instalments.
No security required
These loans are unsecured, making them accessible to a wider range of borrowers who don’t have a car or another valuable asset suitable to act as security for the loan.
Pros of Nimble Loans
Online application process
You won’t have to leave the comfort of your home when applying for a personal loan, as Nimble is a 100% online lender without any physical branches.
Designed for any purpose
Personal loans are intended to be used for a vast range of reasons and these aren’t any different, from covering your medical bills to consolidating other debts or funding your holiday.
No ongoing fees
These loans come without any added costs on top of your monthly interest, meaning you avoid the potentially steep overall cost of ongoing service charges.
Cons
Extremely high interest rates
The lack of ongoing fees is largely negated by its interest rate, though, which can reach as much as 47.62% p.a. for loans up to $10,000 (65.66% p.a. comparison for loans up to $5,000).
Establishment fee for smaller loans
If you’re planning on taking out a loan of up to $5,000, you’ll be required to fork out an additional $400 as an establishment fee, which isn’t an insignificant amount for most.
Lower maximum loan amount and length
Most unsecured personal loans enable you to access up to $50,000 and repay over as many as seven years, but these are trimmed to $25,000 and four years with Nimble.
What is the interest rate on a Nimble Small Loan?
The interest rate on a Nimble Small 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.
When did Nimble Loan start operations?
Nimble started operations in 2005, although it was originally called Cash Doctors. The lender offers various loan types, including cash loans, personal loans, and car loans. All loan types offer a distinct loan amount and loan term limits, depending upon the borrower’s needs and affordability.
What fees will you be charged on Nimble Loans?
The following are Nimble Loan Fees:
Establishment Fee
The establishment fee for Nimble Loans is 20% for loans under $2000 and $400 for loans over $2050. This is an upfront fee charged when the loan is approved and funded.
Monthly Fee
The monthly fee for loans under $2000 is 4% of the amount borrowed. For loans larger than $2050, there is no monthly fee, and you are instead charged interest on the balance.
Late Payment Fee
Nimble charges a daily late payment fee of $5 for every day that your account is in arrears. This is capped at 200% of your principal amount. So if you borrowed $1000, you can get charged a maximum of $2000 in late payment fees on top of that.
Direct Debit Dishonour Fee
Nimble’s dishonour fee is $15. This is charged in addition to the daily $5 late payment fee, but is only charged once per dishonoured direct debit.
Default Fee
In case of default, which usually involves missing multiple payments, a default fee could be charged. This fee is in addition to any late payment fees.
Is Nimble Loans Legit?
Yes, Nimble Loans is a legitimate and safe online lender. Operating primarily through an online platform, Nimble Loans has gained attention for its fast approval process, allowing applicants to receive decisions within a short period. While there may be concerns and questions about the legitimacy of online lending platforms, Nimble Loans is a registered and regulated entity, subject to Australian financial regulations and standards.
Nimble Loans implements robust security measures to protect sensitive customer information. They typically use advanced encryption protocols to safeguard personal and financial data submitted during the application process. As with any financial decision, it’s important for potential borrowers to thoroughly review the terms, conditions, and reputation of the lender before proceeding with a loan application. Conducting due diligence and seeking information from reliable sources can help individuals make informed decisions about their financial needs.
Nimble Cash Loans
Nimble cash loans are designed to provide quick financial assistance to individuals in need of immediate funds. These short-term loans are tailored to address urgent financial challenges and come with the hallmark Nimble efficiency. Borrowers can access these loans through a streamlined online application process, and if approved, funds are often disbursed rapidly, sometimes within just an hour. Nimble Cash Loans align with the company’s commitment to transparent lending practices and responsible borrowing, providing a reliable solution for Australians facing unexpected financial difficulties.
Is Nimble a payday loan?
Nimble’s fee structure is consistent with what is allowed by payday lending law. However, Nimble Loans offers short-term loans that share some similarities with payday loans, but they aim to provide a more flexible and responsible borrowing experience. Payday loans are typically very short-term loans that are meant to be repaid in full with the borrower’s next paycheck, often with high interest rates and fees.
Who can have access to Nimble Loans?
Nimble is a great choice in providing quick and flexible cash solutions tailored to the unique needs of its diverse clientele. This lender has earned a reputation for its agility and responsiveness, allowing customers to access the financial support they require precisely when they need it most. Nimble Loans’ user-friendly platform and transparent lending practices have garnered trust among borrowers, making it a go-to choice for those seeking efficient and accessible solutions to their financial concerns. Nimble offers loans between $300 and $2,000 to anyone in need and the loan terms vary but will be between 62 days to 9 months.
Can I apply for a loan with Nimble if I have bad credit?
Yes – Nimble can accept applications from borrowers who have struggled with credit. However, it’s important to note that if you don’t have the best credit rating, such as if you’re applying as a couple or a single parent, a discharged bankrupt or otherwise applying for non-conforming finance, you’re likely to be charged more in interest and fees and have your borrowing power restricted to a lower range by specialist lenders.
Am I eligible for a Nimble loan if I have a bad credit history?
Nimble may consider applications from people with a bad credit history, but this will depend on many factors including the person’s current financial situation.
How do I make repayments on Nimble loans?
Nimble sets out the repayment dates and amounts in the loan contract and direct debits a person’s nominated account on the scheduled repayment dates. Nimble will send a reminder the day before repayments are due so people can make sure they have sufficient funds in the nominated account.
Can I take out a Nimble loan for my business?
You can – however, in most cases, business loans are better than personal loans for investing in your company. These come with more tailored conditions, such as greater borrowing power, which make them more suitable when it comes to obtaining finance for your business. Personal loans are more restrictive, but they may be necessary if you’ve only just started up your business or it otherwise doesn’t meet lender criteria, such as not generating enough revenue on a monthly basis.
How Long Does Nimble Take To Verify and Approve?
Nimble Loans is known for its quick approval process, with many applicants receiving decisions within a short period of time. The exact time it takes for Nimble Loans to approve an application can vary based on factors such as the completeness of the application, the accuracy of the information provided, and the current volume of applications being processed. In some cases, Nimble Loans could provide approval decisions within an hour of receiving the application. However, it’s important to note that individual experiences may vary, and approval times are not guaranteed.
What are Nimble small loans?
Small loans through Nimble are only available for those looking to borrow $300 to $2,000 and come with a different cost structure. These loans don’t charge interest, instead coming with an establishment fee worth 20% of the loan amount and a monthly fee worth 4% of your loan. Repayment terms also range from two to nine months but can be completed early.
What is Nimble Loans Customer Service Support?
Nimble provides multiple ways that customers can reach out for support. An online contact form is available on the nimble website. In case customers have an urgent query, then they can call at 133 156 from 7 AM-7 PM AEST Monday to Friday, and 9 AM-5 PM on Saturday.
Customers can also send an email at customercare@nimble.com.au to voice any complaints. In case customers are calling from an international location, then they can dial +61 7 5612 7200.
What is Nimble login?
The Nimble login page is a very beautiful and easy to use interface that allows both new and returning customers to have a seamless online experience. The steps are simple and takes only a few minutes to register as a new customer or login back to your account as an existing customer.
If you are new to Nimble, you have to first create an account to access the loan features. To create an account, you need an email which will be your username and your password. If you are an existing customer, simply enter your username (email) and your password and you would be login.
If your mobile phone number changed since you last had a Nimble Loan, you’ll need to call the platform’s friendly team on 133 156 to update it before you proceed to login. Please mention that you are applying for a Nimble AnyTime account.
Log in to your Nimble AnyTime account and go to the Account Management area. Here, you’ll be able to see your scheduled payments and make additional repayments.
To register for a Nimble loan account and login, you need the following:
- Your mobile phone
- Your Australian passport or Australian driver licence
- Your Internet banking credentials
Nimble Loans Reviews
Nimble Loans is a well-known and trustworthy money lending service in Australia popular for helping people quickly when they face money problems they didn’t expect. Nimble lets you borrow a bit of money, from $300 to $2,000, and you can pay it back over time, like 2 to 9 months. Nimble is clear about the fees required, and they’re careful about lending money responsibly. It should however be noted that Nimble Loans are fine only if you need cash and no one else will lend to you, and can get you out of a tight spot if you have the money to pay it back fast. But with a $400 establishment fee, it is a very expensive way to borrow money.
Loans Like Nimble
In Australia, there are several alternative lending options similar to Nimble Loans, offering quick and accessible financial solutions. These alternatives cater to various financial needs and credit situations, allowing borrowers to choose the one that best fits their circumstances. Some notable options include Ferratum, is known for its fast and convenient loan application process. MoneyMe offers a digital alternative with its easy online application and competitive interest rates, while Swoosh Finance stands out for its same-day approval and funding capabilities. Each of these lending apps shares the aim of providing Australians with convenient access to quick financial assistance, much like Nimble Loans.
Conclusion
Nimble is a trusted and accessible financial solution in Australia, offering quick assistance to those facing unexpected money challenges. With its easy application process and responsible lending approach, Nimble provides a reliable helping hand when financial emergencies arise. Their transparency and efficiency make them a top choice for borrowers in need of swift and manageable loans.
