Nimble : Payday Loan Alternative

Moneybuddy says

Our simple, automated system means that you can easily apply online and once approved, we’ll pay you within 60 minutes of you confirming your loan. Nimble’s online loans are designed to put you in control for when the unexpected happens ™. Our loans of up to $5,000 only go from 62 days and up to 2 years, so you won't get stuck in long-term debt.

The Basics

Standard Fee Small loan: 20% establishment fee + 4% of principal per month. Medium Loan: Establishment fee up to $400 + Interest charges based on the Annual Percentage Rate

Max. Loan $5,000

Loan term 62 days - 2 years

How fast 60 minutes*

The cool stuff: features

Repayment method Direct Debit

Online application Yes

Phone application No

Refinancing N/A

Speed 60 mins, depending on application time and your bank.

The Facts & Figures

Min. loan $300

Min. term 62

Max. term 2 years

Requirements Must Be Employed. (Centrelink Benefit Does Not Count As Employment)

The ugly stuff: fees

Fee See terms and conditions

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Warning: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Nimble says

It's a totally new way of borrowing. Simply apply online and once approved, we'll transfer the money within 60 minutes of confirming your loan. Nimble gives you smart little loans up to $5,000 for when the unexpected happens (R). Our loans only go for 62 days - 2 years, so you can't get stuck in long-term debt.

Key features

  • Receive between $300 - $5,000
  • For up to 2 years
  • Fast application
  • Fast payment

Pros

  • If you're in a bind for money and have exhausted other options then a short term loan from Nimble could help

Cons

  • Short term loans are an expensive form of credit and shouldn't be relied upon as a longer term financial solution.

Terms & conditions

Fees - Small Loan: Nimble charges a $15 dishonour fee when your loan goes overdue and then a $5 daily fee until the total amount owed reaches 200% of the principal amount borrowed, at which time the account is capped. Medium Loan: Nimble charges a $15 dishonour fee and your interest continues to accrue. *Once your Nimble loan is approved, it'll be transferred to your bank account within 60 minutes of confirming your loan contract, if confirmed by 4:30pm AEST during banking days. Otherwise, the payment will be processed on the next business day.

 
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