Lender Review: Nimble
- Loans from $300 to $10,000
- Over 9 weeks to 23 months
Nimble provides quick cash loans from $300 up to $10,000 with repayment terms ranging from 9 weeks to 23 months. Nimble was founded in 2005 with headquarters in Queensland. You can reach out to the company during its business hours from 9 AM to 5 PM, Mondays to Fridays, and 9 AM to 1 PM every Saturday.
Type of Loans Offered by Nimble
Small loans from Nimble range from $300 to $2,000 and have a maximum loan term of 9 weeks to 39 weeks. There is no specific APR mentioned for Nimble’s small loans. Establishment fee for small loans is 20% of the total loan amount and with a 4% monthly fee.
Small loans offered by Nimble may be used for a variety of purposes which includes the following:
Weekend loans refer to small loans you can apply for and receive funding over the weekend. Since traditional banks and lenders are usually closed on weekends, weekend loans are typically provided by online lenders, which operate around the clock. The application process is usually fast and simple, and you can typically receive a decision on your loan application within minutes, even on weekends.
If you are approved for a weekend loan, the funds can be transferred to your bank account as soon as the next business day. Weekend loans can be helpful if you have an unexpected expense that requires immediate attention and you don’t want to wait until the next business day to apply for a loan.
Emergency loans are small loans designed to provide quick access to funds to help individuals cover unexpected and urgent expenses. These loans are typically provided by lenders who understand that unexpected expenses can arise, such as medical bills, car repairs, or home repairs, and that not everyone has the savings or credit to cover these costs.
Payday loans are typically used to cover unexpected expenses or bridge a gap between paychecks. These loans are usually for small amounts, ranging from a few hundred to a few thousand dollars, and are typically due on the borrower’s next payday, hence the name “payday loan.”
Payday loans often have very high-interest rates and fees, which can make them expensive to repay. They may also have very short repayment terms, sometimes as little as a few days, which can make it difficult for borrowers to repay the loan on time. Because of these factors, payday loans are often criticised for trapping borrowers in a cycle of debt.
Short-term loans are a type of loan that is typically repaid over a shorter period than traditional loans. They are often used to cover unexpected expenses or bridge the gap between paychecks. Short-term loans usually have a higher interest rate than long-term loans and may require the borrower to repay the loan in full within a few weeks or months.
Examples of short-term loans include payday loans, cash advances, and instalment loans. Short-term loans are generally easier to obtain than traditional loans because they often require less documentation and have less stringent credit requirements.
Same-day loans are small loans that are approved and processed within the same day of application. They are typically designed to provide quick financial assistance to those who need money urgently. Same-day loans may be offered by various lenders such as banks, credit unions, and online lenders. The application process is usually fast and simple, and funds can be disbursed within hours or even minutes after approval.
Same-day loans may be unsecured, meaning they do not require collateral, or secured, meaning they are backed by collateral such as a car or house. However, same-day loans often have higher interest rates and fees than traditional loans, so it is important to carefully consider the terms and conditions before applying.
Pensioner Small Loans
Pensioner loans are loans designed for individuals who receive pension payments from the government. These loans are generally tailored to meet the specific financial needs of pensioners, who may have limited income and assets.
Pensioner loans can come in different forms, such as personal loans or home equity loans, and may have different eligibility criteria and interest rates compared to other types of loans. Some lenders may also offer special deals and discounts to pensioners.
It’s important to note that while pensioner loans may be an option for those needing extra funds, borrowers should carefully consider their financial situation and repayment ability before taking out a loan. High-interest rates and fees can make it difficult for some pensioners to repay the loan, leading to further financial strain.
Personal loans from Nimble range from $2,050 to $5,000 and repayment terms can vary from 2 months to 23 months. Maximum APR up to 47.6158% (for loans between $2,050 to $10,000). There is also an establishment fee of $400 (for loans between $2,050 to $5,000)
Personal loans offered by Nimble may be used for a variety of purposes which includes the following:
Home Renovation Loans
Home renovation loans are a type of personal loan designed to help homeowners finance home renovation projects. These loans can be used to cover the costs of various home improvement projects, such as kitchen or bathroom remodelling, room additions, landscaping, or roofing repairs.
Home renovation loans typically offer a fixed interest rate and a repayment term that can range from several months to several years, depending on the lender and the amount borrowed. Some lenders may require collateral, such as the home itself or another asset, to secure the loan. Borrowers can use the funds to pay for contractors, materials, and other expenses related to their renovation project.
Holiday loans are personal loans that are used to cover the costs associated with a vacation or holiday. These loans can be used to cover expenses such as airfare, hotel reservations, rental cars, and other travel-related expenses. They are often unsecured loans, which means that they do not require collateral to be put up to secure the loan.
Interest rates and repayment terms for holiday loans may vary depending on the lender and the borrower’s creditworthiness. Some lenders may also offer special promotions or discounts for holiday loans during certain times of the year.
Wedding loans are a type of personal loan that is used specifically for wedding expenses. They are typically unsecured loans, which means that they do not require collateral such as a house or a car. Wedding loans can be used to cover a variety of wedding-related expenses, such as venue rental, catering, photography, flowers, and attire for the bride and groom. The loan amount and terms will depend on the lender and the borrower’s creditworthiness.
Medical loans are a type of loan that can be used to pay for medical expenses, such as medical bills, hospital stays, surgeries, and other medical procedures. These loans are usually unsecured personal loans that are offered by banks, credit unions, or online lenders. Medical loans may have fixed or variable interest rates, depending on the lender and the borrower’s creditworthiness.
They may also have different repayment terms, such as monthly payments or deferred payments. Some medical loans are specifically designed for elective procedures that are not covered by insurance, such as cosmetic surgery or fertility treatments.
Funeral loans are personal loans that are designed to help cover the expenses of a funeral or memorial service. These loans can be used to pay for things like the funeral home, cremation or burial costs, casket or urn, flowers, and other related expenses. Funeral loans are usually unsecured personal loans, which means that they don’t require collateral and are based on the borrower’s creditworthiness. Some lenders may offer specific funeral loans while others may offer personal loans that can be used for any purpose, including funeral expenses.
Car Repair Loans
Car repair loans are personal loans designed to help people cover the cost of unexpected car repairs. These loans can be used to pay for anything from minor repairs, like a new set of tires or a brake pad replacement, to major repairs, like an engine overhaul or transmission replacement. Car repair loans typically have a fixed interest rate, repayment term, and loan amount, and are often available to people with good or bad credit. Some lenders may require that the car being repaired be used as collateral for the loan.
- From $1,000 to $10,000
- Maximum repayment terms of up to 12 months
- APR: 21% to 47%
- $10 late payment fee
- $50 variation fee
- 2.99% of the total value of each transaction
- $5 duplicate fee
Other loan fees for Nimble loans are as follows:
- $5 default fee per day
- $15 dishonour fee (for personal loans)
- $15 reschedule fee (for personal loans)
Note: All information included here on Friendly Finance is accurate and in line with the data provided on Nimble’s website as of November 2023.
Nimble Application Process
How to apply?
The application process for Nimble small and medium personal loans is made online through the Nimble application form. You need to provide the following information to get started with your loan:
- Full Name
- Residential Address
- Phone Number
- Employment Details
- Bank details. Nimble will retrieve your latest 90-day worth of bank statements to determine your current financial standing and to know where the funds of your loan will be disbursed after approval.
To apply for a Nimble loan, you can simply visit their website and complete the online application form. The application process is straightforward and can be done from anywhere, as long as you have access to the internet. Once you submit your application, Nimble may contact you to verify the details you’ve provided. After they have verified your information and if you are approved, you will receive a decision.
If you confirm your loan by 4:30 pm AEST during banking days, you can receive the funds within 60 minutes. If your bank allows, you may receive the funds within minutes of confirming your loan even on weekends and public holidays. It’s important to note that loans are subject to approval and terms and conditions apply.
The following are the minimum criteria for approval of Nimble loan products:
- You must be at least 18 years of age
- You must be an Australian citizen or permanent resident.
- You must have a regular source of income.
- You must have a valid email address and mobile number.
- You must have an active Australian bank account in your name.
- You must be employed with Centrelink benefits not exceeding 50% of the total monthly income
- You must not have been bankrupt or entered into any debt agreements or personal insolvency agreements in the past 12 months.
Once you complete the application process online, a member of the Nimble team will reach out to you to verify the details you provided in the application form.
Please note that meeting these eligibility requirements does not guarantee approval for a loan. Nimble will also consider your credit history and overall financial situation when making a lending decision.
Maximum Loan Amounts
Nimble offers personal loans from $300 to $25,000. The repayment term may vary between 6 months to 48 months depending on the loan amount.
The loan amount you may be approved for will depend on your circumstances, including your income and expenses, credit history, and other factors.
How is the money transferred?
Once you get approved for a loan after the application assessment, you may sign the loan agreement during the company’s business hours to have your funds transferred within 60 minutes to your nominated bank account. If the loan agreement is signed and returned out of hours, the funds will be transferred the next business day. The time taken to receive your loan will depend on your banking institution.
You can contact Nimble in the following ways:
Phone: 133 156 (for general enquiries)
Live chat: Available on the Nimble website
Postal address: PO Box 5026, Gold Coast Mail Centre, QLD 9726
Notable Loan Product Features
Nimble offers several features for their weekend loans, including:
- Fast approval: Nimble’s weekend loans are designed to provide quick access to funds, with approval typically within 60 minutes during business hours.
- Flexible loan amounts: You can borrow from $300 to $25,000, depending on your eligibility and creditworthiness.
- Repayment flexibility: Nimble offers flexible repayment terms ranging from 62 days to 48 months, so you can choose a repayment schedule that suits your budget.
- Same-day funding: If you’re approved and confirm your loan before 4:30 pm AEST on a banking day, you may receive your funds within 60 minutes. Depending on your bank, you may receive your funds even faster, potentially within minutes.
- Online application: You can apply for a Nimble weekend loan online, from the comfort of your own home, 24/7.
- No hidden fees: Nimble is transparent about its fees, so you’ll know exactly what you’ll be charged before you commit to the loan. There are no hidden fees or charges.
It’s important to note that eligibility criteria apply, and not everyone will be approved for a Nimble loan. You should carefully consider your financial situation before applying for a loan, and make sure you can afford the repayments.
The Company: Nimble
- Quick turnaround time on fund release for cash loans
- 24- to 48-hour approval process including a loan verification call as part of its responsible lending practices
- Online application process through the Nimble website
- Chance of approval for borrowers with poor credit ratings or individuals with adverse findings.
- Customers have reported the website crashing occasionally when applying through their online application form.