Lender Review: Nimble

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Company Brief

Small Personal Loan: $300 to $2,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Short Term Loan 4% of the borrowed amount per month Fixed monthly fee $300 $2,000 60 minutes 62 days 9 months

 

Nimble Loan offers Small Personal Loan ranging from a minimum loan of $300 to a maximum of $2,000 which can be repaid from 62 days to 9 months from the time of loan disbursement. The repayment amount includes a 4% monthly fee and a one-time establishment fee of 20% of the loaned amount.

For example: if you take out a $1,000 credit product with a 5-month repayment period, you will need to pay a total amount of $1,400. Total payments made per month would be $280, with $400 going to fees.

Medium Personal Loan: $2,050-$25,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Personal Loan 29.99% to 47.62% Annual Percentage Rate Fixed interest rate $2,050 $25,000 24-48 hours 62 days 48 months

 

Qualified borrowers can get a Medium Personal Loan from Nimble Loan amounting to $2,050 up to a maximum loan amount of $25,000. Loan repayments can be as quick as 62 days stretching up to 48 months. Establishment fees for the loan range from $0 to $400 depending on the amount of the loan. Interest rates, similarly, range from 29.99% up to 47.62 based on the amount borrowed.

For example: if you borrow a $10,000 loan with a repayment term of 6 months, your total repayment amount would be $11,433.90 with a monthly payment of $1,905.65 with no establishment fee

Breakdown of all fees for each loan product

The following are the breakdown of fees involved in Nimble Small Personal Loan:

  • Monthly fees: 4% of the principal amount per month
  • Establishment fees: one-time fee amounting to 20% of the borrowed amount

Meanwhile, the following are the fees included in Nimble Medium Personal Loan:

  • Establishment Fees: $400 one-time fee for loans ranging from $2,050 to $5,000; $0 fees for loans amounting to $5,050 to $25,000.
  • Interest Rate: interest rates are pegged at 47.6158% for $2,050 to $10,000 loans, and 29.99% for loans amounting to $10,500 to $25,000.

Other fees to consider for Nimble’s range of loans and financial products are the following:

  • Dishonour Fee: Dishonour fees are collected for every direct debit or other scheduled payment that goes uncollected. Internal administrative costs and external third-party costs are all included in this fee. For Small and Medium Personal Loans, the dishonour fee is pegged at $15.
  • Default Fee: The daily recovery fee is intended to cover the reasonable costs of administering your account while it is delinquent. The default fee for small personal loans is set at $5 per day of delinquency as a late payment fee.
  • Reschedule Fee: Each time repayment is rescheduled, a reschedule fee will be incurred. This fee covers Nimble’s internal administrative expenses and is set at $15 for Medium Personal Loans.

Application Process

The application process for Nimble Small and Medium Personal Loans is made online through an online form. You need to provide the following information to get started with your loan:

  • Full Name
  • Residential Address
  • Phone Number
  • Employment Details
  • BSB and bank details/bank account number containing 90-day income and expenditure statement. This is to determine your current financial standing and to know where the funds of your loan will be disbursed after approval.

The following are the criteria for approval on Small and Medium Personal Loans:

  • Be at least 18 years of age
  • With bank account details
  • Employed with Centrelink benefits not exceeding 50% of the total monthly income

Once you complete the application process online, an expert team will reach out to you to verify the details you provided in the application form. Once you get approved for a loan after the application assessment, you may sign the debt agreement during the company’s business hours to have your funds transferred within 60 minutes to your nominated bank account.

Notable Loan Product Features

One of the positive comments about Nimble is that you can receive the proceeds of your loan within 60 minutes from signing the loan contract (if the loan contract is signed between 9 AM to 4:30 PM during business days).

You can also set up a direct debit arrangement in your bank account to automatically pay off your loans on schedule. Nimble will also send notifications to you a day before your loan is due so that you will not miss any payments.

The Company

Positives:

  • 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.

Negatives:

  • Website crashing occasionally when applying through their online application form.

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