Are payday loans legal?

The short answer is: of course, regulated and legitimate payday loans are legal. A payday loan is just another term given to the payday advance, small-dollar loan, or cash loan, all of which are a small, short term, unsecured loan. So, yes, the proper lending of a payday loan is legal, but you must ensure that your payday lender is fully compliant with the rules and regulations around short term lending. 

At Nimble, we’ve been lending since 2004 and have granted over 1.5 million loans to Australians. We believe that payday loans should be accessible and without the traditional barriers associated with lending money. Our customers use payday loans for things like car repair, costs associated with a wedding, or travel. 

Our application process is straightforward and easy, but we never compromise on transparency. Everything at Nimble is checked, verified and secure. 

There is no doubt that payday loans have been given a bad name over the years and this is due to companies who do not operate in a responsible manner. Nimble fully complies with all regulations around short term lending and we encourage our customers to read our completely transparent Fee Statement

It’s a good idea to do some research on whoever you decide to lend your loan from. Check out things like Product Review and get an understanding of other people’s experiences with the company. You should pay particular attention to things other people say around the transparency of fees and customer experience. Getting legitimate reviews from a trustworthy source should help you understand the way in which a company operates. An illegal platform is not likely to operate a review system, and this is an indication of their illegitimacy. If you have any doubts about a lender’s reputation, look for reviews and do your homework. 

The information on this website is general in nature and does not take into account your objectives, financial situation or needs. Terms, conditions, fees and charges apply, and are subject to change. Applications are subject to Nimble’s credit approval criteria. Redraw not available.

For our Small Personal Loans of $2,000 or less, an APR (Annual Percentage Rate) doesn't apply. These loans are fee-based only, and so they don't have an APR. The establishment fee is 20% of the amount borrowed and the monthly fee is 4% of the amount borrowed.

For our Medium Personal Loans between $2,050 and $5,000, the Annual Percentage Rate (APR) is 47.6158% (Comparison rate 65.6597% p.a.) and there is a $400 Establishment Fee. For our Medium Loans between $5,050 and $10,000, the Annual Percentage Rate (APR) is 47.6158% (Comparison rate 47.6158%) and there is no Establishment Fee. For our Medium Loans between $10,500 and $25,000, the Annual Percentage Rate (APR) is 29.99% (Comparison rate 29.99%) and there is no Establishment Fee.

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