Yes, a payday loan is considered unsecured debt. Nimble does not require any type of collateral or anything of value in order to secure your short term loan. That’s not the way we work … here’s a little about how we work so you can understand our loan process.
We operate an online lending platform. You apply online for your loan and, as mentioned, this type of payday loan is considered unsecured debt. We ask you for basic details around your employment status, and we also ask that you log in to your bank so that we can evaluate your recent bank statement. This will give us knowledge of your current financial situation and we use this to decide on the success of your application, and how much we would lend you and for how long.
However, we do have expectations that you repay the amount borrowed, agreed interest and fees, and that you do so within the agreed time schedule. If for some reason you can’t meet repayments, we’ll work with you to help reschedule where we can but we ask that you let us know in advance before the payment is due. We do our best to help in every situation. By advising us ahead of time, you may be able to avoid the payment dishonour fees.
If we can’t manage to reach an arrangement, it is possible that your account may be passed to an external collections partner. In addition, should you miss a payment and you fail to rectify it after we give you the required notice, Nimble can also record it on your credit file. This will have serious financial consequences should this be the case. You risk your credit history receiving damage for a significant amount of time, depending on the type of negative information recorded on your credit file.