Are payday loans worth it?

Payday loans are designed to help people who are in a tricky financial situation. Ultimately, it’s up to the customer to decide what they can afford and if the company they are lending from is useful and trustworthy. Payday loans have helped people when they can’t secure finance elsewhere and can be a helping hand when you need it most.

But how do you know if what you’re paying for your payday loan is not a complete rip-off? Well, you should start by doing the maths. A good payday lender will be completely transparent about what they charge. At Nimble, we are always transparent about our interest costs and fees. We encourage you to view our Fee Statement.  The below table looks at the types of loans Nimble offer and their corresponding features. 

 

Loan Feature Small Loan Medium Loan

Establishment Fee

20% of loan amount

$400 fee

Loan Amount

$300 - $2,000

$2,050 to $5,000

Costs

20% of loan amount + 4% of loan amount each month

Application fee of $400 + 47.6158% p.a.

Comparison rate:** 65.6597% p.a.

Loan Terms

Loan terms 62 days to 9 months depending on the loan amount

62 days to 22 months

Timing

Both Nimble Small and Nimble Medium Loans are offered with fast approval and funds transfer*. You could receive your money within 60 minutes if your loan is confirmed before 4:30 pm on a banking day.

 
 
**This comparison rate outlined on this page is based on our Medium Loan for an amount of $2,500 over 2 years and a $400 establishment fee. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Nimble does not offer loans for $2,500 over a term of 2 years.
 
See our full Fee Statement for fee details. If you reschedule your repayments after you confirm your loan, additional fees and charges may apply.
 
Get the information and do your homework - regardless of who you decide to lend with. Encountering an unforeseen financial issue such as a car repair or urgent home repair can mean that the need for a payday loan is unavoidable for lots of people. The best thing you can do is be informed about the costs and your repayment obligations. 

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.

*Funds will generally be transferred within 60 minutes of the loan contract being signed between 9:00 am and 4:30 pm AEST on business days. Clearance times are subject to your bank.

**The comparison rate for loans between $2,050 and $5,000 is based on an unsecured loan for an amount of $2,500 over 2 years and a $400 establishment fee, and the comparison rate for loans between $5,050 and $25,000 is based on an unsecured loan for an amount of $10,000 over 3 years and a $0 establishment fee. Nimble may not offer loans for these amounts over these terms. See our full Fee statement for fee details.

WARNING: This comparison rate is 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.

Warning about borrowing