What is the interest rate for payday loans?

This will depend entirely on the payday lender. There is no set amount of interest that is associated with payday loans and everyone will operate differently. Interest rates and fees can vary a lot and so it’s best to do your research and get clear visibility around what exactly you will be paying and for how long.

At Nimble, we work hard to be as transparent as possible when it comes to lending to our customers. We give you breakdowns in plain English so that you can understand exactly what your repayment responsibilities are. Below is an example of what interest rates and fees could look like at Nimble.

Nimble Small Loan [H3]

For our Small 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 example, a loan of $1,000 repaid over 3 months equates to a total amount payable of $1,320 comprised of $1,000 principal (amount borrowed), $200 establishment fee and $120 in monthly fees.

Nimble Medium Loan [H3]

For our Medium 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. A Medium Loan of $3,000 borrowed over 1 year would equate to a total amount payable of $4,289 (including a $400 establishment fee). This comparison rate is based on a Medium Loan of $2,500 for an amount over 2 years and a $400 establishment fee.

In addition to understanding how interest rate is calculated on your payday loan, it’s also a good idea to have a solid understanding of fee structure. The Nimble Fee Statement provides up to date and transparent information on how our fees work. 

WARNING: This comparison rate applies only to the example or examples given and may not include all fees and charges. Different amounts and terms will result in different comparison rates. The comparison rate examples are legally prescribed and Nimble may not offer loans for these amounts and terms.

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.

**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.

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.

Warning about borrowing