The costs of your loan can only increase if you fail to stick to your initial repayment schedule.
If your direct debit is declined by your bank, you may be charged a dishonour fee by your bank plus a $15 payment dishonour fee by Nimble (as per our Fee Statement).
If your repayments are rescheduled for a later date, your account is then considered overdue and passed onto our Repayments Team.
For Small Loans of $300 to $2,000:
if your account continues to be unresolved, daily fees of $5 may accrue - on top of $15 payment dishonour fee - until the total amount owed reaches 200% of the principal amount borrowed - at which time your account is capped; and
if rescheduling extends your new schedule to the following month, you will be charged an additional 4% monthly loan fee.
For Personal Loans of $2,050 to $25,000:
repayments are based on the assumption that the repayments will be made on time;
if the correct repayment amounts are not made at the time specified in the loan contract, then the repayment amounts are subject to change;
interest continues to accrue on the outstanding balance; and
we will charge a service fee for rescheduling your loan repayments.
For further details regarding the fees that will be payable, please see our Fee Statement.
If you think you won't have sufficient funds in your bank account to cover your repayment, please contact us immediately by calling 133 156 (during business hours) to stop the direct debit. By advising us ahead of time, you may avoid the payment dishonour fees imposed by your bank.
If we can't recover the money over 60 days your account may be passed to an external collections partner. If you miss a payment, Nimble can record it on your credit file - if we aren't able to collect the money, your account may be escalated to an external collections partner for recovery. If this is the case, your credit history may be damaged for 2 to 5 years, depending on the type of negative record filed in your credit file.
If you have continuous problems with repayments, we may reduce the amount available to you on subsequent loans or make further loans unavailable.
We are always careful to lend amounts which will not lead to repayment difficulty or bad credit - but we also ask you not to borrow from us if you think you might struggle to repay for any reason.
If you believe that you are experiencing financial hardship and may not be able to meet your payment obligation, please contact our Repayments Team on 133 156 as soon as possible.