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Student Loans

In 2018, the average loan cost associated with education from Nimble to our customers was $984.

It’s often said that school days are the best days of your life. But does this apply to tertiary level education? It’s usually a great time, and you’ll meet some amazing friends and have some incredible experiences. BUT it all comes with a hefty price tag.

You are far removed from the comforts of home (for most), and rent, food, bills and life seems to come at a cost you’ve never experienced before. Then there are the costs of actually attending university, and this can play a big part in the reasons why students feel they need a loan. The fees associated with university, the cost of living, and trying to fit work in around your classes can be tough.

What is a Student Loan?

A Student Loan is a loan supplied to a student for the purpose of helping to aid with the cost of education. This can sometimes be around fees, or it may be around the need for educational supplies – technology, books etc.

A Student Loan can help you out when you can’t make things work at university and need a hand to make ends meet for an interim period.

If you’re feeling overwhelmed by the costs of attending university, you’re not alone. Most people struggle at some point financially when studying, and taking out a loan to help with the costs is not uncommon.

Types of Student Loans from Nimble

At Nimble, we have two types of loans available to help meet the needs of students. Below is an outline of the costs associated with these types of loans.

Loan Feature Small Loan Medium Loan
Establishment Fee 20% of loan amount $400 fee
Loan Amount $300 - $2,000 $2,050 - $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 4 months 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.


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.

One of the first things you should do when considering taking a loan is to look at your current budget and understand how much you need to borrow. In order for you to understand which option is most suitable for you, you need to understand how much money you would like to borrow.

As a student, you will find that borrowing with Nimble has some great advantages. Here are just a few of them:

1. Speed when you need it most
We know that being a student can be demanding and that when you need funds, you are likely to need them fast. So we make that happen. Your money could be in your account within 60 minutes* and the application process is very straightforward. You don’t need to send us any paperwork and the application happens online, making things easier for you.

2. Excellent customer service
Our customer service team are amazing and they are based right here in Australia, so when you need us, you can always call. We don’t mean to brag, but we’re pretty awesome when it comes to customer service and we are always here to help.

Don’t like speaking to humans? All good. We designed your Member Area to be very informative. It’s a great place to go to help find any information you need around payments for your loan.

3. We’re pretty good
Again, we don’t mean to brag, but we’re pretty good at what we do. We’ve gone from strength to strength in our space, and we’ve always put our customers first.

Top tips for students borrowing money

1. Don’t buy new textbooks
Seems like a no-brainer, but buying new textbooks is expensive. Opt for digital, second hand, library, or ask around on local student forums. In addition, it’s a great idea to sell your textbooks once you don’t need them anymore.

2. Figure out what makes you happy, then budget
There are ways to fail-proof your budget. For example, love barista-made coffee? Don’t opt to give it up, chances are you’ll be miserable for an extended period of time and then you’ll just jump right back in. Instead, consider all the things you’re not willing to compromise on when it comes to your budget and prioritise.

3. Get social media savvy
Social media can help you save so much money. For example, check for student hairdressing groups in your area and get free hair cuts. And there are lots of groups that buy and sell cheap furniture and goods on Facebook, so if you’re thinking of downsizing or need some spare cash, why not try and sell here?

There’s no doubt that it can be a tricky time but with the right information and right loan, you can make it work.

*Commbank customers are transferred funds within minutes of confirming their loan, 24/7. Customers of other banks or financial institutions, generally have funds transferred within 60 minutes of signing their loan contract between 9:00 am and 4:30 pm AEST on business days. Clearance times are subject to your bank.

What are you waiting for?

FAQs

Can I get a Nimble cash loan if I am on Centrelink?

Being on Centrelink does not automatically rule you out of eligibility when it comes to applying for a short term cash loan. To be eligible for a Nimble loan, you do need to be working though. If you're dependent on Centrelink benefits, we will review your application to see if a Nimble loan is right for you.

Can I get a Nimble cash loan if I have a bad credit history?

Depending on your circumstances or even if you have bad credit or a default on your file, you may still be eligible for a Nimble loan.

We take many factors into consideration when we assess your loan application, including your current situation, whether you are steadily employed and what other money you owe.

We understand your past may not be who you are today so if you have a black mark on your credit history, we may still be able to help.

Are there any hidden costs?

Our costs are crystal clear. Everything you need to know about Nimble cash loans is in plain English and big print. You know upfront exactly what the costs are and there are no sneaky, hidden fees to worry about.

Transparency is one of our core values, and we want you to be 100% confident that you've made the right choice when you apply for a fast cash loan from Nimble.

Feel free to reach out if you have any questions and call us on 133 156, or connect via email - customercare@nimble.com.au

Lending criteria, fees, terms and conditions apply. Commbank and existing Nimble Visa Prepaid Card customers are transferred funds within minutes of confirming their loan, 24/7. Customers of other banks or financial institutions, generally have funds transferred within 60 minutes of signing their loan contract between 9:00am and 4:30pm AEST on business days. Clearance times are subject to your bank. close

Approved borrowers may be eligible for a loan from $300 and up to $5,000. Lending criteria, suitability checks, terms and fees apply. close