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.

Compare Nimble Loans

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

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.

 
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.
Please see our full Fee Statement for fee details. If you reschedule your repayments after you confirm your loan, additional fees and charges may apply.
There are other important things to consider when it comes to your Nimble Loan, and we have some rules that always apply for both Small and Medium Nimble loans. So you know:
  • You must be over 18 years and employed
  • You must have an active bank account
  • Your main source of income must not be Centrelink
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.