Are Nimble simply loan sharks with a fluffy image? Our intrepid Watchdog is on the case.
Nimble: Hi there, welcome to Nimble. How can I help?
Watchdog: Hi I'm interested in getting a loan but I've got a few questions first. I've seen the ad on TV and it all seems pretty good but I've heard some bad things about payday loans being called loan-sharks etc.
Nimble: I can understand the confusion surrounding short-term loans. but all of our fees and terms are very clear and in large print on our website.
Watchdog: Ok, so if i take a loan of $1200, what would I be looking at having to pay back?
Nimble: It is a 20% establishment fee for the loan and 4% monthly charges. This is all you will have to pay, providing you stick to your repayment schedule and pay on time.
Watchdog: And if I can't?
Nimble: If you are unable to meet your repayments then you will be looking at a $35 dishonour fee and $7 per day until you can catch up with your payment.
Watchdog: So that $7 could go on for the rest of my life?
Nimble: No that will cap at 200%, so the most you will ever be looking at on a $1200 loan will be $2400. This is what sets Nimble apart, we will never allow you to get yourself into any unmanageable debt.
Watchdog: $2400 is not really the same as "nimble it and move on" like the bunny on the ad says.
Nimble: Providing you can pay your repayments on time then you can definitely do as the ad says.
Watchdog: Thanks for your help. I'm not sure payday loans are for me.
Final reckoning:
Dogs don't like sharks, but Watchdog is finding it hard to dislike Nimble after this one: damn you bunny-man for being so hip and quirky. Honourable mention goes to the customer service rep for being upfront, knowledgeable and friendly about the benefits and limitations of loans. It is worth mentioning, however, that those fees limits aren't part of Nimble's good-will towards man but the work of another watchdog: ASIC. We pups look out for each other.
4 watchdogs.
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