Nimble Personal Loan Review

Learn the key details of Nimble’s personal loan product before you start the application process and compare your options with Savvy.

Last updated on April 13th, 2022 at 03:17 pm by Thomas Perrotta

Nimble is an Australian non-bank lender specialising in small loans which are delivered to borrowers quickly and effectively.

However, they also offer a designated personal loan product which could also help you access the money you need to cover any number of expenses in your personal life.

Before you sign up, though, it’s crucial to understand exactly what the loan is that you’re considering. We can help you do just that right here at Savvy by breaking down Nimble’s personal loan, as well as others from around Australia, to give you the tools to choose the best deal for your needs.

*Please note that Savvy does not represent Nimble for their personal loan product.

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The features and benefits of Nimble personal loans

Borrow up to $25,000

You can be approved for as little as $2,050 or as much as $25,000, making these loans suitable whether you need a smaller cash injection or need to cover something a bit bigger.

Repay in as little as two months

Unlike most personal loans which implement a minimum term of 12 months or more, you can pay off your personal loan with Nimble in just two and up to 48.

Pay weekly, fortnightly or monthly

Regardless of how often you receive your income, you can select a frequency which suits your own individual needs and ensure they’re manageable for you.

Rapid approval and funding

Nimble specialises in delivering its personal loan funds fast, so you can be funded in as little as 60 minutes after being approved, depending on the time of day.

Fixed interest for ease of budgeting

The interest on your loan is fixed, meaning it’ll remain the same across your term and prevent the cost of your repayments from increasing between instalments.

No security required

These loans are unsecured, making them accessible to a wider range of borrowers who don’t have a car or another valuable asset suitable to act as security for the loan.

The pros and cons of Nimble personal loans

PROS

Online application process

You won’t have to leave the comfort of your home when applying for a personal loan, as Nimble is a 100% online lender without any physical branches.

Designed for any purpose

Personal loans are intended to be used for a vast range of reasons and these aren’t any different, from covering your medical bills to consolidating other debts or funding your holiday.

No ongoing fees

These loans come without any added costs on top of your monthly interest, meaning you avoid the potentially steep overall cost of ongoing service charges.

CONS

Extremely high interest rates

The lack of ongoing fees is largely negated by its interest rate, though, which can reach as much as 47.62% p.a. for loans up to $10,000 (65.66% p.a. comparison for loans up to $5,000).

Establishment fee for smaller loans

If you’re planning on taking out a loan of up to $5,000, you’ll be required to fork out an additional $400 as an establishment fee, which isn’t an insignificant amount for most.

Lower maximum loan amount and length

Most unsecured personal loans enable you to access up to $50,000 and repay over as many as seven years, but these are trimmed to $25,000 and four years with Nimble.

More about Nimble personal loans

How do I apply for a personal loan with Nimble?

As is expected from a lender which specialises in fast approvals and settlements, the process of applying for your personal loan with Nimble isn’t a complicated one. The steps you’ll need to follow are basic, but they’re worth knowing before you apply to prevent delays. Applying with Nimble will see you meet the following key points:

  1. Ensure that you’re eligible: always make sure you’re able to qualify for the loan you’re applying for before you commence your application. Nimble’s qualification criteria are broader than other lenders, which ensures more people are considered eligible, but the main factors to consider are that you’re a citizen or permanent resident in Australia, employed and earning an income and are at least 18 years old.

  2. Fill out your application form: you can move straight into applying for your personal loan from here, which is a simple process which should take you no more than ten minutes to complete. This confirms your personal details, such as your address, current employment and your financial situation by linking your bank details.

  3. Receive a response: you’ll be contacted shortly after with Nimble’s decision on whether you’re a suitable borrower. If they’re happy with the application, you’ll be approved for financing.

  4. Sign your loan contract and receive your funds: once you’re approved, you’ll be sent a loan contract to sign which confirms all of the key details of your agreement. You can sign this electronically and return it, after which the funds can be advanced directly into your account as soon as 60 minutes afterwards.

Why is it important to compare personal loans with Savvy?

Comparing is perhaps the most important part of the personal loan process because it can be the difference between you spending hundreds or thousands more dollars or saving that money for important personal purposes. This is especially the case with Nimble, as their interest rates and fees are much higher than the standard across Australian lenders.

At Savvy, we’re partnered with a range of lenders who can offer highly flexible and affordable deals across the personal finance space. By comparing these options and understanding how they tick, you’ll put yourself in the best position to secure a loan with the cheapest rates and fees and the most useful features to suit your situation. You won’t be able to achieve this by applying to the first lender you see, which is why you should always compare with Savvy before you take the plunge.

More common questions about personal loans answered

Can I apply for a loan with Nimble if I have bad credit?

Yes – Nimble can accept applications from borrowers who have struggled with credit. However, it’s important to note that if you don’t have the best credit rating, such as if you’re applying as a couple or a single parent, a discharged bankrupt or otherwise applying for non-conforming finance, you’re likely to be charged more in interest and fees and have your borrowing power restricted to a lower range by specialist lenders.

Will I be able to take out a loan if I’ve just switched jobs?

It depends on the job you have – for instance, a full-time employee moving to another position in the same industry and at a similar salary is likely to be able to be approved from the first day of their new job. However, casual employees will typically need at least three months in their position working consistent hours before they’re able to be approved.

What are Nimble small loans?

Small loans through Nimble are only available for those looking to borrow $300 to $2,000 and come with a different cost structure. These loans don’t charge interest, instead coming with an establishment fee worth 20% of the loan amount and a monthly fee worth 4% of your loan. Repayment terms also range from two to nine months but can be completed early.

How do I work out my repayments?

You can use Savvy’s personal loan calculator to work out what your repayments might be based on your loan’s term length, size and interest rate. This is a useful tool to have at your disposal, as you can gain a rough idea of the cost of different loans. You can also use our borrowing power calculator to help you determine what you’re likely to be approved for based on individual variables.

Is it better to have a variable or fixed interest rate?

Which is better depends on your personal preference and the state of interest rates in Australia at the time you take out your loan. While fixed rates make for easier budgeting and protect against increases in interest, variable rates allow you to benefit from interest decreasing during your term. The double-edged sword here is that you’re susceptible to increased rates. While most personal loans come with fixed rates, you should look to compare as many offers as you can with Savvy before committing to your finance deal.

Should I take out a personal loan for my business?

You can – however, in most cases, business loans are better than personal loans for investing in your company. These come with more tailored conditions, such as greater borrowing power, which make them more suitable when it comes to obtaining finance for your business. Personal loans are more restrictive, but they may be necessary if you’ve only just started up your business or it otherwise doesn’t meet lender criteria, such as not generating enough revenue on a monthly basis.

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