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.

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.

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.

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.

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.

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.