Nimble Loans

[moses]

Has anybody seen the adverts for Nimble loans? Basically is marketed as a nice little company that will quickly send money to your bank account in times of need.

This group is nothing more than predatory loan sharks.

You will be charged a staggering $280 dollars interest on $1000 in one month. If one needs a quick loan for $1000, I shudder to think whether then can actually pay back the $1,280 back.

Have fun with the website.

https://nimble.com.au/Costs

 

[Gough]

This is probably a good company to deal with if getting the shit kicked out of you by bikies is your thing.

 

[moses]

This is probably a good company to deal with if getting the shit kicked out of you by bikies is your thing.

You will just see the same bikies, just wearing their debt collecting hats!

 

[Stratton_Gun]

Shit but hardly surprising. The aren't lending you the money for altruistic reasons

 

[BALKAN]

It's best, if you can, to avoid any small loans business.

If you must, use something semi-legitimate like Cash Converters.

 

[Gibbsy]

If you must, use something semi-legitimate like Cash Converters.

Or "Crime Converters" as most I know refer to them.

 

[Monkster]

Or "Crime Converters" as most I know refer to them.

Legalised fencing

 

[kickazz]

It really is sad that places like these exist.

I wonder how prevalent they are in Perth, which does not have the scourge of poker machines.

 

[little graham]

Anyone noticed the rear parking at cashies for those selling to them?

 

[Scotland]

Unsecured personal loans for small amounts attract high levels of interest?

I'll be buggered.

 

[moses]

Unsecured personal loans for small amounts attract high levels of interest?

I'll be buggered.

Nimble is making a killing. 28% return for 34 days is great.

 

[Flash of power]

http://www.asic.gov.au/asic/asic.nsf/byheadline/13-112MR ASIC concerns sees payday lender change advertising?openDocument


Incredibly expensive, I think in the old days they would have been referred to as Loan Sharks.

I used to run financial education workshops for people on very low income, it was amazing how many of these people had this type of loan because they could not access mainstream credit. I used to use the whiteboard and show how a loan works and how much it actually costs overall and even those that had them didn't know how much it actually cost them.

They are called payday loans becuase they have to get paid back on pay day in full + fees - usually between 14-30 days after the loan, and if it can't all be paid back the amount owing is rolled over, essentially into a new loan, and the average loan is rolled over between 8-10 times, resulting in about $1200 being paid back on a $500 loan.

If you worked that out in interest rate terms it would be in the vicinity of 1200% per annum, but if they made you sign paperwork with that number on it, even the simplest of simpletons would probably reconsider their need to borrow.

Avoid like the plague!

 

[Scotland]

Nimble is making a killing. 28% return for 34 days is great.

Feasting on the desperate and stupid, of which there are many.

 

[moses]

http://www.asic.gov.au/asic/asic.nsf/byheadline/13-112MR ASIC concerns sees payday lender change advertising?openDocument


Incredibly expensive, I think in the old days they would have been referred to as Loan Sharks.

I used to run financial education workshops for people on very low income, it was amazing how many of these people had this type of loan because they could not access mainstream credit. I used to use the whiteboard and show how a loan works and how much it actually costs overall and even those that had them didn't know how much it actually cost them.

They are called payday loans becuase they have to get paid back on pay day in full + fees - usually between 14-30 days after the loan, and if it can't all be paid back the amount owing is rolled over, essentially into a new loan, and the average loan is rolled over between 8-10 times, resulting in about $1200 being paid back on a $500 loan.

If you worked that out in interest rate terms it would be in the vicinity of 1200% per annum, but if they made you sign paperwork with that number on it, even the simplest of simpletons would probably reconsider their need to borrow.

Avoid like the plague!

That is great, did you have many people attend the workshops? So many of these loan shark style agreements out there to basically trap low income earners, like the rent to buy schemes from places like Harvey Norman. End up paying twice the amount for a $1000 TV.

 

[Flash of power]

That is great, did you have many people attend the workshops? So many of these loan shark style agreements out there to basically trap low income earners, like the rent to buy schemes from places like Harvey Norman. End up paying twice the amount for a $1000 TV.

Yes they were very popular, some people on low incomes are amazing managers of money, others are totally uninformed because they haven't learnt the basics of money management from their parents / role models.

People enter into major contracts just not understanding the implications of what they are getting themselves into. Sad really that these organisations play on their weaknesses.

Don't even get me started on the HN style of interest free loans, they are designed to deliberately set people up from the outset.

 

[Flash of power]

Unsecured personal loans for small amounts attract high levels of interest?

I'll be buggered.

They don't charge interest because under the law an interest rate of more than 48% is not legally recoverable, they charge fees, but these fees can be the equivalent of an interest rate of anywhere up to 2000% depending on how long you take to repay in full.

Frightening!

 

[MrNatural]

These companies are there to make money believe or not.
But if you're seriously desperate for money they may be your last resort

 

[BotsMaster]

So if I want a very expensive car now but don't have the funds on me, do I call these guys?

 

[Catfish Alley]

Yep. Absolutely your best option.

 

[Gough]

So if I want a very expensive car now but don't have the funds on me, do I call these guys?

My friend Mr. Abanwu would like to talk to you about investing some money in Nigeria. He is the brother in law of the President Mr. Goodluck Jonathan and can guarantee excellent returns, you will have the money for your car in no time. All he will need is all of your bank details.

 

[BotsMaster]

My friend Mr. Abanwu would like to talk to you about investing some money in Nigeria. He is the brother in law of the President Mr. Goodluck Jonathan and can guarantee excellent returns, you will have the money for your car in no time. All he will need is all of your bank details.

PM sent.

 

[Gough]

PM sent.

You will not regret this.

 

[moses]

Yes they were very popular, some people on low incomes are amazing managers of money, others are totally uninformed because they haven't learnt the basics of money management from their parents / role models.

People enter into major contracts just not understanding the implications of what they are getting themselves into. Sad really that these organisations play on their weaknesses.

Don't even get me started on the HN style of interest free loans, they are designed to deliberately set people up from the outset.

Interested on your thoughts actually.

 

[Catfish Alley]

Those HN type deals are fine if you're not silly and make minimum payments.

 

[Scotland]

Whatever happened to Caesar? He has a bee in hie bonnet about HN-style finance deals IIRC.

I would never sign up for one but I don't have a problem with their existance. Same goes for car loans, personal loans, this Nimble stuff etc.