While people often look at short term loans when they need money quickly, finding the right lender is important to ensure that the loan is affordable and manageable. Use this guide to learn more about the loans offered by two prominent lenders – MONEYME and Nimble – before deciding whether or not to apply for finance from one of them.
⚠️ Warning about Borrowing
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
Comparison of MONEYME and Nimble
The table below compares the fees and features of MONEYME and Nimble side-by-side, so that you can see what options are available from these two short term lenders.
Feature
MONEYME
Nimble
How much can you borrow?
$500 to $50,000
$300 to $5,000
How long do you have to repay?
Small loans (under $2,000): 1 to 2 months
Medium loans ($2,001-$5,000): 3 months to 2 years
Personal loans ($5,001-$10,000): Up to 5 years
62 days to 2 years
How much will the loan cost?
Small loans (under $2,000): 11-20% of loan amount (establishment fee) + 4% of loan amount each month
Medium loans ($2,001-$5,000): $295(establishment fee) + 6.25-19.95% p.a. interest
Personal loans ($5,001-$10,000): from $395 to $495
Loans of up to $2,000: 20% of loan amount + 4% of loan amount each month
Loans of $2,001 to $5,000: Application fee of $400 + 47.62% p.a. for $2,050 to $5,000
Nimble offers two tiers for its short-term loan, a Small Loan and a Medium Loan. The Small Loan is available for amounts up to $2,000 and the Medium Loan allows you to apply for up to $5,000. The Small Loan comes with a maximum loan term of 62 days to 9 months while you have up to 2 years to repay the Medium Loan. Each comes with its own cost structure (outlined in the table above).
MONEYME offers three types of loans. The short term, small loans are available for amounts under $2,000 and must be repaid within 1 to 2 months, the medium loans are for amounts of up to $5,000 and have repayment terms between 3 months to 2 years, while the personal loans are available for up to $50,000 and have terms of up to 5 years. Costs depend on how much you borrow and your credit situation, but are explained in more detail in the table above.
Are you eligible to apply?
Nimble. You need to be employed and earning a regular income into a bank account.
MONEYME. You must be 18+, an Australian resident and employed with a decent credit history.
How quickly are the loans funded?
Nimble. Within 60 minutes if the loan is confirmed by 4:30pm or the next business day for loans confirmed after 4:30pm.
MONEYME. Applications can be approved within five minutes and MONEYME aims to have your funds to you in one hour.
What happens if you make a late payment?
Nimble
Direct debit dishonour fee:
Default fee: $5 per day
MONEYME
Small loan payment dishonour fee:
Medium and personal loan payment dishonour fee: $15
Late fee: charged daily
Final verdict
When it comes to loan amounts MONEYME offers more options, with loans of up to $50,000. In comparison, Nimble's maximum loan amount is $5,000. However, MONEYME will factor in a person's credit history, while Nimble is focused more on current financial circumstances. So, ultimately, the choice between these providers comes down to personal circumstances and preferences. It's also important to remember these aren't the only two lenders available, so it's important to compare other options before making a final decision.
Elizabeth Barry was the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review. See full bio
Elizabeth's expertise
Elizabeth has written 291 Finder guides across topics including:
These lenders won't complete a credit check when people apply for a loan, but there are other eligibility requirements that applicants must meet. Learn more here.
Need a loan but are worried you won't be approved? Before jumping the traditional bank ship and searching for a loan shark, find out how these "lenders" operate in Australia and why you should avoid them.
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Do you really need a loan today?*