We’re here to tell you that while the Nimble Cash Loans reviews are genuine, the payday lending market is out to make a huge profit from your borrowing.
It sounds so easy, doesn’t it? Open up your phone and literally borrow money on the go. Like…anyone can do it, right? And the truth is: thousands of Australians do.
Here’s the problem though: It’s short term gain for long term pain. 😞
Essentially, they’re making a massive profit of your desire to have things now.
In this guide, we’re going to share our thoughts about Nimble and their practices.
Not just this company either, as this applies to all these digital payday lenders.
Nimble Loans Review
If you’re looking for a great piece on the basis of exploitation, you’ve found it.
Because it’s always been a case of the rich guys taking from the poor guys.
Or in this case, a well-orchestrated attempt to glorify payday lending to Gen Y.
And to be honest, it frustrates us. To see money generation as so easy.
As we all know it’s hard to make money. It takes a lot of work these days.
Unless you own a payday lending service. Now it becomes 10x easy.
So when you see someone throwing out money so easy; be warned.
Because not all is what it seems. Check out this fantastic video:
Look – one of the reasons why Nimble Loan is so successful is the borrower.
People just want things too easily. The “get it before you earn it” mentality.
Or in other words, consumerism at its finest. Buying shit you don’t need….
…To impress people you don’t like. Who are often more broke than you are.
(Am I right?)
So now, imagine this: You take out the loan and you’re now 2 steps behind.
It’s a disastrous position to be in and everything we’re against here on this site.
Nimble Loans might be rated 4 stars on Product Review (Australia’s #1 reader-engaged comparison site) but that doesn’t sit well with us at all.
Since at the end of the day, it’s payday lending and it has its risks.
Why is it so bad?
Payday lending has always had a sense of dodginess to it, for decades at least.
You’d have to walk in and speak to a less than desirable person to get a loan.
With terms that were simply not attractive to you at all. High interest, lots of fees.
ASIC has tightened up practices, but it’s still a tough ball-game to play here.
(Not for them…for you. You’re pretty well getting the worst deal possible)
Now…let’s introduce the internet and smartphone apps into the mix. Click a few buttons and you’re done. Just how you like it…and how they like it too. 😬
With this, there’s no awkward feeling of walking into a dodgy-looking corner shop.
You can do it all at home without friction. Except for one thing…it’s still the same.
Nimble Payday Loans happens to charge the highest possible loan interest they can! You could be paying 200% of the original debt + collection agency fees if you default.
For many young people, that can simply be disastrous! The consequences if you can’t repay will and can have severe impacts on your credit history and report.
That’s important, especially if you want to buy a new car for work or your first home as you’re approaching your 30’s.
Now, back to the original issue: It’s digital payday loans. No interactions, no awkward feelings. For them…like taking candy from a baby.
(Or in this instance, making the baby find 2x more candy to pay back… 😔)
All in all, there are very little upsides for the consumer and Nimble knows it.
Alternatives to Nimble
Look – we’re not going to recommend any other payday loan provider.
None of them is worthwhile getting into bed with, for many reasons actually.
The entire industry still has the dirty connotation of high interest and sleaziness.
At the same time, Australia has become a country of lazy workers. We mean for real.
People just aren’t willing to do what those 2 generations before us did. You know – some real work.
They just want things NOW. Perhaps you know people just like this. “Give me everything”
When truth be told, they’re up to their eye-balls in debt. It’s frustrating, isn’t it?
So if you need some REAL money, not someone else’s, then do this:
- Get yourself a 2nd job. Drive for Uber, go on Airtasker, hunt on Seek.
- Sell your unused stuff. I’m sure you have plenty of unused things around.
- Find ways to save money. Catch the bus, cancel that subscription online.
Essentially, just do the things that our parents would’ve done. They didn’t need that expensive shit just to impress others.
Going into deep debt with Payday Loans
This entire payday industry continues to make people slide into deep debt.
In fact, the internet and smart phones has clearly made it so much easier.
What generally happens is that people borrow money to pay other debts which are overdue. Like an eyeless downward spiral of disaster.
Every single day there are people in deep trouble who are searching for a solution online to their needs, especially as the debt collectors start calling.
Even Nimble Payday Loans have their debt collectors calling and sending text messages to borrowers in order to recover debts. Guess what? They have every legal reason to because ASIC allows it.
Now here’s the thing, you can often resolve issues by repaying the original debt.
You can expect a lot of penalty interest, but when you do repay the debt, you need to NOT take out another loan.
Some people are afraid to talk to debt collectors. After all, it was all too easy to take out that original laon via Nimble in the 1st place, wasn’t it? Click a few buttons and you’re done.
Suddenly you’re dealing with real people, and they’re NOT nice either.
Luckily, we can help. There are instances where we can find a solution to your needs.
We wouldn’t recommend ANY payday lender in Australia. It’s not worth the risk.
They have to take a risk on you defaulting on your loan, or in other words, not paying it back. They do this by loading up a high interest rate on to your loan.
It’s unfair…but that’s how it is. If you want easy money and fast, that’s how it’s going to be. Personally…we not a fan, but it’s a profitable business model for Nimble and the rest.
We recommend you skip these “opportunities” and instead take up additional work. Another job, a side hustle…anything you can (legally) do to make ends meet.
Scott Pape has the best advice ever: Stay the f*ck out of debt (apart from a home loan) if you want the best chance in life.
Get in touch and we may be able to help you out.