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I get frustrated every time I see the Nimble ads on TV. Nimble is a loan shark company that charge outrageously for short term finance – generally between 17 to 50 days. But the ad doesn’t mention anything to do with costs or interest rates and their website toots the fact that the Annual Percentage Rate is 0%. Sounds fantastic right?
So from this we assume then that there is no interest charged on the money borrowed? So let’s work through some figures. Say I need $1000 for 17 days. According to the Nimble online calculator:-
So $1000 over 17 days is going to cost me $240 or to say it another way 24% over 17 days. If we annualised this it would be shocking – but to be fair we won’t do that. We will let Nimble do the talking. Again from their website we discover that for that $1000 the cost breakdown is 20% of the principal for Loan Establishment Fee and then 4% a month INTEREST – oh wait they call it “Monthly Loan Fee.” Well this “Monthly Loan Fee” works out at 36% per annum in addition to the 20% Establishment Fee. Which is a huge amount of interest on an apparent “Interest Free” product.
Nimble is a deceptive company preying on the vulnerabilities of people in tight financial situations. Even credit card interest is half of Nimble’s “Monthly Loan Fee and an unsecured loan from a bank is about a quarter of Nimble’s “Monthly Loan Fee.
I think the Australian Public need to know this.
I also have written a blog about Wallet Wizard, Loan Ranger and Cash Converters. Click here to read that blog.
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