Nimble Australia

Nimble Australia Pty Ltd| Add a Photo

Formerly

| Cash Doctors (2005–2012)

Type

| Unlisted public company
Industry| Finance
Founded| 2005 in Southport, Queensland
Founder|

* Greg Ellis
* Sean Teahan

Area served

| Australia
Website| nimble.com.au

Nimble Australia Pty Ltd is an Australian online provider of payday loans, short term loans up to $5,000. It is an online service with an automated loan approval process.[1][2][3][4]

## Contents

* 1 History
* 2 ASIC Investigation
* 3 References
* 4 External links

## History[edit]

Nimble was co-founded in 2005 under the name Cash Doctors by Greg Ellis and Sean Teahan.[5] It re-branded to Nimble in 2012.[6]

Nimble was the first lending company in Australia to automate their loan approval process through a machine learning algorithm.[7][8] This is a process that is now widely used by short-term loan providers that offer online applications.[9]

Some of its advertising has provoked criticism.[10]

## ASIC Investigation[edit]

In 2016, Nimble was investigated by Australian Securities and Investments Commission (ASIC) who found that their algorithm didn’t always adequately assess the financial circumstances of loan applicants.[11][12]

As a result of the investigation Nimble agreed to refund 7,000 customers $1.5 million in fees and charges.[13]

## References[edit]

1. ↑ Turbet, Hanna Mills (2020-07-19). "Payday lenders in spotlight as spam complaints boom". The Sydney Morning Herald. Retrieved 2021-09-02.
2. ↑ Knight, Anneli (2013-04-02). "Nimble is a new way to access credit". The Sydney Morning Herald. Retrieved 2021-09-02.
3. ↑ Cowie, Tom (2014-09-06). "Rise of the online payday lenders". The Sydney Morning Herald. Retrieved 2021-09-02.
4. ↑ Brito, Sam de (2015-01-03). "Nimble's dumb little loans". The Sydney Morning Herald. Retrieved 2021-09-02.
5. ↑ Knight, Anneli (2013-04-02). "Nimble is a new way to access credit". The Sydney Morning Herald. Retrieved 2018-06-18.
6. ↑ "Nimble Rebranding". The Financial Brand. 2012-12-05. Retrieved 2018-06-18.
7. ↑ "Nimble start-up takes on short-term loans sector". Financial Review. 2013-02-05. Retrieved 2018-06-18.
8. ↑ "Can fintech companies disrupt the big-four banks? » SelfWealth". www.selfwealth.com.au. 12 May 2016. Retrieved 2018-06-18.
9. ↑ "Artificial Intelligence Applications for Lending and Loan Management -". TechEmergence. 2017-12-16. Retrieved 2018-06-18.
10. ↑ Rawlinson, Clare (2015-01-11). "Payday lender under fire for utility bill assistance ads". ABC News. Retrieved 2021-09-02.
11. ↑ Australian Government, Australian Securities and Investments Commission. "16-089MR Payday lender Nimble to refund $1.5 million following ASIC probe". asic.gov.au. Retrieved 2018-06-18.
12. ↑ Wilkinson, Zoe (2019-10-16). "Nimble rebrands and drops the man in the bunny suit from its ads". Mumbrella. Retrieved 2021-09-02.
13. ↑ "Payday lender Nimble forced to refund $1.5m to customers". ABC News. 2016-03-23. Retrieved 2018-06-18.

## External links[edit]

Add External links

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