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    Nimble Australia

    From Wikitia - Reading time: 3 min
    Nimble Australia Pty Ltd
    Formerly
    		Cash Doctors (2005–2012)
    Unlisted public company
    IndustryFinance
    Founded2005 in Southport, Queensland
    Founder
    • Greg Ellis
    • Sean Teahan
    Area served
    		Australia
    Websitenimble.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]

    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.

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