Nimble Australia
| |||
Formerly | Cash Doctors (2005–2012) | ||
|---|---|---|---|
| Unlisted public company | |||
| Industry | Finance | ||
| Founded | 2005 in Southport, Queensland | ||
| Founder |
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Area served | Australia | ||
| Website | nimble | ||
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
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
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
- ↑ Turbet, Hanna Mills (2020-07-19). "Payday lenders in spotlight as spam complaints boom". The Sydney Morning Herald. Retrieved 2021-09-02.
- ↑ Knight, Anneli (2013-04-02). "Nimble is a new way to access credit". The Sydney Morning Herald. Retrieved 2021-09-02.
- ↑ Cowie, Tom (2014-09-06). "Rise of the online payday lenders". The Sydney Morning Herald. Retrieved 2021-09-02.
- ↑ Brito, Sam de (2015-01-03). "Nimble's dumb little loans". The Sydney Morning Herald. Retrieved 2021-09-02.
- ↑ Knight, Anneli (2013-04-02). "Nimble is a new way to access credit". The Sydney Morning Herald. Retrieved 2018-06-18.
- ↑ "Nimble Rebranding". The Financial Brand. 2012-12-05. Retrieved 2018-06-18.
- ↑ "Nimble start-up takes on short-term loans sector". Financial Review. 2013-02-05. Retrieved 2018-06-18.
- ↑ "Can fintech companies disrupt the big-four banks? » SelfWealth". www.selfwealth.com.au. 12 May 2016. Retrieved 2018-06-18.
- ↑ "Artificial Intelligence Applications for Lending and Loan Management -". TechEmergence. 2017-12-16. Retrieved 2018-06-18.
- ↑ Rawlinson, Clare (2015-01-11). "Payday lender under fire for utility bill assistance ads". ABC News. Retrieved 2021-09-02.
- ↑ 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.
- ↑ Wilkinson, Zoe (2019-10-16). "Nimble rebrands and drops the man in the bunny suit from its ads". Mumbrella. Retrieved 2021-09-02.
- ↑ "Payday lender Nimble forced to refund $1.5m to customers". ABC News. 2016-03-23. Retrieved 2018-06-18.
External links
This article "Nimble Australia" is from Wikipedia. The list of its authors can be seen in its historical. Articles taken from Draft Namespace on Wikipedia could be accessed on Wikipedia's Draft Namespace.