ASIC identified significant deficiencies in Nimble Australia Pty Ltd’s (Nimble) compliance with responsible lending laws. Nimble must refund more than $1.5 million to over 7,000 customers because of ASIC’s investigation.
ASIC found that Nimble:
- did not properly take consumer’s financial information into account;
- failed to recognise where consumers had taken out repeat loans from different payday lenders; and
- failed to make proper inquiries into consumers’ requirements and objectives.
Nimble is also required to make a $50,000 contribution to Financial Counselling Australia.
Concerned consumers may contact CCLSWA on 9221 7066 for advice on this issue.
For more information, please click here for ASIC’s media release.
