Nimble Australia Pty Ltd (Nimble), formerly Cash Doctors, one of Australia’s largest on-line pay day lenders, has removed references to ‘short term’ credit contracts from its website following concerns by ASIC that they were potentially misleading. The Nimble product is, in fact, a continuing credit contract with an indefinite term.
ASIC also voiced concerns over Nimble’s comparison of their product with a credit card, as Nimble falsely stated that their loans could not be redrawn unless they had been paid in full.
Nimble has since removed references to ‘short term’ and comparisons with other credit products from its website.
If you have concerns about your Nimble product or any other issues with banks or financial institutions, do not hesitate to call our free telephone advice line on (08) 9221 7066.