A few weeks ago, I heard a radio ad for a short-term money lender called Nimble. They’re known for giving out short-term, high-interest loans from $300 – $5000, and judging from their marketing, they skew to a younger, millennial, audience.
Chances are that if you’re in your 20s and trying to balance an entry-level income with increasing living expenses, rent and a social life, you’re going to need a good dose of self-control and money know-how if you want to build up that savings account.
But Nimble, like other short-term, payday loan businesses, have capitalised on our generation’s obsession with immediate gratification, and positioned themselves as the ‘no-consequence’ money lenders which will give you a little injection of cash to cover those spontaneous moments.
For example, times like…
When you forget to furnish your new place but you’re still waiting for payday.
When you want to go on a road trip but you also need to get your car serviced, or just, you know, feel the need to rent out a convertible for the weekend (?).
When you really, really want to go on a holiday, but your bank account isn’t feeling so flush.
In Nimble’s advertising, these scenarios are paired with their whimsical, hipster, mascot of a rabbit, and followed by the tagline, “If you need money fast, #justNimbleit and move on”.
While I’m no financial expert, I know this is awful advice. Do not do this.
By now, the damaging rhetoric of ‘buy yourself some happy’ has wormed its way into the millennial mindset. Stores use this mantra to make us spend more, and targeting our FOMO (fear of missing out) is another popular tactic, with loan and layby services targeting our instant gratification mindset to make us buy more.
But the advertising around these concepts is misleading.
In 2015, one of Nimble’s ads came under fire from the consumer and social services sector for exploiting people in financial hardship. In the ad, a young man is shown taking a shower when he realises he forgot to pay the gas bill, and as as a result, his hot water is cut off. Nimble’s rabbit mascot immediately advocates for him to “Nimble it and move on”.
Watch the controversial ad right here:
In reality, utility companies have government-mandated hardship policies which work with consumers to create alternative payment schedules and won’t just ‘cut off’ your electricity or water supply for one-time offences. For example, on Energy Australia’s website, they list some of their criteria for financial hardship as “losing your job, unexpected expenses relating to your home or your car or a relationship breaking down”.