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.