Northern Rivers locals: Do you deserve a refund from Nimble?
MORE than 7000 Australians are now awaiting refunds after payday lender Nimble was found to have failed its customers.
Nimble has been instructed to refund more than $1.5 million after the Australian Securities and Investments Commission found it had failed to meet its responsible lending obligations.
ASIC said it found "significant deficiencies" in Nimble's compliance when providing short-term loans.
Nimble gives out loans with very high interest rates, and has seen controversy previously over its TV advertising.
ASIC found that Nimble failed to properly assessed the financial circumstances of many consumers, and failed to consistently recognise when consumers were obtaining repeat loans from payday lenders within a short period of time.
Even when repeat loans were identified, ASIC found, Nimble "did not take sufficient or appropriate steps as required by law before providing a loan to the consumer".