It's looking a bit ordinary this week for sure, but I think the article in The Australian today quoting Nimble's Gavin Slater has been poorly received. Here's the main pat of it:
"Non-bank lender Nimble, which is targeting an ASX listing next year, warns many consumers are maxing out on purchases via buy now, pay later accounts and face a looming “debt spiral”. Nimble, which is moving away from being a payday lender to offer more traditional loans, is turning away “a significant portion” of customers seeking finance because they are overcommitted on buy now, pay later purchases. Nimble chief executive Gavin Slater — a former National Australia Bank executive — is concerned that many customers are getting into financial difficulty with multiple buy now, pay later accounts. “People are not conscious of what the cumulative impact of all these transactions will be in terms of their net cashflow,” he said. “They are overcommitted on their buy now, pay later commitments and they are getting themselves into a debt spiral. ”Mr Slater noted that Nimble was approving just 15 per cent of total customer applications for new loans, with many being turned down due to buy now, pay later exposures.
APT Price at posting:
$117.80 Sentiment: None Disclosure: Held
