OK - APRs of ~48% don't seem cheap. But ... if you compare say Wallet Wizard to Nimble...
APR's - about the same ... but ... Nimble makes a fortune in other areas ...
1/ Nimble setup charges of 20% of loan + 4% per month of loan term for Nimble loans <$2,000 (vs zero for WW). So a Nimble $2000 loan over 12months will cost you $3,360 BEFORE interest charges of ~48%. Compare with WW's $2000 and similar APR of ~48%.
2/ Nimble charge a $15 fee + $5/day penalty if the direct debit fails ... or $1825 pa (before extra interest) if you default for a year ... on the other hand WW only charge a one off reversal charge of $10,
So - not saying they're a good option for people, but a lot better than many legal lenders (and much better still vs the illegal ones).
Hence why I think these guys are at the respectable end of this market.
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