Nimble is 20% plus 4% on outstanding debt balance per month. Thats it, it doesn't have an APR.
Nimble medium loans (2k to 5k) have a $400 establishment fee and an APR of 47.6% after that on balance.
WW is 4% of outstanding balance per month.
WW doesnt charge an establishment fee, which is essentially the discount. They also don't charge a per day default fee of $5 like Nimble does, which I assume would be horrible for those unable to make a repayment.
The report states CCP is getting an unfair competitive advantage because its funding is cheaper and therefore can offer cheaper loans. And because, in fact, it is essentually a payday lender the funding should be pulled if WBC applied the same ethics as it's other payday lending decisions.
It's a valid point.
CCP Price at posting:
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