Choice Magazine Reports On ASIC EU With Nimble

Mar 29 2016

Choice Magazine Reports On ASIC EU With Nimble After Recent Investigation

Choice Magazine has reported on the Enforceable Undertaking (EU) between ASIC and Nimble and asserts that Nimble "targets young people" with very high interest rate loans.  According to Choice, Nimble failed to comply with adequate assessment of certain loan applicants under legislated responsible lending obligations.

Choice also reports that, "Nimble chief executive Sami Malia says Nimble regrets inconveniences caused to the affected customers. Nimble has identified and promptly resolved these issues. They affected around 1.2% of loans written during the period from 1 July 2013 to 22 July 2015," says Malia.  These application assessment issues were entirely unintended and were resolved in collaboration with ASIC. There has been no adverse findings against Nimble."

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