Nimble to refund customers $1.5m for 'irresponsible' loans
PAYDAY lender Nimble Australia will refund $1.5 million to more than 7,000 customers after an ASIC investigation raised concerns it did not meet responsible lending obligations.
The Australian Securities and Investments Commission probe found that Nimble failed to consistently recognise where consumers had taken out repeat loans from payday lenders.
It also found that Nimble failed to make proper inquiries about borrowers' financial circumstances and needs.
Overall, the corporate watchdog found Nimble was "failing to meet its responsible lending obligations".
ASIC's deputy chair Peter Kell said it is a significant outcome for financially vulnerable customers.