In the murky waters of private lending, people with bad credit are fresh meat. Loan sharks circle while the JAWS theme plays faster and louder. Then along comes Nyble, a Canadian private lender turning the tide against a predatory market. This new lender doesn’t feast on your credit score with vicious interest rates. Instead, Nyble only cares about your income and transaction history.
With zero interest charges and late fees, you can escape loan-shark infested waters. As an anti-payday lender, Nyble gives you hassle-free access to quick cash when you need it can help build up your credit score with on-time payments. Here’s what to know about Nyble, how it works, and if it’s really as good as it seems.
What is Nyble?
Founded in 2021, Nyble is a personal finance platform that helps people with bad credit access quick cash when they need it. The company provides a revolving line of credit if you are unable to access conventional lending services. While these types of loans can be risky, Nyble has created a unique service that offers you a safer and more affordable alternative to traditional payday loans.
Unlike the other guys who charge outrageous interest rates and stack fees on fees, Nyble does the opposite. They don’t charge any interest at all, nor do they charge any late fees if you fall beyond on repayment.
How does it work?
At Nyble, you can apply for a line of credit up to $150 and get your money in as little as 30 minutes – that’s faster than your pizza delivery guy! Instead of using your credit score to determine eligibility, the company looks at your unique financial situation instead. Nyble uses your current income and banking transaction history to determine your ability to repay the loan comfortably – without falling into the dreaded debt trap.
However, the entire amount you borrow must be paid back in full on your next payday. Nyble will automatically withdraw the funds from your account to cover the full amount you borrowed plus any applicable fees, like if you opted for same-day Express funding instead of waiting the standard 3 business days to receive your money.
Because it’s a line of credit, you always have access to emergency funds when you need them. You can borrow and pay back as many times as you need to. Your payments are reported to the credit bureaus, which can help you build credit with a history of on-time payments.
Keep in mind that late or missed payments are also reported. So if you mismanage your Nyble credit line, you’ll damage your credit.
How much does Nyble cost?
Nyble works on a paid membership model in order for you to access a line of credit. Navigating the fee structure is like watching the director’s cut of your favorite movie – there are extras that can make your experience more rewarding, or just more expensive.
Membership fees
Let’s start with the membership fee. Just like a new movie trailer, Nyble teases you with a 14-day free trial. This period lets you dip your toe into the experience. If you like the temperature, you can dive right in. But after the trial ends, membership will cost you $8 per month and is deducted from the debit card you used during your application.
Think of it as a monthly subscription that gives you access to advanced features beyond quick cash, whether you want those features or not. Luckily, if at any point there’s a plot twist that kills your vibe, you can pause or cancel your membership – no questions asked.
Cash advance fees
- Standard advance: Free
- Express advance: $2.99-$5.99
In terms of getting your money, Nyble gives you two options: Standard and Express. If you’re okay with waiting up to 3 business days for your funds, it’s a free ride. But if you’re a thriller fan and want everything faster than a shark on chum, you have the option to receive your cash within 30 minutes for an extra $2.99-$5.99, depending on the amount of the advance.
What’s included in your Nyble membership?
Once you sign up for the full Nyble experience, you get more than just an interest-free line of credit. You also get access to digital protection and financial tools to help manage your money and build healthy habits. This provides a unique level of customer service that not only helps you successfully repay your loan, but can set you on a path to financial security.
Say you need help managing expenses or you want to boost your savings, you can reach out to a financial coach for a personalized budget. They’re like the Richard Dreyfuss to your Roy Scheider, helping you escape the jaws of financial insecurity.
Or maybe you have too much debt and it’s seriously stressing you out. Nyble will connect you with a credit counselor to assess the situation, go over your options, and create a plan.
Protect by Cyberscout
Protect is comprehensive digital insurance provided by Cyberscout, a TransUnion brand, that is automatically included in your membership. However, in order to be actively covered, you need to register with the insurance provider after your first membership payment is made.
Digital protection includes identity theft coverage up to $100,000, and ransomware coverage up to $25,000. You’re also covered against social engineering – a tactic where the cybercriminal is a stealth brain ninja rather than a system hacker, tricking you into disclosing sensitive information. Nyble also monitors your credit file, on the look out for anything suspicious. And should trouble arise, you get 24/7 cyber helpdesk support.
The downside is that some users will end up paying for insurance they neither want or need. But you’re actually getting very expensive coverage for dirt cheap. Similar coverage from traditional lenders typically costs about $20 a month, and Equifax charges $30 a month for $1M worth of coverage.
Still, I don’t love that you are forced to pay for a product that should be optional.
Financial Tools
Right now, the financial tools have been temporarily removed from the most recent Nyble app. But, they’re bringing these tools back with next update, so don’t stress. Very soon, you’ll be able to access things like a personal financial coach, expense tracking, income tracking, etc.
Credit Counselling
For those struggling with debt, this is a major perk you want to take advantage of. Nyble has partnered with Consolidated Credit, a non-profit organization that helps you get out of debt faster by negotiating lower interest rates with your creditors.
Consolidated Credit can help reduce your total debt payments by up to 30-50%! This is a great option that can help you avoid a consumer proposal or bankruptcy and regain control of your life. No to mention, reducing your monthly expenses with lower payments helps you break free from the cycle of predatory payday loans and cash advances.
To contect with with Consolidted Credit, click on “Reduce Debt” on your dashboard, then follow the prompts. You can also call using a special phone number dedicated to Nyble customers: 1-844-201-3371
Lending & Credit Marketplace
Nyble has partnered with Loans Canada, one of the best private lenders for personal loans, to help you find lending and credit management solutions right from your app. Loans Canada is a platform that helps you search for and compare loans from providers across the country so you can find the best rates and terms for your situation.
From the dashboard, click on “Loans & More,” then choose the loan product or service you’re looking for. Options include personal loans, HELOCs, credit report disputes, debt management, and more!
Referral Bonus
You can also earn rewards and access a higher credit limit by referring your friends and family to Nyble. For every successful referral, you both get an extra $5 added to your credit limit as well as 200 points. Currently, points can be used to access higher credit limits or redeemed for gift cards.
What are Nyble rewards?
Nyble rewards are points you earn for certain behaviour, like on-time payments and early payments, for example. Right now, the rewards program is kind of terrible. But Nyble knows this and is in the midst of restructuring the program to add much better value to users.
For example, under the current program, it would take the average user over 9 months to earn enough points to access an extra $10 from their credit line, and over 2 years to earn enough points for a $25 gift card.
Not too exciting, am I right? The good news is that Nyble is about to roll out a new rewards program that is actually worthwhile. And it’s designed to enhanced a new product in the works – a traditional credit card that doesn’t require a credit check!
Coming Soon!
Nyble has some exciting new features it plans to launch in the near future. Here’s what you’ll soon have access to:
A Credit Card
Currently in production is a traditional credit card that almost anyone can get. That’s right! Nyble plans to release a card that does not require a credit check, making it accessible to people with bad credit or no credit at all.
It’s not a secured card that requires an upfront security deposit, nor is it a prepaid card that you load with your own money. It’s a traditional credit card that will help you build credit with responsible use. And just like your Nyble credit line, approval is based on your income and transaction history.
Your Credit Score
Similar to free credit score apps like Borrowell and Credit Karma, you’ll soon be able to check your credit score for free through Nyble. Only it will be more robust than the other credit score apps. For example, your credit score will update daily as opposed to weekly or monthly, and you’ll be able to dispute errors on your credit file through the app. Until then, Borrowell is my go-to credit score app.
My personal experience with Nyble
Since I knew there would be no impact on my credit score, I decided to join Nyble and test it out. The sign up process was mind-blowingly easy – seriously! To apply for my line of credit, all I had to do was follow the prompts and provide some personal information. Then I needed to connect my bank account so Nyble could assess my income and transaction history. The entire process from sign-up to credit line approval took less than 5 minutes.
On the down side, I was only approved for a $50 line of credit to start, and pre-qualified for $80 once I established a history of on time payments. But Nyble didn’t tell me how long it would take to establish that history and increase my limit. I’m not sure why my initial credit limit is so low because I maintain a healthy bank balance and have never bounced a payment or been overdrawn.
I chose the free Standard advance option, because the Express option was going to cost me $5.99. A 12% fee for a meagre $50? No thanks. After I entered the date of my next payday and eSigned the agreement, I was asked for a tip. Normally I would have been put off by this, but honestly, the entire process was so fast, easy, and refreshingly uncomplicated I felt compelled to give them $3 for the great service.
I should see that $50 hit my bank account within the next 3 days. Obviously, when that happens I’ll immediately use it to pay back my line of credit.
Is Nyble worth it?
All in all, I give the user experience 5 stars – would definitely recommend. It absolutely is a game changer for anyone with bad credit who needs hassle-free access to quick cash. And it’s a much safer way to improve your credit score if done strategically. But that doesn’t mean Nyble isn’t without faults.
I’m not crazy about the membership fee. If I want access to my Nyble line of credit on a moments notice, I have to pay $8 a month whether I borrow the money or not. To put the cost into perspective, let’s bust out some math.
If I borrow the full $50 every single month for a year, and pay it back as agreed each time, I would cumulatively borrow $600 over 12 months. And I would pay a cumulative total of $96 in monthly membership fees.
Now let’s convert the cost of credit into an annual percentage rate (APR) for an apples-to-apples comparison with interest-charging lenders. My APR would be calculated like this:
APR = (Total annual fees / total amount borrowed over the year) 100%
This equals ($96 / $600) * 100% = 16%
So, in my specific case, if I consistently borrow and repay $50 each month, my cost of credit expressed as an APR would be 16%.
⬆️ It’s higher than a credit line from a traditional lender
⬇️ It’s lower than a credit card
⬇️⬇️ It’s significantly lower than a payday loan
But keep in mind the APR would be higher if I borrowed less than the maximum amount or didn’t use my line of credit every month. For example, if I only used my line of credit once, borrowed the maximum $50 and never used it again, my cost of credit would be:
APR = (Total annual fees / loan amount) * 100%
My APR would be ($96 / $50) * 100% = 192%
So if I remained a Nyble member for a year, but only borrowed from my line of credit once, I would end up paying almost double the amount I borrowed over a year because of the membership fee. Not cool.
That means heavy users get more bang for their buck, potentially encouraging unhealthy financial habits. This is counter-productive to Nyble’s mission to empower Canadians with the tools to achieve financial wellness and inclusion.
However, it does makes sense to borrow and pay back every single month if you’re trying to increase your credit score with a positive payment history, or you’re trying to avoid expensive Non-Sufficient Fund (NSF) fees from your bank. Bills don’t always line up with paydays and NSFs are whopping $48 a pop – way more expensive then your Nyble membership fee.
As with literally every other credit product in the world, use it with extreme care and discipline.
Nyble pros & cons
| ✅No credit checks ✅No interest ✅No late fees ✅All credit scores accepted ✅Fast & easy sign up process ✅Low monthly fee ✅14-day free trial ✅Access to credit counselling & loan marketplace ✅Rewards program ✅High value features coming soon! |
❌Must receive employment income by direct deposit ❌Low credit limit ❌Short repayment term ❌Must pay monthly fee even when you don’t use your line of credit ❌Funding takes up to 3 business days ❌Must pay extra for same-day funding ❌Current rewards program provides no value to users ❌Cannot opt out of digital insurance |
How to get a Nyble line of credit
If you need quick cash, want to improve your credit score, or all of the above, join Nyble today and apply for a line of credit. To qualify, you need to:
- Be the age of majority in your province or territory
- Provide your name, date of birth, and contact information
- Provide valid government issued identification
- Have a Canadian bank account with a positive balance
- Receive at least $1,000 of employment income by direct deposit
- Have a phone that can receive texts
