Nyble review

What is Nyble?

Launched in 2022, Nyble is a Canadian online lender based in Toronto. It offers a line of credit to help Canadians access emergency cash, avoid an overdraft and improve their credit score.

Nyble is run by Fincentify Inc., an Ontario fintech startup.

Is Nyble legit?

Fincentify Inc., the company behind Nyble, has been listed in the Ontario Business Registry since July 2020. Its registered office is located in Toronto.

The company also has a profile on Crunchbase, but there’s no information on the Nyble or Fincentify websites about the people behind the platform.

How does borrowing from Nyble work?

Nyble provides access to an unsecured line of credit when you need to borrow a small amount fast.

Once you’ve signed up with Nyble, you can apply for a line of credit between $30–$150. If you’re approved, the funds will be transferred to your bank account within three business days. But if you need cash quickly, you can pay a fee of $2.99 - $5.99 to receive the money within 30 minutes.

There’s no interest charged on the money you borrow, but you will need to pay Nyble’s $4.99 - $7.99 per month membership fee. Your loan repayment is then deducted from your bank account on your next payday, or choose another repayment date that you prefer.

The Nyble line of credit is subject to approval, and paying the membership fee does not mean you’re guaranteed access to the line of credit.

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What services does the Nyble monthly subscription offer?

Monthly membership of Nyble costs as much as $7.99 per month and includes the following features:

• Access to interest-free lines of credit of up to $150
• Reporting of on-time payments to a credit bureau
• Digital protection plan provided by CyberScout which includes identity theft insurance, bank and data theft insurance, ransomware coverage and more
• An online credit monitoring and identity monitoring service
• A Nyble rewards program that lets you earn points to redeem for gift cards or higher approval amounts

Nyble app features

What we like about Nyble

Easy to use

It’s quick and easy to sign up with Nyble and apply for a Nyble line of credit. You can apply online or via the Nyble app within minutes.

Reports payments to credit bureaus

Using Nyble’s line of credit can help improve your credit score because Nyble reports payments to the credit bureaus.

No interest charges or late fees

Nyble doesn’t charge any interest on the money you borrow. It also doesn’t charge any late fees if you have insufficient funds in your account to pay back what you borrow.

Flexible loan terms

If you don’t have enough funds this month to repay your loan, you can choose to repay it next month or the month after, and there’s no interest or late payment charges. However, you won’t be able to borrow more until you pay off your current loan.

No credit checks

Nyble won’t conduct a hard or soft credit enquiry on your account when you apply for a line of credit. Instead, Nyble will assess your employment income and the number of NSF transactions on your account before deciding whether to approve your application.

Use for any purpose

You can use a Nyble cash advance for any purpose, whether it’s to pay for a phone plan, upcoming hydro bill and more.

Earn rewards

You can earn rewards for making on-time payments and simply for opening an account, and those reward points can be redeemed for gift cards at places like Starbucks, Amazon, Best Buy, Apple, Tim Hortons, Cineplex, Uber Eats and more.

Digital protection

Your monthly membership includes up to $100,000 in identity theft coverage, up to $25,000 in ransomware coverage, up to $25,000 in social engineering coverage and credit monitoring.

Always available

Once you’ve been approved for a Nyble line of credit, provided you make on-time repayments and maintain your membership, the line of credit is available when you need it.

Free trial

Nyble also offers customers a 14-day free trial, after which a monthly membership fee applies.

What to watch out for

Monthly fee

You’ll need to pay a flat subscription fee of $4.99 - $7.99 per month to use Nyble. Be sure to factor this into your calculations when deciding whether you can afford a Nyble line of credit.

Funding takes up to three business days

You’ll need to wait up to three business days to get an advance from Nyble, which isn’t suitable if you need money in a hurry.

Fee applies for faster advances

If you want to access your line of credit in less than three business days, you’ll need to pay a fee of between $2.99 - $5.99.

Small amounts

The maximum amount you can access with a Nyble line of credit is $150, which may not be enough for your needs.

No phone number

There’s no contact number listed on the Nyble website, so you’ll need to use live chat if you want to get in touch with customer support.

No Android app

At the time of writing, Nyble’s Android app was not yet available.

How much does Nyble cost?

Nyble doesn’t charge any interest on your line of credit, nor does it charge late fees if you miss a payment. However, you’ll need to pay a monthly membership fee, and an extra fee if you want instant access to an advance.

Let’s look at the example of a $100 loan from Nyble repaid in 14 or 90 days, compared to the cost of a $100 payday loan.

Nyble vs Bree

Like Nyble, Bree offers short-term cash advances to help you get through to your next payday. Check out how the two providers compare in the table below.

Nyble and Bree both offer small cash advances with no interest charges and no late fees, and both also charge a membership fee as well as an additional fee for instant transfers.

If you’re deciding between the two, Bree is well worth a look if you’re searching for a slightly higher advance amount or a slightly lower monthly fee. But if you want to improve your credit score or take advantage of additional perks, Nyble may be the better option for you.

Nyble vs payday loans like iCASH, Cash Money and Loan Express

Payday lenders offer fast access to loans of up to $1,500, and bad credit won’t stop you qualifying for a loan. Check out the table below to find out how a Nyble cash advance stacks up against a payday loan.

If you’re searching for a fast loan of more than $150, a payday loan is a Nyble alternative well worth considering. You can borrow up to $1,500 if you satisfy the lender’s eligibility requirements.

But payday loans are an extremely expensive way to borrow money. With fees of up to $14 to $17 for every $100 borrowed, it’s a good idea to explore all other options first.

Nyble vs KOHO

KOHO Instant Pay allows you to access up to 50% of your next paycheque for free. See how it compares to Nyble in the table below.

KOHO Instant Pay is free to access and makes it easy to get a portion of your pay early. However, your employer will need to offer Instant Pay in order for you to take advantage of this service.

Meanwhile, you don’t need to rely on your employer’s support to access a cash advance from Nyble. You can simply access a small advance when needed.

What do Nyble reviews have to say?

Nyble reviews are largely positive on sites like Trustpilot and the iOS App Store. Positive reviews mention that the service is easy to use and offers fast access to cash when you need it.

Negative reviews mention the monthly membership fee, the additional fee payable if you want an instant transfer, and only being able to qualify for small advance amounts.

Summary of Nyble reviews

Am I eligible to borrow from Nyble?

You’ll need to meet the following criteria to qualify for a line of credit from Nyble:

• Be 18 years old or older (or the age of majority in your province)
• Have an active bank account
• Meet minimum income requirements (higher employment income will increase your chances of being approved)
• Have minimal NSF transactions on your account

How to sign up for a Nyble loan

You can sign up for a line of credit online or via the Nyble app. You’ll need to provide the following:

• Your name, email address and phone number
• Your date of birth
• Your bank account details
• Proof of ID

You can then select the loan amount you need and choose either standard or expedited payment.

Sign up

How can you download Nyble?

You can download the Nyble app from Apple’s App Store. However, we couldn’t find the app on the Google Play store.

The iOS app features a user-friendly interface and allows you to apply for a line of credit within minutes. It’s also received hundreds of positive reviews from users.

If you’re not using the app, Nyble’s mobile site is similarly easy to use. All the features you need are easy to find, and the site is quick and responsive.

Frequently asked questions

• Will I need to complete a credit check to receive a Nyble line of credit?

  No, you do not need to complete a credit check as part of the application process. Nyble will instead assess your income and your transaction history before deciding whether to approve your application.

• What can I do to increase my chances of approval?

  Nyble says that having higher employment income and minimal NSF transactions in your bank account history will increase your chances of approval.

• How long does it take to access a Nyble line of credit?

  You can access your funds the same day if you’re willing to pay a fee of between $2.99 - $5.99. If you don’t want to pay the fee, it may take up to three business days for the money to be transferred to your account.

• Are there any Nyble referral codes?

  Yes. You can earn points in Nyble’s rewards program when you refer someone to Nyble. Reward points can be redeemed for gift cards or used to access higher line of credit amounts.

• Is Nyble safe?

  Nyble is run by Fincentify Inc., a fintech startup that was founded in 2020 and is listed on the Ontario Business Registry. A Nyble membership also entitles you to up to $100,000 of protection against identity theft, hacking and ransomware.

• Is Nyble a payday loan?

  No, Nyble does not offer payday loans. Instead, once you pay a monthly membership fee, Nyble offers access to an interest-free line of credit of up to $150, with no interest charges. Check out our payday loans guide to find out more about the differences between Nyble and a payday loan.

• Is Nyble a personal loan?

  Nyble is a little different from a personal loan. It offers short-term lines of credit that are designed to be repaid on your next payday, with a maximum loan amount of $150. Meanwhile, personal loans can be secured or unsecured, and offer much larger loan amounts and longer repayment terms. Check out our personal loans guide for more information.