NAB (National Australia Bank) Review for Potential Borrowers
NAB (National Australia Bank) Review for Potential Borrowers
This review of NAB will get under the hood of this small business lender. We’ll take a look at NAB’s lending solutions and minimum borrowing criteria. As always, we’ll search the net for existing NAB reviews to see what existing customers have had to say about their experience and see if there are any common themes which point to the advantages and disadvantages of obtaining funding through NAB. Read our NAB review and see if they meet your business’ working capital needs.
NAB (National Australia Bank) Review – Basic Figures for 2022
Website
Logo
ABN
12 004 044 937
Credit License:
230686
Loan Amount
Minimum loan amount $20,000
Loan Term
Up to 30 years
Unsecured Loans?
Fast, unsecured business finance
Lender Requirements
- Evidence of your income and employment status
- Details of your assets and debts you have owing
- Your last payslip if you haven’t any bank accounts with NAB
- The most recent tax statement you have if you are self-employed
- Your credit card and store card statements if you have debts to pay
Required:
- Registered ABN
- Photo ID of directors/borrowers
Response Time
24h
Easy to Apply
Yes
The Nitty-gritty
Online Reviews
None
Awards and Recognition
None
Minimal Interest Rates
Rates will depend on your individual circumstances.
Company Story & Credibility?
We’re here to serve customers well and help our communities prosper.
We’re more than 32,000 colleagues, supporting more than eight and a half million customers in Australia and overseas across: personal accounts, small, medium and large businesses, private clients, government and institutional activities.
We became NAB when the National Bank of Australasia (est. 1858) merged with the Commercial Banking Company of Sydney (est. 1834) on October 1, 1981.
Our scale and connectivity help us to tackle some of the biggest challenges facing our business and community. We’re focusing on taking climate action, supporting affordable and specialist housing and backing Indigenous businesses.
What Finance Options Do NAB Offer?
Unsecured business loans and overdrafts
Fast, unsecured business lending made easy, giving you access to funds in one business day to grow, run and invest in your business.
Business loans
Manage your cash flow, purchase stock or inventory and grow your business with our wide range of loans for small businesses.
Business overdrafts
A business overdraft can help you manage cash flow and cover business expenses.
Business car and equipment finance
Find the right solution to finance your business vehicle and equipment needs.
NAB Personal Loan Features
- Repayment flexibility: One handy feature that comes with NAB’s personal loans is that you get to choose how regularly you make your loan repayments, either weekly, fortnightly or monthly.
- Fee free extra repayments: If you have extra cash to pump into your loan on top of the usual payments, both NAB’s fixed and variable rate loans allow you to bulk up your repayments and clear the loan early.
- Redraw facility: Whether it’s for a home makeover or to pay for unexpected bills, if you need to dip into the extra repayments you’ve already made on your loan, NAB’s variable rate unsecured loan will let you do just that.
- No break cost: Having no exit fees is a good incentive to make extra repayments. This is a big plus for NAB because some banks charge hefty break cost fees for paying off a fixed rate loan before the term ends.
- Personal loan cover: NAB has teamed up with MLC insurance to give you the option of taking out an insurance policy to cover your loan repayments. This insurance comes into play if you fall ill or lose your job while you’re still paying off your personal loan.
How do you apply for a NAB personal loan?
Applying for a personal loan with NAB is a simple process. If you apply before 2pm on a business day at a branch, the loan could be granted immediately. The funds could even clear in your NAB account two hours later. Better still, you can sign up for one from the comfort of your own home without having to walk into a branch. At most, it will take two days to find out if your personal loan application has been accepted. Then you’ll be set to continue with your wedding planning or trip to the car dealer!
NAB Pricing & Rates
Fixed Rate Personal Loan:
If you prefer sticking to a routine and knowing where you stand with your repayments, you might find NAB’s fixed rate unsecured personal loan is the perfect pick for you. Loan amounts range from $5,000 to $55,000 and you can choose between a repayment term of one to seven years. But keep in mind this fixed rate loan doesn’t come with the flexible feature of a redraw facility. But then again, this could be a blessing in disguise as you won’t be tempted to dip into those extra repayments you’ve made. Best yet, unlike many other fixed rate loans, NAB’s comes with no break cost fee for repaying the loan before the agreed term comes to an end.
Variable Rate Personal Loan:
As with the fixed version, NAB’s variable rate unsecured loan lets you borrow between $5,000 to $55,000 and choose a repayment term from one to seven years. While the interest rate is lower than with the Fixed Rate Personal Loan, remember that NAB can lift the rates at any time, so you should factor rate changes into your budget for making repayments. Like NAB’s fixed rate personal loan, you can fast-track your repayments and pay it all off early without footing a break cost fee. The main bonus with having a variable rate personal loan is the redraw facility option, which you can use without extra cost so long as you make your adjusted loan repayments.
NAB Review Summary
Name: NAB
Summary
It’s no secret that NAB is a big four bank, but one thing you might not know is this major player has a lot to offer when it comes to personal loans. Whether you need a loan for a new set of wheels, the special day you say “I do”, or that gap year adventure, NAB’s fixed or variable rate loans should do the trick. Read on as we reveal everything you need to know about taking out a personal loan with NAB.
Overall
-
Features - 66%
66%
-
Price - 70%
70%
-
Customer service - 74%
74%
-
Convenience - 78%
78%
-
Trust - 75%
75%
Pros
- No physical assets required for security
- Fast access to funds
- Quick online application process
- Offer a variety of business
- No assets for security
Cons