NAB looks to challenge fintech space
The big four bank has launched an unsecured, short-term small business loan and overdraft facility through the broker channel, in a bid to go “head to head” with the growing fintech market.
Launched this week, NAB QuickBiz for Broker enables brokers to digitally apply for unsecured business finance for their small business clients.
Brokers will be able to offer small business clients (which have been operating for 12 months or more and make at least $100,000 per year), unsecured loans of between $5,000 and $100,000 on 12-, 24- and 36-month terms.
The product comes with a 12.95 per cent fixed rate for the term of the loan, on a principal & interest basis, with no established cost or service fees.
It provides brokers with instant decisioning (based on 12 months of bank statements and 12 months of business financials from their accounting software), with approved funds being made available one business day after signed documents are returned.
The bank is also offering a QuickBiz overdraft of between $5,000 and $50,000, tied to a customer’s business transaction account, with 14.25 per cent per annum variable rate on balance (as well as a 1.75 per cent per annum service fee, charged monthly).
To read more, please click on the link below…
