NAB QuickBiz Loan
Apply for a loan of up to $250,000 with no security required. Interest rates are fixed and start at 8.95% p.a.
This loan allows existing customers to borrow $250,000 but for new customers, NAB will only extend a $100,000 credit limit. This loan is unsecured and repayments terms are short, ranging from 12 to 24 or 36 months. NAB will review your cash flow, credit score and time in business as part of the application. You can also link your accounting data for loan approval. There are no upfront or ongoing fees and the interest rate is fixed at 8.95% p.a.
$0 application fee
Max. Loan Amount
1 to 3 years
|Product Name||NAB QuickBiz Loan|
|Min. Loan Amount||$5,000|
|Max. Loan Amount||$250,000|
|Upfront Fee||$0 application fee|
|Loan Term||1 to 3 years|
How does the NAB QuickBiz Loan work?
The loan comes with a fixed rate of 8.95% p.a. with no upfront or ongoing fees. You'll need to make monthly principal and interest repayments over a period of 12, 24 or 36 months.
You'll also need to provide details of your business and 12 months of financial records, which can be provided by linking your business's accounting data from Xero, MYOB or any other accounting package, as well a form of ID.
What features are on offer?
NAB offers many features as part of its QuickBiz Loan. These include:
- A wide range of loan amounts available. Existing customers can apply for a loan amount between $5,000 and $250,000, making it suitable for a range of businesses and business purposes. New customers can apply for an amount up to $100,000.
- Fast application and turnaround. The application process can be completed online and should be processed quickly.
- A choice of loan terms. You can repay your business loan over a 12, 24 or 36 months period, depending on what better suits your business.
- The option to link your accounting data. NAB makes the application process easy by letting you link your MYOB or Xero accounting data to your application.
- The loan is open to a range of businesses. You can apply if you're a sole trader, a partnership with up to two partners or if you're a company with up to five directors. Your business just needs to have been operating for at least 12 months and be registered in Australia. The loan is also available to trusts that have a valid ABN, were established in Australia and have been registered for at least 12 months. The beneficiaries of the trust must be individuals, and the trustees can be either a company with no more than five directors, or two individuals. If the trustee is a company, shares in the company must be beneficially held.
- Fixed interest rate and no upfront or ongoing fees. The loan comes with a fixed interest rate of 8.95% p.a. and there are no upfront or ongoing fees.
- No security required. This loan is unsecured, so you won't need to risk your business or personal assets to be eligible.
How much does the loan cost?
If you're thinking about applying for the NAB QuickBiz Loan, consider the following costs:
- Interest rate. This loan comes with a fixed interest rate of 8.95% p.a.
- Fees. You won't pay any upfront or ongoing fees.
How you can apply
Ready to apply for NAB QuickBiz Loan? You can click "Go to Site" to get the process started. Your business will need to meet the following criteria:
- You must be either a sole trader, a partnership with up to two partners, a trust or part of a company with up to five directors
- Your business must have been operating for at least 12 months
- You must have a valid Australian Business Number (ABN)
- You must be at least 18 years old and an Australian citizen or permanent resident
- You must have an Australian business and residential address
If you and your business meet the above criteria you can submit your application. You'll need the following to apply:
- Your business details including your ABN or ACN
- Details of your passport, driver's licence or Medicare card if you aren't a current NAB customer
- 12 months of financial data. If you use MYOB, Xero or any other accounting package you can link these into the application for your data to be automatically supplied
- Business trading account details including where you make your ATO payments
- Accounting package login details (if you have one)
The NAB QuickBiz Loan is a convenient option to consider for your business finance, but as the right loan will be different for each business, make sure you compare your options before you apply.