NAB Unsecured Variable Rate Personal Loan
- Interest Rate (p.a.)
- 7.50% to 22.00%
- Comparison rate (p.a.)
- 8.90% to 23.29%
- Min Loan Amount
- $5,000
Summary
Get a competitive variable interest rate from 7.50% p.a. with NAB's unsecured personal loan.The NAB Unsecured Variable Rate Personal Loan is a competitive option, with an interest rate and application fee that both sit in the top half of our database. This is reflected in its Finder Score of 7.
However, you will need to factor in the $15 monthly fee. This loan is a solid choice for borrowers who value a competitive rate and are comfortable with a recurring account-keeping fee.
Pros
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No early repayment fees
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Ability to redraw extra payments if you’re ahead on your repayments
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No late payment fee
Cons
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A lower maximum borrowing amount than many competitors
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The interest rate is calculated on your personal financial situation. If your credit history is poorer than average, or your financial risk is deemed to be greater than average, your interest rate could be higher.
Details
Product details
| Product Name | NAB Unsecured Variable Rate Personal Loan |
| Interest Rate (p.a.) | 7.50% to 22.00% |
| Comparison rate (p.a.) | 8.90% to 23.29% |
| Interest Rate Type | Variable |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $55,000 |
| Loan Security | Unsecured |
How does NAB Unsecured Variable Rate Personal Loan compare?
- Competitive interest rate. This loan's minimum interest rate of 7.50% p.a. is in the top half of lower rates in our database.
- Low application fee. Its $250 application fee sits in the top half of lower fees in our database.
- Ongoing fee. A $15 monthly fee adds to the total cost of the loan, a fee that not all lenders charge.
How does the NAB Unsecured Variable Rate Personal Loan work?
The NAB unsecured variable rate personal loan allows you to borrow for a myriad of items such as cars, home appliances, weddings, renovations, debt consolidation and much more. You do not need any collateral for the loan.
Your interest rate will be tailored to your circumstances - meaning NAB will base it on factors like your credit history and credit score.
The interest rate is variable and is calculated based on your personal financial situation and there are no fees for early payout or late payments.
Eligibility criteria
To be eligible for this loan, you must:- Be 18 years of age or older and a sole applicant
- Have a regular source of income
- Be an Australian resident
- Be an Australian or New Zealand citizen, Australian permanent resident or non resident with an acceptable temporary residency visa.
How to apply
- Submit your application online. You will get a decision in as little as 60 seconds.
- NAB will verify your information, and ask for more information if needed.
- If your loan is approved you will receive an offer from NAB and the money will be transferred to your NAB account within one business day of you accepting the NAB's offer.
You will need
- Your personal NAB ID - if you have one. This is located in your NAB app through My Details or on the back of your NAB card.
- Driver's licence number - (if you have a driver’s licence)
- Details of employment for the past three years
- Your financial information which includes assets, debts, income and expenses
- Addresses you've lived at in the last three years.
The information to support your financial information can be uploaded when you fill in the application. If you can’t upload the docs, NAB will advise you by email on other ways to provide them the documents they need.
Features of this loan
- Risk-based interest rates. Your interest rate will be determined in part by your credit score and risk profile, along with other aspects of your financial situation.
- Unsecured loan. You do not need collateral for this loan.
- Speedy application process. You will receive an initial decision in as little as 60 seconds. Once your loan is fully approved, the funds will be transferred to your NAB account within one business day of you accepting the offer.
- Flexible payment schedule. Payments can be made weekly, fortnightly or monthly.
- Ability to repay early. There is no exit fee payable if you pay off your NAB personal loan early.
- Redraw Facility. If you're ahead on your repayments, you can redraw the extra funds from your loan account online.
How much does a NAB Unsecured Variable Rate Personal Loan cost?
You will pay these fees
| Cost | Amount |
|---|---|
| Application fee | $250 |
| Ongoing fees | $15 per month |
You might pay these fees
| Cost | Amount |
|---|---|
| Exit fee | $0 |
| Late payment fee | $0 |
| Paper statement fees | $0 |
| Dishonour fee | $0 |
Sources
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