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NAB has launched a pilot with fringe credit provider, Mobile Finance Pty Ltd (trading as Money Fast), who will offer small personal loans of between $1,000 and $5,000 on a break even basis.
The NAB Small Loans Pilot is not a commercial venture for NAB, but an extension of our microfinance programs and NAB's commitment to helping Australians access fair and affordable banking services. Our aim is to demonstrate the break-even costs of offering short-term, small loans in the fringe credit market and to draw attention to the high interest rates and charges prevalent in this market.
More information about the NAB Small Loans Pilot and Media Release are available.
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