Unsecured business loans

A small business loan can be either secured or unsecured. The main difference between a secured loan and an unsecured loan is whether the lender requires security, which can come in the form of a business’s property, inventory, accounts receivables or other assets. Review the key differences between these two loan types to find which small business loan is right for you.

Fast online conditional approval is subject to eligibility, credit assessment, lending criteria and ID verification.

You can only apply for this product if:

• Your business is registered for GST and has a turnover of at least $75,000 per year.
• Your business has been in operation for at least 12 months and has a valid Australian Business Number (ABN).
• You have a business and residential address in Australia.
• You intend to use the product where the purpose is wholly or predominately for business purposes. You can't use funds to make payments to the Australian Tax Office.
• You're at least 18 years old and hold an Australian citizenship or permanent residency.
• You're a sole trader, a business partnership with no more than two individual partners, a company with five or less directors or a trustee of an eligible trust. Joint borrowers who are not partnerships, or partnerships where one or more partner is a company are not eligible to apply.
• Due to their specialised nature, some franchise businesses may not be eligible for QuickBiz.
• Any shareholders of companies or trustee companies that are listed in the application are individuals, and not companies.
• Eligible trusts include the following:
  • your trust must be a non-government discretionary trust.
  • your trust has a valid Australian Business Number (ABN) and has been registered for at least 12 months.
  • your trust must have been established in Australia.
  • the beneficiaries of your trust are individuals.
  • your trustees can only be one of:
    • a company with no more than five directors.
    • up to two individuals.
  • if the trustee is a company, shares in the company must be beneficially held.
• If you have existing NAB Business Lending, you can apply online for an additional NAB QuickBiz Loan, NAB QuickBiz Overdraft, NAB Business Credit Card or NAB Equipment Finance Loan 50 days after your most recent establishment date.
• If you're an existing NAB Customer, you can only apply for this product if you have less than $1m in existing business lending with NAB and less than $250k in unsecured business lending with NAB (inclusive of this application).
• You'll receive your funds after we receive your completed contract. Business days are Monday to Friday, excluding weekend and VIC public holidays.
• This loan is available only as a fixed interest rate principal and interest loan for a 12, 24 or 36 month term with monthly repayments. Variable rate loan and interest only loans are not available. Economic costs may be payable if you terminate early. If you require different options we have a range of loan options that may better suit your needs.
• You must have an Australian bank account, in the same name as your business, to receive your funds.

Read full eligibility criteria.

Interest is calculated daily and is only calculated on your remaining loan balance.

The NAB QuickBiz Loan is available as a principal and interest loan for a 12, 24 or 36 month term (with monthly repayments). This means you’ll be required to pay off your loan over the term you choose.

The NAB QuickBiz Loan has no upfront or ongoing fees but economic costs may apply if you choose to pay the loan off before the end date of the contract.

When thinking about using an unsecured business loan, you need to remember that you'll generally be offered a higher interest rate than you would with a secured loan. This is because unsecured loans pose more of a risk to lenders.

Some of the typical uses for an unsecured business loan:

• the purchase of inventory and raw material
• to increase working capital to help manage day-to-day operations
• to pay for advertising or marketing
• to expand or renovate your workplace
• to manage unexpected business expenses.

The minimum annual turnover requirement for a NAB QuickBiz Loan is at least $75,000 per year. We want to make it easier for your business to apply and help you access funds sooner.