If you’re looking at a loan, you’re probably looking at the interest rate. The NAB Personal Loan has a fixed 13.49% headline interest rate** (14.36% comparison rate) that’s nothing to turn your nose up at.
Also, as the loan allows for extra repayments without any fees and no early repayment penalty, you can pay the loan back early and save on even more interest.
When it comes to repaying your loan you have the option to choose between weekly, fortnightly and monthly repayments that can go on for a loan term anywhere between 1 and 7 years, letting you personalise your loan to fit with your budget.
Thinking of getting a loan somewhere between $5,000 to $55,000? Perfect, because that’s the exact range of money the NAB Personal Loan allows you to borrow.
This NAB loan is unsecured which means it’s not reliant on you owning any assets like a house or a car that can be used as collateral for the loan, you can get it without any bulky tangible goods.
**The interest rate shown is a headline rate. The headline rate is the rate that the majority of NAB personal loan customers will get. The minimum interest rate available on this loan is 11.49% (12.37% comparison rate), while the maximum is 18.99% (19.83% comparison rate).
Who it's good for:
If you're after a personal loan but don't have any assets to put up as security and would rather stick with a major bank, this one might be for you. The fixed rate will also appeal to borrowers who like to have a set budget.
While this loan is pretty solid across the board, the $35 late payment fee and the continual $10 monthly service fee, will mean if you’re a tardy payer or looking for a longer loan, you’ll need to budget for these extra expenses.