Almost half the small firms accessing finance through National Australia Bank’s unsecured lending product have shown double digit growth in their turnover in the next six months, says the bank’s executive general manager business direct and small business Leigh O’Neill
NAB has targetted unsecured lending aggressively through its QuickBiz product in a market where it is competing with fintech companies such as Prospa, OnDeck and Moula.
Prospa last week pulled its planned Australian Securities Exchange float in the wake of discussions with the corporate regulator, the Australian Securities and Investments Commission (ASIC), over the terms of its contracts.
Ms O’Neill said the performance of its unsecured lending clients showed the important role the product could play.
“Six months after a QuickBiz loan application, just under half of our customers grew their business turnover by greater than 10 per cent,” she said.
“Over $3 billion of credit approvals in the 2017 financial year were unsecured and lent to Australian small to medium business- there is plenty of opportunity for customers in this lending segment.” Read more
Matthew Dunckley – Brisbane Times – 10 June 2018