In a clear indication that new online lenders are having an impact on the big banks, National Australia Bank has launched its first ever unsecured small business loan and it is using the sort of origination platform that any fintech would be proud of.Under the new program, NAB QuickBiz, the bank will lend up to A$50,000. Applications must be made online and the bank is promising a credit decision within minutes and funds within three days.NAB is using Demyst.Data's customer analysis service, which gathers data about customers from sources such as their accounting service and online activity. Demyst customises its application program interface so that users can choose the data they want to monitor.To be eligible for a loan a business must have been in operation for at least 12 months. The business must be a sole trader, a partnership with one or two partners, or a private company with one or two directors.NAB is currently pricing the loan at 13.85 per cent fixed, with no establishment fee or service fee. Terms are for 12 or 24 months, with monthly principal and interest repayments.NAB group executive for business banking, Angela Mentis, said in a media release that the bank recognised that in their early days small businesses often only needed small amounts of funding and many owners did not have assets to secure a loan."We're responding to these customers' needs, placing more emphasis on the strength of the business rather than traditional bricks and mortar security," Mentis said.