Moula Review

Small Business Lender Review - Moula

Overview

Moula was founded to help hard-working business owners in Australia access the funding they need to grow. Moula’s founders are an experienced team who are passionate about using technology to simplify finance.

Moula use data to assess your loan application, so they can keep the process painless and lightning-speedy – but they also have a team of real people to support your business and guide you through the loan application.

Moula offers small business loans of up to $250,000, with transparent costing and no penalties for early repayment.

Features

• Unsecured business loan you can use for any business purpose
• Borrow between $5,000 and $250,000
• Fortnightly repayments
• Simple, clear and speedy online application – funding possible within 24 hours
• Interest calculated on your loan balance at the end of each fortnight

Summary

Qualification criteria

Cost

The interest on your Moula Business Loan will be calculated at the end of each fortnight based on the outstanding loan balance. Interest rates range from 0.75% to 2% per fortnight (the actual rate you are offered will be based on their assessment of your creditworthiness and other factors such as the amount you are borrowing and the term of the loan).

The following example shows how much it would cost to borrow $40,000 at 1.5% per fortnight, over 6 months.

Moula will agree the interest rate up front and will not charge penalties if you decide to repay part or all of your loan early. They pride themselves on total fee transparency and do not charge establishment, disbursement, direct debit or administration fees.

You will, however, have to pay dishonoured payment and payment rescheduling fees if you fail to keep up with your repayment schedule.

How to apply

You can apply online for a Moula business loan in under 10 minutes.

You’ll need to provide your ABN or ACN and some personal, business and credit information. You’ll also be asked to provide access to your banking or accounting data and they will also request your permission to run a credit check, so they can make a responsible lending decision.

If you are applying on behalf of a company (rather than as a sole trader) you will need to provide a personal guarantee that the company will make its loan repayments.

Moula will contact you within 24 hours to let you know if you’ve been approved – if so, the funds will be in your account within 24 hours.