Moula Review

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.

• 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

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.

 

Description	Value
Loan Amount	$40,000
Loan Term	6 Months
Fortnightly Interest Rate	1.5%
Total Interest	$4,324.93
Direct Debit Fees	$44,324.93

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.