How much does a Moula business loan cost?
At Moula, we keep pricing simple. We charge a 2% origination fee for direct customers, and up to 4% for broker-referred customers. Other than that, you simply pay back what you borrowed (principal), plus interest. Our business loan interest rates range from 15% – 35% APR, and not a cent more in sneaky hidden fees.
What are the extra fees?
There are none. Nada. Zilch. No hidden fees.
Unlike with some types of loans and credit cards, we don’t charge any hidden fees. No direct debit fees, ongoing fees or penalties for early repayment. We charge fixed interest rates, not variable interest rates, so you won’t get any unwelcome surprises that can make it difficult to manage your cash flow.
What business loan fees and charges should I look out for from other lenders?
Application fees: Many lenders charge an application fee, which is payable even if your loan application is declined.
Direct debit fees: Some lenders will charge you a few dollars every time you make a repayment. Although this may only seem like small change, a $3 direct debit fee can turn into hundreds – or even thousands of dollars – if your repayments are weekly or daily. We don’t charge any direct debit fees at all on our business finance.
Early repayment fees: If you’re ready to pay off your loan early, congrats! At Moula, we’ll be delighted to see you close out your business loan early, and we won’t punish you for this, ever. Many lenders in Australia charge a penalty for early repayment of a fixed-term loan or charge you interest on all the remaining business loan amount. Always read your loan agreement carefully and know what the loan terms are if you want to pay out early.