Most Popular Questions
In 2013, Moula was founded to help Aussie businesses get access to capital while they were being ignored by the banks. Moula is changing how your business experiences financial services, continuously developing new solutions across lending and payments. With Moula, you can apply online in 7 minutes, and get a decision within 24 hours.
We’ve accelerated access to capital by turning business data into an asset. This involves a light touch application and linking to banking or accounting data. But it’s more personal than that. We take a ‘heads and hearts’ approach, where we balance the data, automation and tech, with the human touch. We have a team of real people who will get to know you and your business, and will be there for you whenever you need us.
You can apply online for funding with Moula in just 7 minutes.
We offer unsecured business loans ranging from $5,000 - $250,000 over 12-24 month loan terms. Once approved, you can repay the funds early, at any stage, without any fees or penalties. Apply for a business loan from Moula here.
We also offer Moula Pay, which helps businesses pay and get paid. We partner with merchants to provide interest and repayment-free facilities in-store, online and over the phone. Merchants get paid upfront, while their business customers get up to 3 months free from interest and repayments, plus the option to take a longer-term repayment plan if they need. Apply for Moula Pay here.
Not much. Once you’ve permissioned us into your banking or accounting data, we can make our decision fast. As in, 24 hours fast.
To comply with relevant law, we’ll also need your ABN or ACN, and we’ll also collect some personal, business and credit information along the way.
Yes, we’re all business. It’s nothing personal! This means you’ll need to have an ABN or ACN in order to apply for funding with Moula.
In addition to an ABN or ACN, you’ll also need to have been in business for at least 6 months and meet a minimum threshold for monthly sales. With Moula Pay, that’s generally $2,500 in monthly sales for customers, or $5,000 in monthly sales if you’re applying for a business loan.
Yep, don’t hesitate to re-apply when the time is right. You may have fallen short on time in business or transaction volume, so feel free to re-apply when circumstances have changed.
Nope, you don’t. We don’t ask for asset security. Both our business loans and Moula Pay are unsecured, meaning, you won’t have to put up your house just to try and grow your business.
We actually globally pioneered the use of accounting data APIs to underwrite businesses with Xero data, rather than taking security against their physical assets. But that’s a story for another day.
However, should you default on your obligations, we may take such action as necessary to recover outstanding amounts, including potentially registering security interests on assets of the Borrower and/or Guarantor. Please read your Letter of Offer, as well as our terms and conditions, for more information.
Yes, but only after you give us permission, and only when we are prepared to lend and subject to an acceptable credit check.
Because we back good business responsibly, we complete a credit check to confirm a reasonable and affordable loan amount for your business. We’ll never run a credit check without your consent, and we do this at the final stage of the application.
We also check your identity as required by Australian legal requirements. To make this as quick and easy as possible, we prefer to do this online. If you’d prefer we do the identity check offline, we need certified copies of relevant identification sent in the post. This takes longer but if you’d prefer the offline check, call us and we can talk you through the process.
Applying for a Business Loan
To be eligible for a Moula loan, you will need to have:
- An ABN or ACN
- Been in business for at least 6 months
- At least $5,000 in monthly sales
You can borrow between $5,000 and $250,000. When you apply, we'll let you know how much we're able to lend based on your business' data.
Our terms are between 12 and 24 months, and you can select your preferred loan term when you apply.
At Moula, we keep pricing simple. We’ll deposit the loan into your nominated business bank account without any hidden fees or costs, meaning the amount we lend is the amount you receive.
We charge a 2% origination fee for direct customers. Other than that, you simply pay back what you borrowed (principal), plus interest. Our business loan interest rates range from 14.95% – 34.95% APR, and not a cent more in sneaky hidden fees. Use our business loan calculator to get an estimate of loan interest and repayments.
A big difference between Moula and other lenders is that we don’t charge any sneaky additional fees whatsoever. We keep our pricing totally transparent, so you know exactly how much your loan will cost.
Check out our business loan calculator where you can get a clear picture of how much you’ll pay for the amount you wish to borrow, and download a sample repayment schedule for yourself.
You can apply online in less than 7 minutes, and we’ll give you a decision within 24 hours. If your application is approved, the funds will land in your account within 24 hours.
By linking your business’ data to Moula, we can make a decision on your application within minutes. Banks can take up to 6-8 weeks to even get around to processing an application.
Our platform is also built for small and medium businesses, which means we’re able to approve thousands of businesses which banks often otherwise overlook. We make timely credit decisions based on financial merit, and serviceability, rather than relying on assets to determine your suitability.
Unlike a traditional loan, we’ve also eliminated the fine print, hidden fees and paperwork. This means you understand what’s going on at every stage, and know exactly what your loan agreement means. We’re here to help grow your business, not hold it back.
Moula’s here for the business community, not for the consumer. As such, we’re not licensed to provide consumer credit and need to be certain that any funds provided are for business purposes.
If you are applying on behalf of a company, we require you to provide a personal guarantee that the company will make its loan repayments. If you are a sole trader, there is no personal guarantee required.
Once we’ve received all the application details, we’ll confirm how much we can lend your business and the interest rate. You’ll then select the amount you wish to borrow, enabling us to confirm a repayment schedule for that loan amount.
The final step is the loan agreement, which you’ll need to sign electronically, making it a legally binding document. We’ll then transfer the money to your designated bank account.
Managing Your Business Loan
Our interest rates range from 14.95% to 34.95% APR. We quote our pricing in APR so that you can clearly understand and compare our rates to other lenders. We also comply with AFIA’s Small Business Code of Lending Practice and provide a SMART Box™ loan comparison tool so you can understand pricing before you take out a loan. Learn more about this here.
Interest is charged on the opening balance at the start of each fortnight.
As an example, if you were to borrow $20,000 over 12 months, at a rate of 20%, you’d incur roughly $11 per day in interest in the first fortnight, reducing each fortnight thereafter as the loan balance reduces.
Put another way, if you borrow $20,000 and stick to the repayment schedule, the interest you’d pay on the loan over the 12-month period is just under $2,180.
Transparency is important to us, which is why we have a business loan calculator which you can use to see a sample schedule of repayments, even before you apply.
For more information, see our Fee Statement.
We won’t send you a bill, we’ll do better than that: we’ll send you a text reminding you a few days prior to the direct debit coming out of your account; that is, before the end of the first fortnight.
We also suggest you login to the Customer Dashboard and familiarise yourself with the loan schedule and access your loan documents.
We schedule our repayments fortnightly over the course of the loan; each fortnightly payment will be the same so you know exactly how much is due and payable each fortnight.
The payment of principal and interest is automatic, so you don’t have to worry about transferring any money; we’ll debit your account when money is due.
That’s fine, there are no penalties or charges for early repayment. We’ll charge you interest only to the end of the relevant fortnight. On any given day, our online account tools will tell you exactly how much you need to pay to settle the loan when the next repayment is due and much more.
If you have an outstanding loan, log in to the Customer Dashboard for more information.
Yes, if you want to repay some (and not all) of your balance, that’s fine. All we ask is that it’s a minimum repayment of $1,000 or more. Again, there’s no charge for partial repayment of principal. If you have an outstanding loan, log in to the Customer Dashboard to see how to make an early repayment.
We’re entirely transparent: no hidden charges, and no penalty for early repayment. We’re here to help grow your business, not hold it back.
Before we lend, we’ll agree to a schedule of principal and interest payments; which are clearly set out in the repayment schedule during the online loan application process.
The only fees you may incur that aren’t set out in the repayment schedule are fees that relate to non-payment of scheduled amounts when due (and we allow a grace period); these fees are:
- additional interest
- direct debit dishonour fee (up to $30 per dishonour)
- payment rescheduling feee (up to $40 for each payment that is rescheduled as a result of a missed payment)
These fees and charges are clearly set out in the loan terms and conditions, so there will never be any surprises. If you think you’ve been overcharged, contact us. You’ll find we’re a good bunch and want our customers to be happy.
To access a summary of the repayments received for a current loan, please simply follow these steps:
- Log in to your Customer Dashboard using your email and password
- Navigate to Repayments in the left-side menu
- Enter the Date from and Date to fields (note: the start date of your loan is in the top-right of the portal)
- Click Go – from here you will see the options to download the repayments as PDF or Excel
For repaid loans, navigate to Previous Loans in the left-side menu, and you will see the option to download the repayments as either PDF or Excel.
Moula Pay (Customer)
With Moula Pay, you get up to 3 months free from interest and repayments, and a spend limit of up to $250,000.
Once approved, you can use Moula Pay to get whatever your business needs within your allocated limit, at any merchant that accepts Moula Pay.
After you authorise your purchase, Moula pays the merchant upfront, and you can get up to 3 calendar months free from interest and repayments. Repay on your terms, saving on interest if you repay in part or full before the end of the interest-free period, or start your repayments after that time if you need.
You can repay any amount during the interest and repayment free period, or pay it off at the end. If you need more time to repay, repayments are scheduled in monthly instalments on the remaining balance. The first instalment will be taken via direct debit from your nominated bank account in the month following the interest and repayment free period.
We don’t charge any set-up or establishment fees. Neither do we charge any direct debit fees or penalties if you repay early.
You’ll need:
- Active ABN/ACN
- 6+ months in business
- $2,500+ in monthly sales
You can use Moula Pay whenever you buy for business at any participating merchant partner. Moula Pay has hundreds of merchant partners across Australia, offering everything from professional services to building materials.
It’s simple. If you make a purchase on the first day of the month, then you get the full 3-month period, free from interest and repayments. If you make a purchase in the middle of the month, then you get the rest of that calendar month, plus the next two months, free from interest and repayments.
Yep, you can repay early and as much as you like. If you decide to repay within the first 3 months during the interest-free period, you won’t pay any interest at all. Beyond that, you’ll only pay interest on your amount owing across the month.
You’re welcome to make a payment at any time via EFT. This will help you save on interest, or avoid interest altogether. There are no additional fees to make a payment via EFT.
After logging in to your account, you’ll find the bank details you need to make a payment at the top of the launch screen. When making a payment, please add your Moula Pay Facility ID (FID) to the Reference field. If you can’t locate these details, or simply need help making a payment, please get in touch with our team and we’ll guide you through the process.
Keeping track of various purchase and repayment dates can be a hassle. So, for your convenience, at Moula Pay, each calendar month is a new billing cycle. This makes your life easier when it comes to making repayments.
After making a purchase, you can now get up to 3 months free from interest and repayments. We combine all the purchases you make in a month into a single repayment amount, which you won’t need to start paying off until the end of the repayment-free period. Repayments that are due after the repayment-free period are scheduled in monthly instalments, with your repayments falling due at the end of each month.
This is a more streamlined billing process, and a much smarter way to repay. It should help you better manage your business’ cash flow.
For example, if you make a purchase on the first day of the month, then you will get the full 3-month period free from interest and repayments. If you make a purchase in the middle of the month, then you will get the rest of that month, plus the next two months, free from interest and repayments.
Yep, you can start your repayments at any time. After the interest and repayment free period, repayments are scheduled in monthly instalments, and direct debited from your nominated bank account.
Not if you pay off all your purchases within the interest free period (i.e. the first 3 months of the month of purchase). After the interest-free period, an interest rate of 3% per month will be applied against your daily outstanding principal balance across the month.
Just a $12 fee, only if you have an amount owing on your Moula Pay account at the end of a billing cycle. This fee will be direct debited from your nominated bank account at the end of that billing cycle.
Note, for all new Moula Pay accounts, the first billing cycle is fee-free. The $12 fee is applicable from the second billing cycle onwards.
You can log in to your account via the Moula app or website for a snapshot of your purchases, amount owing, and the status of purchases and repayments.
In your account, purchases that appear under Current will have started accruing interest. Purchases listed under Future haven’t started accruing interest, and won’t if they’re repaid in full before the end of their initial 3-month interest-free period.
Yes, you can. When you log in to your account, you’ll see how to make additional repayments and you can also find out when the interest-free period will end for each purchase.
You can easily track your spending in your account via the Moula app or website. After logging in to your account, you can see a snapshot of your available limit, amount owing, and pending purchases. You can track your spending by purchase period and merchant, and view your upcoming repayments and transaction history.
If you miss a scheduled repayment, some fees and charges may apply. Refer to your Letter of Offer and Moula Pay General Terms for more information.
Absolutely. Log in to your account via the Moula app or website, and you’ll find your purchase history and account activity detailed under Transactions.
For a closer look into your repayment schedule, go to Repayments. Purchases listed under Current will have started accruing interest, with repayments scheduled in monthly instalments. Purchases listed under Future haven’t yet started accruing interest.
Once your repayment period starts, direct debits will be scheduled at the end of each billing cycle, which is generally at the end of a month. It can take up to three business days for direct debits to leave your bank account.
Yes, we will send you an SMS two days before your account is due for monthly direct debit.
If you’ve bought something from a Moula Pay merchant but have changed your mind about the purchase, you may be able to request a refund through the merchant, subject to their own refund policies. If the merchant allows it, you authorise the refund, and we’ll receive a notification.
Note, you’ll need to log in to your account from desktop to authorise refunds. Once we receive funds from the merchant, we’ll credit your Moula Pay account within the month as a repayment, which will free up your available limit.
Only if you have an amount owing on your Moula Pay account at the end of a billing cycle. In this case, you wouldn't have fully paid off your previous purchases yet.
You can pay off the amount owing on your Moula Pay account at any time. We don’t charge early repayment fees. If you pay off the amount owing before the end of the billing cycle, we won't charge you the $12 account fee, either.
Yes, you can put in a request to have your Moula Pay spend limit reviewed at any time.
You may be eligible for a spend limit increase on your Moula Pay account if you meet the following criteria:
- Your business’ financial position has improved since you were last assigned a Moula Pay spend limit
- You've held your Moula Pay account for longer than 6 months since your first order
- You're up-to-date with your repayments
To put in a request, call our team on 1300 95 28 28 from 9am to 7pm AEST, Monday to Friday, or email support@moula.com.au.
Moula Pay (Merchant Partner)
Start an application, and we’ll give you a call within 48 hours to finish the process. It’s that easy. We’ll go over a set of assessment criteria and quickly get you up and running.
With Moula Pay, there are no setup costs, ongoing fees, or lock-in contracts. Merchant service fees are charged per transaction, and dependent on your business. We’ll let you know your merchant service fee during the set-up process.
After becoming a Merchant Partner, you’ll get access to our Merchant Dashboard. From anywhere at any time, this will give you the ability to request payments, process refunds, and refer your business customers to Moula Pay. You’ll also get a clear picture of your customers’ transaction history.
You’ll have a single point of contact helping you build your business through Moula Pay. If you have any questions, your dedicated Account Manager is just a phone call away.
Log in to your account and go to Make a referral. This will bring up a form titled, Refer a new business. Once you’ve filled in your customer’s details, click Send new referral.
Remind your customer to check their email and follow the prompts to apply for Moula Pay. In terms of timing, we’ll contact them within 1 business day to follow up on their application, then they’ll be ready to go.
After logging in to your account, go to Process a refund. Fill in the transaction’s details before clicking the button, Process refund, to authorise the refund process. Once we receive the funds, we’ll credit your customer’s Moula Pay account within the month as a repayment, freeing up their available spend limit.
Plenty. Your business customers get up to 3 months free from interest and repayments, plus a spend limit of up to $250,000. They can use Moula Pay to get whatever their business needs within their allocated limit at any participating Merchant Partner.
Your customers can repay on their terms. If they repay during the interest-free period, within the first 3 months of making a purchase, they won’t pay any interest at all. Beyond that, an interest rate of 3% per month will be applied against their daily outstanding principal balance across the month.
Yep, you certainly can. In fact, every time you pay with Moula Pay, you’ll get up to 3 months free from interest and repayments. You can use Moula Pay at any other participating Merchant Partner, getting whatever your business needs up to a spend limit of $250,000. Learn more about Moula Pay for business purchases.
Moula Pay QR code payments allow you to get paid right away simply by displaying your QR code for customers to scan using their smartphone. You don't need any additional devices.
Adding your Moula Pay QR code to an invoice template is a straightforward process. We’ve created a set of guides to walk you through how to add a QR code to Xero, MYOB and Microsoft Word invoices. Learn more about creating invoices with Moula Pay QR codes.
Data Linking & Security
Aside from saving you hours in your application, it allows us to make a fast, informed decision without the hassle of physical documents and statements.
With view-only access, we review your online accounting information, or banking history, to give you a decision on your application within 24 hours.
We only access data that helps us make a decision regarding your application, which includes balance sheet performance, profit and loss statements, invoices and payments. Here’s where you can learn more about what data we access.
Once you link your online accounting or banking information, we only view your primary and linked accounts.
We have view-only access and take a few minutes to securely review your business transaction information. While we may review all linked accounts, your primary business trading account is used to determine how much we can lend. If you don’t have online accounting, we can review your business banking information too.
No. Never.
We never view, access or store your login details or information.
View-only.
We only need access for a few minutes. We never view any passwords, account login details or any personal information. We simply review your trading history and cash flow to determine how much we can lend.
No. Never. We only have view-only access.
We only view your accounting or banking history for a few minutes. We never have permission or the capacity to touch your funds, make transactions, or access any login information.
Your data is securely stored in accordance with the Commonwealth Government’s Privacy Act 1988.
Your data is protected with the same level of security as other financial institutions. Our Privacy and Credit Policies provide an in-depth explanation.
No. We only access your data for about five minutes.
Our unique underwriting technology takes a few minutes to review your financial history – it's not a live feed.
SMART Box™
SMART Box™ is a business loan comparison tool.
SMART Box™ is a one-page document that discloses basic elements of a business loan in a standardised way. SMART stands for ‘Straightforward Metrics Around Rate and Total Cost’. It details seven key metrics of a loan including Total Cost of Credit, Average Monthly Payment, Total Interest Payment (TIP), Annual Percentage Rate (APR), Cents on the Dollar, Factor Rate, and Early Repayment details. Read our detailed guide to SMART Box™.
Ask your lender for a SMART Box™ then look at the Total Cost of Credit metric.
SMART Box™ provides key metrics relating to the interest, fees, payments and loan terms of a business loan. Here’s how to use SMART Box™ to help you make a good business decision. First, ask your lender for a SMART Box™. Second, read through the whole document but focus on the Total Cost of Credit metric. It outlines the total interest expense, and fees on the loan – in other words, it tells you how much your loan will cost.
You will receive a SMART Box™ as part of your loan offer.
Because a SMART Box™ provides unique information specific to your loan, we need you to apply first, so we can accurately assess your loan amount and interest rate. You can get started on an application online and it only takes 10 minutes. Once you have completed your application and been approved, you will be sent a loan offer, which includes a SMART Box™.
Total Cost of Credit and Annual Percentage Rate (APR) and are the most useful for objectively comparing loans.
Total Cost of Credit is the most objective metric to compare different business loans. It shows the total amount of interest, fees and charges, which is most business owner’s primary objective when comparing lenders.
APR can be helpful to compare interest rates but it’s important to note that it doesn’t account for hidden fees and charges. So while one loan may have a lower APR, it may ultimately have a higher TCC because of hidden fees and charges.
Yes, any lender that is AFIA compliant must provide a SMART Box™.
Just as if you were applying directly with Moula, your broker can access a SMART Box™ when a loan offer is provided.
Initially, there are 7 Australian business lenders who are SMART Box™ compliant.
Moula is one of 7 founding members of the Australian Finance Industry Australia (AFIA) Online Business Lender Code of Practice. The code stipulates that these lenders must provide a SMART Box™ as part of a loan offer. As other lenders become compliant with the AFIA Code of Practice, they too will provide SMART Box™ with their loan offers.
Your Account
To make any changes to your account, contact us at support@moula.com.au or on 1300 88 58 93.
To reset your password request a password reset. Otherwise, to change any other account details, please contact us at support@moula.com.au or on 1300 88 58 93.
To close your account, please contact us on 1300 88 58 93.
My question isn't listed here
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