Frequently Asked Questions

For the moment, we don’t lend to individuals, only businesses. This means you’ll need to have an ABN or ACN in order to apply.

Once you’ve told us who you are and given us to access your business data, we can make a responsible lending decision based on factors such as business profile, time in business, and transaction volume.

Yep, as with traditional lenders, we’ll check your credit score to help us make a responsible lending decision. We’ll always ask your permission before running a credit check. If we need to do a credit check, we’ll be sure to get your permission for that too.

Not much. Once you’ve permissioned us into your banking or accounting data, we can make our decision 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.

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.

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.

Once we’ve received all the application detail, 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.

Nope, we wouldn’t dream of it; 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. (You don’t get that with most lenders…)

Our interest is charged on a fortnightly basis.

Interest is charged on the opening balance at the start of each fortnight; in other words, for a $10,000 loan incurring a 1% interest rate, you’d incur roughly $7 per day in interest in the first fortnight, and reducing each fortnight thereafter as the loan balance reduces.

Put another way: if you borrow $10,000 and stick to the repayment schedule, the interest you’d pay on the loan over a 6 month period is a little over $700 (at a fortnightly rate of around 1%).

For more information, see our Fee Statement.

No, we’re not a bank, so there aren’t any hidden fees or charges, other than the costs of interest and any late payment fees. 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 six-month 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.

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.

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.

Yes, a Moula loan is unsecured. However, should the loan default, Moula 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 the terms and conditions of the loan agreement for more information.

We’re entirely transparent: no hidden charges, no establishment costs or drawdown costs, 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
• payment rescheduling fees (currently $15)
• fees charged for a failed direct debit (currently $15 for each payment that needs to be rescheduled, typically as a result of a payment dishonour)

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.

Businesses who have been trading for over 2 years and use Xero may be eligible for Moula Flex, our line of credit facility. Learn more about Moula Flex.

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 1 300 88 58 93.

To close your account, please contact us on 1 300 88 58 93.

Our Privacy Policy has been designed to collect, use, store and protect personal information in accordance with the Commonwealth Government’s new Privacy Act.

For more information, read our Privacy and Credit Policies.

When you log in to your business data, we’re simply redirecting you to a third party site to provide us with secure access to your data (e.g. Xero). We’ll never see your password or store your private credentials.

Want to read more about how this actually works? Read our blog post about providing Online Bank Account Access.

We’re committed to lending responsibly, which means a credit check is essential in determining whether you can afford to pay us back; we strictly adhere to privacy legislation, and for any personal credit checks we’ll expressly ask for consent.

By law, we’re also required to verify your identity as part of the application process. We prefer to do this online and, again, require your consent.

If you’d prefer we do the identity check offline, we’ll need the certified copies of relevant identification sent in the post. So if you need the funding fast, stick with the online identification.

By providing your online login details, Moula can assess your business’ bank transactions. Moula uses Proviso Data and Credit Sense’s safe, encrypted service to download this data.

We do not see your internet banking login details. Your login details are encrypted when you enter them and passed securely to your bank, allowing us a read-only view of your transaction history.

MoneyBuddy Data Pty Ltd (trading as Proviso Data) is an Australian technology company that works with the finance industry to improve and speed up the process of applying for a loan. As an Australian based company they use only Australian based servers, so your data remains within Australia. Proviso Data is a read-only service for the retrieving of data and does not make any transactions.

Your credentials are encrypted and secured with bank-level 256-bit encryption. Proviso Data just provides you with a fast, secure service for retrieving your financial data.