Frequently Asked Questions

We can’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.

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 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.

Our standard origination fee is 2% for direct customers, but there are no transaction fees, and no penalty for early repayment. 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.

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.

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, 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.

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.

To save you time and hassle, and to enable us to determine how much we can lend.

Instead of filling out messy forms and scanning paperwork, we’ll get the information we need straight from your accounting information. Unlike traditional lenders, we securely review your accounting data online so there’s minimal paperwork, and you get a quick decision on your application. With view-only access, we review your online accounting information, or banking history, to see how much we can lend based on your business’ cash flow and financial health.

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.

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.

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™ 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.