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. Get started by applying for a business loan with Moula.
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 $5,000+ in monthly sales.
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 15.99% – 35.99% 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 15.99% to 35.99% 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.
Data Linking
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.
Security & Two-Factor Authentication (2FA)
2FA is an additional layer of security designed to ensure that only you can access your account. 2FA is designed to keep your account secure from being compromised by cybercriminals.
In addition to your regular password, 2FA requires a second verification step – a One-Time Code (OTC) sent to your registered mobile number – before granting access to your account.
Cybersecurity threats are constantly evolving, and we want to avoid potential risks to safeguard your personal & financial information. 2FA adds an extra layer of protection, making it harder for cybercriminals to break into your account, even if your password is compromised. Your security is our priority.
- Log in to your customer dashboard with your email address and password.
- Validate your existing mobile number or add a new one if necessary. Once your number is validated, you won’t need to perform this step again.
- Receive a unique One-Time Code (OTC) via SMS to the registered mobile number.
- Enter the OTC to complete the verification and access your account.
Please contact our customer support team to update your details on 1800 88 09 72.
2FA Is mandatory for all customers. Keeping your account secure is essential, and 2FA is a powerful tool to achieve that.
Absolutely. We adhere to strict security protocols and industry standards to protect your personal information. Your mobile number is used solely to send the SMS OTC and verify your identity.
You can re-request a One-Time Code if you don’t receive it, however, if you don’t receive the SMS OTC within a reasonable time frame, please contact customer support for assistance on 1300 88 09 72.
Along with 2FA, consider these best practices:
- Set a strong, unique password. Strong passwords are long, the more characters a password has the stronger it is. In addition, we encourage using passphrases (passwords made up of multiple words). Examples include “It’s time for vacation” or “block-curious-sunny-leaves”. Passphrases are both easy to remember and type.
- Regularly update your password
- Never share your password or One-Time Code with anyone.
- Always double-check email links and Moula URLs to prevent phishing. Typing or bookmarking URLs is a recommended safe practice.
Valid Moula URL examples
https://moula.com.au
https://application.moula.com.au/Login
https://partners.moula.com.au
- If at any time you feel your account has been compromised, contact us immediately on live chat, give us a call on 1300 88 09 72 or send us an email at info@moula.com.au.
Your Account
To make any changes to your account, contact us at support@moula.com.au or on 1300 88 09 72.
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 09 72.
To close your account, please contact us on 1300 88 09 72.