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SMART Box™:
The best way
to compare business loans

Because sometimes, it’s good to think inside the box

SMART Box™ is the new way to compare business loans. It stands for: Straightforward Metrics Around Rate and Total cost and shows key metrics so you can compare the cost of capital. Because when it comes to business loans, it pays to compare.

When time is money, it pays to save both

We understand that time is money for business owners and we’re here to save you both. Use SMART Box™ to compare the most important metrics of a business loan so you can make a good business decision with confidence.

Below is an example SMART Box™ for a $10,000 business loan over a six-month term. When you apply, you will receive a SMART Box™ in your loan offer.

Example Loan Amount

$10,000.00

Disbursement Amount1

(Loan Amount less Origination Fee)

$10,000.00

Total Repayment Amount

(including Loan Amount, Interest Expense, and Other Fees)

$10,532.86

Term

(Repaid fortnightly)

6 Months

Metric

Metric Calculation

Metric Explanation

Total Cost of Credit

$532.86

Metric Calculation

Interest Expense: $532.86
Origination Fee: $0.00
Other Fees: $0.00
Total Cost of Credit: $532.86

Metric Explanation

This is the total amount you will pay in interest and other fees for the Loan.

The amount does not include fees and other charges you can avoid, such as interest at a default interest rate on overdue amounts, late payment fees and dishonour fees. See the agreement for details on these fees and charges (see clause 2.6 of Moula's Letter of Offer)

Average Monthly Payment

$1,761.35

Metric Calculation

Interest Expense: $10,532.86
Term (in months): ÷ 5.98
Average Monthly Payment: $1,761.35

Metric Explanation

This is the Total Repayment Amount divided by the Term.

The amount does not include fees and other charges you can avoid, such as interest at a default interest rate on overdue amounts, late payment fees and dishonour fees. See the agreement for details on these fees and charges (see clause 2.6 of Moula's Letter of Offer).

This is an estimate for comparison purposes only.

Term (Months) = (Last Payment Date – Disbursement Date) * 12 / 365.25

Eg Term (Months) = (Monday 8th July 2019 – Monday 7th January 2019) * 12 / 365.25 = 182 * 12 / 365.25 = 5.98 months

Rounded to one decimal point
For example = 182 * 12 / 365.25 = 6.0 months

Total Interest Percentage (TIP)

5.33%

Metric Calculation

Interest Expense: $532.86
Loan Amount: ÷ $10,000.00
Total Interest Percentage: 5.33%

Metric Explanation

This is the Interest Expense expressed as a percentage of the Loan Amount.

This metric is exclusive of fees.

Annual Percentage Rate (APR)2

19.55%

Metric Calculation

Your Loan will have fortnightly payments of: $810.22
APR: 19.55%

Metric Explanation

This is the rate that can be used to calculate the cost of the loan, taking account of the reducing balance of the Loan Amount, expressed as an annual rate.

This metric is exclusive of fees.

Cents on the Dollar

5.33¢

Metric Calculation

Interest Expense and Other Fees: $532.86
Loan Amount: ÷ $10,000.00
Cents on the Dollar: 5.33¢

Metric Explanation

This is the amount of the Interest Expense and Other Fees (if any) that is payable for each dollar borrowed.

This metric is exclusive of Origination Fee.

Factor Rate

1.05 ×

Metric Calculation

Total Repayment Amount: $10,532.86
Loan Amount: ÷ $10,000.00
Factor Rate: 1.05 ×

Metric Explanation

This is the proportion of the Total Repayment Amount payable in respect of each dollar borrowed.

This metric is exclusive of Origination Fee.

Early Repayment

Does the early repayment of this Loan result in any new fees or charges?

No

Does the early full repayment of this Loan result in a reduction in the Total Repayment Amount?

Yes

(Refer to clause 11.2 of Moula's Business Lending General Terms)

1 The Disbursement Amount is the amount of the loan that is available for you and may be less than the Loan Amount. A portion of the Disbursement Amount may be used to pay off any amounts owed from a prior loan or an amount owed to a third party.

2 APR should be considered in conjunction with the Total Cost of Credit. For a particular loan, the APR is that APR required to solve the loan amount calculation formula made available on the AFIA Code of Lending Practice webpage (see www.afia.asn.au/aosbl).

© 2018 Innovative Lending Platform Association. All rights reserved. Innovative Lending Platform Association is not responsible for any misuse of the SMART Box™ or any inaccuracies in the calculations or information included therein.

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