Moula is an online lender whose primary goal is to help Australian businesses grow and thrive. Founded in Melbourne in 2013, Moula understands that the world of business loans can be a tricky place for small businesses, so it uses innovative, modern, technology based techniques to provide you with easily accessible loans to help build your business.
If you’re a small business in need of a loan to help you compete in the current economy, then take a look at the information we’ve gathered below. We’ve organised the good, the not so good and the need to knows about Moula business loans, so you can be informed when it comes to financing your business.
from 15.00% p.a.
Up to $30 Direct Debit Dishonour Fee and up to $40 Payment Rescheduling Fee
Principal & Interest
Establishment Fee ranges from 2% to 4% for new clients and 1% for additional new loans.
When you get a business loan you don’t want a stock standard rate that might leave you paying more than you need to. That’s why Moula personalises its rates to your business. This is determined by your business’s current and intended operations, your finances and how well your business is doing.
The good news is there are early repayment or direct debit fees when you borrow from Moula. However, there is a 2% establishment fee with the Moula Term Loan and if you miss one of your payments you may have to pay a dishonour fee which can be up to $10. After this you might also be charged up to $10 for every payment that needs to be rescheduled.
You’ll need to answer a couple questions about yourself and your business, as well as providing a few financial statements. Moula will then look over the information provided as well as their own personal finance information to assess your application taking into account factors such as your business profile, how long you’ve been in business and transaction volume.
- You must have an ABN or ACN
- You need to have been a business for at least 6 months
- You must be making at least $5000 in monthly sales
- If you meet those, then you are ready to get your business going with Moula.