Moula Business Loan Review
According to Moula's website:
If you are searching for a business loan to boost your business, Moula might be worth a try. The application is online, and it takes you a mere ten minutes to apply, with fast approval. Moula lets you borrow up to $250,000, with a six to twelve-month loan term.
How do you qualify for a loan?
Moula uses your business data to approve your Small Business Loan application. To qualify for a loan, you need to have an Australian Company Number or an Australian Business Number. Your business should have been operational for at least six months and makes a monthly average of $5,000 in sales.
Features offered by Moula with the loans
- Automatic repayment: repayments are debited directly from your account when its due, by the agreed loan schedule.
- Range of loan amount: you are offered loan between $5,000 and $250,000.
- Flexible repayments: by the agreement you can repay your loan early or extend your loan term.
- Loan security: Moula’s loans are unsecured therefore no need for guarantee for credit to be approved.
- Online account management: account management can be done online through Moula’s portal.
How much is the cost of the loan?
Moula’s business loan calculator enables you to calculate the probable repayment amounts under various conditions, which helps you choose your repayment option you are most comfortable.
Interest rates are variable and start at 0.75% per fortnight, while additional rates apply according to the assessment of your business when applying for the loan. There are no transaction or establishment fees included.
Costs outline is as follows:
- Fortnightly interest rate: 1% of loan balance at start of fortnight
- Loan extension fee: $10 per day
- Direct debit dishonor fee: $10 for every instance
We do not offer loans from Moula. However, you can apply for business loans with other lenders from our panel.
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Apply for business loans from our lender panel. We do not offer loans from Moula.