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Moula's Small Business Loan is approved using your business data. Once you fill out the online form and link your online banking or accounting data, Moula will calculate how much you’re able to borrow. Their loan terms are relatively short, ranging from 1 to 2 years. Although the repayments are flexible and no exit fees apply, the interest rates can be high. They range from 14.95% p.a. up to 34.95% p.a. They also charge a 2% establishment fee for direct customers, but it can range up to 4%. So for a loan of $250,000, with a loan term of 2 years, you could pay as much as $295,632 or a maximum of $355,766, depending on the interest rate they charge you. Your rates will vary based on your business situation.
2% Establishment fee
Upfront Fee
$250,000
Max. Loan Amount
1 to 2 years
Loan Term
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Product Name | Moula Business Loan |
---|---|
Min. Loan Amount | $5,000 |
Max. Loan Amount | $250,000 |
Loan Security | Unsecured |
Upfront Fee | 2% Establishment fee |
Loan Term | 1 to 2 years |
When you apply for the loan, you are required to submit your business data, which Moula will use to determine your eligibility. You can apply for a loan of up to $250,000 with terms ranging from 1 to 2 years, and it only takes ten minutes to apply.
If your application is approved, you'll be offered a repayment amount and loan schedule. Once you sign the loan agreement, you'll be transferred the money within 24 hours. Repayments are automatically direct debited from your account every fortnight over a six-month term.
You can find several benefits on offer from a Moula Business Loan.
If you are approved for the loan, you'll receive a loan schedule that outlines all interest and fees. Here is a general outline of the costs you can expect:
Moula only offers business loans, so you'll need an ABN or ACN to be eligible. Your credit history will also inform Moula's decision.
If you are applying on behalf of a company (not as a sole trader), you will be required to provide a personal guarantee that the company will meet the loan repayments.
The application process is simple and can be started by clicking "Go to Site" on this page applying online. First, consider the following eligibility criteria:
You'll need to enter some basic personal and business information and then link your business data so it can be analysed by Moula. If you're approved, Moula will confirm how much it can lend you and will send you a repayment schedule. Once you sign the loan agreement, you can expect to receive the funds soon after.