Moula Unsecured Small Business Loan

Information verified correct on December 3rd, 2016

Moula’s unsecured small business loans are a flexible finance option for established Australian businesses.

Finding finance to help your small business grow can be tough. From submitting business plans to meeting complicated criteria, it can often be difficult to be approved for traditional business loans. Moula’s Small Business Loan is approved using your business data and can be applied for conveniently online. Find out more about the loan offer below and if your small business is eligible.

Product NameMoula Business Loan
Interest Rate TypeVariable
Minimum Loan Term0.5 years
Maximum Loan Term1 year
Min Loan Amount$3,000
Max. Loan Amount$250,000
Application Fee$0
Loan SecurityUnsecured

How does a loan from Moula work?

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, 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.

What features does Moula offer with its loans?

You can find several benefits on offer from a Moula business loan.

  • Flexible eligibility criteria. Moula assesses your application based on various factors, including your business profile, how long you’ve been in business and the volume of your transactions.
  • Automatic repayments.  Repayments will be direct debited from your account on the due dates in accordance with the loan schedule you receive when your application is approved. You’ll receive an SMS reminder a few days beforehand.
  • Range of loan amounts. You can apply for a loan between $3,000 and $250,000, making it suitable for a variety of small business needs.
  • Repayments are flexible. While you need to make repayments every fortnight, you can extend your loan term by mutual agreement or repay the entire loan early. Keep in mind that the principal amount will need to be repaid during the six-month term.
  • No security required. Moula loans are unsecured, so you won’t be required to provide a guarantee to be approved.
  • Online account management. You can easily manage your account online using Moula’s online portal.

How much does the loan cost?

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:

  • Fortnightly interest rate: 1% of the outstanding loan balance at the start of the fortnight
  • Direct debit dishonour fee: $10 for each instance
  • Loan extension fee: $10 per day until repaid
  • Late payment interest: Capped at twice the fortnightly rate and applied to the overdue balance
  • No fees to set up the loan, for direct debits or for early repayment

Is there anything to be aware of?

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.

Here’s how to apply for a Moula Small Business Loan

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:

  • The business has been operating for at least 12 months
  • You have fair or better credit history
  • The business has average monthly sales of at least $5,000

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.

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