Moula Review (2022)

  • Updated: 15/01/2022
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Moula offers business loans to small and medium business enterprises (SME) from $5,000 to $250,000 This range makes Moula an excellent choice if your business needs a small or moderate injection of capital. With a repayment period of 12 to 24 months, Moula gives your business a generous window to return the loan.

Besides traditional business loans, Moula also offers Moula Pay. A ‘buy now, pay later’ and line of credit hybrid that will suit businesses that need extra flexibility to pay operating purchases. Like with Moula, business loans, funding up to $250,000 is available.

Applications online only take 10 minutes. All you need to do is link your banking or application data when you apply, and Moula will complete a loan assessment within 48 hours. Once Moula approves the loan, your business can receive funding within 24 hours.

Moula pride itself on its transparency, loan quotes come with a SMART Box™ statement which will allow you to see all your costs before you accept the loan.

🗺️ ProductsBusiness Loans
Moula Pay
💰Funding Amount$5,000 to $250,000
📊 Loan Terms12 to 24 Months
Min. Trading Period6 Months
Min. Trading Turnover$5,000 per month
🛍️ Unsecured/Secured Unsecured
💳 Funding SpeedApproval with 24 hours
Funding 24 hours after approval
Moula Logo with words Moula review under it

Loan ProductsBusiness LoanMoula Pay
Loan Terms & Funding Size
💰 Loan Amount$5,000 to $250,000Up to $250,000
⏳ Loan Length12 to 24 months12 months
📆Payment scheduleFortnightlyMonthly
💳 Line of Credit Option?✔️
Loan Costs
💸Fees (excl. interest)No repayment fees for first 3-6 months
2% Origination fee
First 3 Months interest free
$149 Annual fee after 12 months
﹪Interest Rate TypeAnnual Percentage Rate
(15% to 35%)
3% per month against daily outstanding balance across the month
🔓 Unsecured Loans?✔️✔️
👍 Early Repayment✔️ (no fee or penalty costs)✔️ (no fee or penalty costs)
Loan Qualification
🎓 Qualification BasicsABN or ACN
GST Registration If annual turnover > $75,000
GST Registration If annual turnover > $75,000
🛍️ Min. Trading Qualification6 Months6 Months
📅 Min. Turnover Qualification$5,000 a month$5,000 a month
🗎 Low Doc Loans✔️ Under $100,000✔️ Under $100,000
😕 Bad Credit OK?Min. credit score of 550 suggestedMin. credit score of 550 suggested
Approval & Funding Speed
🏍 Fast Online Application✔️✔️
💨 Funding SpeedApproval within 24 hours
Funding with 24 hours of approval
Approval within 24 hours
Funding with 24 hours of approval

Moula Advantages and Disadvantages


  • No hidden fees, No early repayment fees
  • Low doc applications for under $100,000
  • The option of no repayment for 3 or 6 months
  • Transparent lender, SMART Box™ loan statement
  • Loans best for: All industries


  • Not for start-ups
  • No personal loans
  • Maximum loan amount limited to $250,000
  • Business with credit rating under 550 may struggles

Moula Review – Products Available

Moula has 2 products available, which product you need will depend on your funding requirements. These products are:

  1. Business loans
  2. Moula pay

Business term loans are best if you need a one-off loan to pay for a specific expense. Choose this type of loan when you know exactly how much you need to borrow.

Moula pay is somewhere between a ‘buy now pay later’ (BNPL) and a credit card. With this product, Moula gives you access to a credit facility that you can use to make purchases with any merchant that will accept Moula Pay.

Moula product options - business loan and moula pay

Moula Business Loans

A business loan is an agreement with a lender for a lump sum advance of capital that you will pay back with interest to an agreed schedule.

Being a non-bank lender, Moula is a competitive alternative to banks. Moula selling points over banks include:

  • Fast loan online approval: Loans take only 10 minutes to apply for and don’t require paperwork if under $75,000.
  • Low qualification criteria: Eligibility for a loan with Moula is more relaxed than with a bank
  • No security: Moula loans are unsecured

All these factors combine to save you time when applying and get your capital faster. This allows you to focus on managing your business rather than deal with a complex application and qualification process common with banks.

Quick overview of moula business loans

Moula Business Loan Qualification

Moula business loan eligibility

Moula requires that your business has at least 6 months of trading and an average $5,000 in revenue per month. If your business’s annual revenue is above $75,000 then your business will need to have GST registration.

Expect the business to need a minimum credit score of 550 for a loan application and no previous default to be successful.

While Moula loans are unsecured, as the business owner, you will need to provide a personal guarantee for the loan. Sole traders are exempt from the need to provide a personal guarantee.

Moula Business Loan Funding And Loan Terms

Moula business loan funding amount and loan terms

Moula small business loans start from $5,000 and have a maximum loan amount of $250,000. These loans come with a repayment window of 12 to 24 months. The lender will determine how much they will lend you once they review your business details, which consider your business cash flow and credit score.

Repayments are on a fortnightly basis and use direct debit. You can pay principal + interest or partial principal plus interest. Should you wish to only pay part of the principal, Moula requires that this payment be at least $1,000.

When applying with Moula, loans under $100,000 will require basic business details and have a link to your bank details. Loans above $100,000 may require additional paperwork.

Moula Business Loan Costs And Fees

Moula business loan costs

Moula is one of the more transparent lenders with its costs. Moula advertises an annual percentage rate (APR) of 14.95% to 34.95% per annum.

Moula calculates the interest you pay using the opening balance at the start of each fortnight. Payments follow an amortisation schedule, which means interest costs do not compound.

The other cost to be aware of is the 2% establishment fee. This covers the costs to commence the loan.

Moula is a signatory of the AFIA industry code of conduct and SMART Box™ statement initiative. If you request a SMART Box™ then you will receive a loan offer in form of a statement which will help you compare loan offers between different lenders objectively. SMART Box™ uses metrics to help you understand your costs and loan terms with lenders.

SmartBox Logo

SMART BOX is the new way to compare business loans. It stands for:

Straightforward Metric 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.

What is Moula Pay

Moula Pay is a kind of credit card or ‘buy now pay later’ (BNPL)  product.

With Moula Pay, the lender will ‘pre-approve’ a total amount you can access from Moula’s credit facility. You can then use the facility with any Moula Pay merchants.

Unlike a business loan where you pay interest for the entire loan from day 1, Moula Pay requires you only pay interest on the funds your drawdown from the credit facility.

As you only pay interest on what you drawdown, has an advantage over a business loan which charges interest for the entire loan. Moula Pay is best for flexibility when you don’t know how much funding you need for purchases or when you will need funding.

One benefit with Moula Pay is that the first 3 months are interest-free. That means if you pay the loan in 3 months, then you will not have any costs.

Quick overview of moula pay product

Moula Pay Qualification

Moula Pay eligbility

To be eligible for Moula Pay, your business will need at least 6 months of trading history and have $5,000 in revenue.

Moula doesn’t publish their minimum credit score as this will vary by factors such as:

  • The financial health of the business and
  • The size of the credit facility

Fast Business Loans checked with the Moula help desk and they indicated your business credit score should be around 550 or higher.

Moula Pay Funding And Loan Terms:

Moula Pay Funding Amount and Loan Terms

Your Moula Pay credit facility can be as high as $250,000 and you can access this facility as many times as you like as long as funds remain.

Each time you use Moula Pay, you will have 12 months to repay the individual transaction. This means each Moula Pay transaction will have its own 12-month schedule.

Repayments are monthly and can be principal + interest or part of the principal + interest. Should you only pay part of the principal, your monthly payment still needs to be at least $1,000.

To help you manage your payments, your Moula account includes a customer dashboard so you can see your repayment schedule at all times.

Moula Pay Fees And Costs

Moula Pay Costs

Moula Pay in many aspects is like a credit card or a ‘buy now, pay later’ product, this means you will have similar costs.

Moula Pay includes a $149 annual fee after 1 year and an interest rate of 3% per month, which is calculated based on the daily outstanding principal across the month.

The first 3 months of each Moula Pay transaction are interest and repayment free. This means if you pay in the first 3 months, then you will pay no interest.

Another way to save on costs is to make early payments as there are no fees or penalties. If you do this, you will only pay interest for the days with an outstanding loan balance. In addition to early repayment, Moula Pay also allows pre-payment, which can be another way to reduce your costs.

Moula Ease Of Application

Moula’s application processes take less than 10 minutes to complete as you provide Moula link your bank or accounting details through your application.

The application process comprises 5 steps.

  1. Start application
  2. Business details – such as an active abn or acn
  3. Personal information
  4. Business data
  5. Final steps

To receive a Moula business loan, you will need to provide business financials. Linking your data allows Moula to assess your business for a loan quickly.

You can link your business financials by linking you accounting data via:

  • Xero
  • MYOB AccountRight
  • Intuit QuickBooks
  • Bank account
  • eBay

While Moula requires only one of these services, the more information you provide, the better Moula can understand your business.

Moula Application Process

Note: There is no option to upload files of your financial statements should you wish to.

  • Overheads
  •  Purchase of stock and inventory
  •  Manage cash flow
  •  Purchase business-related goods and equipment
  •  Purchase materials
  •  Pay invoice and expenses

Moula Funding Speed

Moula funding speed

The Moula loan application process takes less than 10 minutes. Moula will contact you within 24 hours, letting you know how much they can lend you.  You will receive your funds within the next 24 of signing the loan agreement.

Customer service is available Monday to Friday: 8.30 am to 7 pm. You can contact them by 1300 phone, email, website email, and live chat. Fast business loans tested their live chat, you may have to wait a little while but their service is helpful. Expect them to ask if they can ask for information about you so they can best help you.

What Can You Use A Moula Loan For?

Moula allows you to use the loan for any of the following business purposes:

Ways to use Moula loans

Moula requires you to say how you will use the loan as the loan cannot be for personal or non-business purposes.

Moula Customer Service

Customer service is available during business hours through email and phone. There is no live chat available through their website. Fast Business Loans sent Moula some emails to find out more information about them and found their replies timely and helpful. If you do this, expect that Moula will call you each day for a week (if you ignore the calls as we did).

Moula Customer Reviews – Trustpilot

Moula is one of the most reviewed small business lenders in the market. Trustpilot gives Moula a score of 4.9 out of 5 from 1525 reviews, which an excellent achievement. Comments generally have high praise of Moula’s customer service and the level of professionalism they provide.


Our Moula Review Conclusion

Fast Business Loans are like what we see from this financial services lender.

With a loan range of $5,000 to $250,000 for unsecured loans, Moula covers most business needs.  Repayments can be 12 to 24 months, which is very reasonable for loans up to 100% of a month’s turnover or 10% of annual revenue.

The Moula Pay product provides an alternative to the standard business loan. As a buy now, pay later and line of credit hybrid, you only pay interest on what you draw from the credit facility. We just question how many merchants offer Moula Pay, so it remains to be seen how useful clients may find the product.

Moula’s commitment to transparency throughout its process is impressive. The lender is one of very few lenders to advertise an interest rate range for loans on their website. They have no hidden fees and give SMART Box™ quotes. All this means that all the information Moula provides with their quotes is honest and easy to compare with other lenders.

We emailed Moula pay a few times seeking further information and found their responses answered our questions in a helpful way and in a timely fashion. SO we encourage you to use their live chat and email should you have further questions.

About Moula

Since 2013, Moula has been helping Australian small business owners access essential business finance to maintain and grow operations.

Founded by Aris Allegos, Moula is a success story in Australia with helping SME’s as they have been able to adjust their business model to meet the growing demand from small businesses to borrow working capital. In 2019, this Fintech lender increased the credit available to SME by 250 million. A response to the modern needs of small businesses and the difficulty they have in getting loans of significant size from banks.

Moula business details are: ABN: 95 164 875 325 and have their headquarters in South Tower, Level 9, 459 Collins St, Melbourne, VIC 3000, Australia