In January 2020 a finance broker put me in touch with Moula for a business loan and the process was smooth and efficient and I posted a 5 star review. Having almost payed off the loan, in June 2021, I applied for $10,000 loan, which was initially rejected the reason being they did not feel I could service the loan. I was so upset because I had never defaulted and I never called them for information regarding relief or assistance with payments during Covid lockdowns. After a negative review here, I was immediately contacted by a manager at Moula and they immediately reversed the decision. This week I again asked for a mere $10,000 loan, having mostly paid off the first loan and again I was rejected. The reason provided was they felt my income was insufficient to service and it was too risky! My earnings between 14 July 2021 and 12 November 2021 have exceeded $110,000!!! According to Moula this is insufficient to service $10,000 loan mind you the costs of the convenience for a quick loan is horrific. Their website claims "We're all about backing good business, so we want to see you take advantage of growth opportunities when and wherever possible". Apparently my business is not good enough! I have my earnings invested in other assets and I was avoiding and hoping not to have to sell to tie me over for a short term until my next payment is due in January from my business. The broker who introduced me to this company is not happy.
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Moula was founded in 2013 to help hard-working business owners in Australia access the business finance they need to grow. In the past, getting a business loan meant going through weeks of paperwork, hassle, and hurdles. We use data to assess your business loan application, which means we can keep things fast and painless. Our team are finance industry experts who are passionate about using technology to simplify small business finance and backing good business.See more
