I had the worst experience with Moula. We borrowed money under our business, and the loan term was for two years. Before the loan expired, we requested a payout figure, but this was not provided until we stopped making the regular repayments. Moula then placed a default against the company, and they did not update the default status until I lodged a complaint with AFCA. Only after that did they begin taking action and finally updated the default to “paid.”
Their customer service has been extremely difficult to deal with, and the Head of Finance was also unhelpful. I would not recommend that any small business borrow from them. On top of everything, their interest rate is unreasonable. Small businesses often need quick financial support, and while Moula can be fast, you end up paying the price through high interest rates and poor customer service when you need assistance.
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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
