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Moola Loan review

If you need financial help in an emergency, a $1,500 Moola Small Cash Loan may be an option.

Moola is an online New Zealand lender offering small cash loans ranging from $500 to $1,500 for a period of 92 to 184 days, which is an option to help you cover unexpected expenses, from emergency bills to car repairs.

You can apply for a Moola Small Cash Loan online and borrow up to $1,500. You can borrow to the maximum of 48% of your income, provided you fit Moola’s basic eligibility criteria. Read on to find out if you can qualify for a Moola Loan.

Short-term loans are only suitable to address temporary, short-term cash needs, they are not intended for long-term or regular borrowing. Subject to responsible lending inquiries. Terms, conditions, fees and interest apply.

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292% p.a.
(fixed for the term of the loan)

Loan Interest


Max Loan Amount


Minimum Income


ProductMoola Loan
Product NameMoola Small Cash Loan
Loan Interest292% p.a.
(fixed for the term of the loan)
Max Loan Amount$1,500
Loan Term92 - 184 days
More Info

⚠️ Warning: Be cautious with short-term loans

If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the MoneyTalks helpline operated by FinCap on 0800 345 123. It is open from 8am to 5pm, Monday to Friday, and 10am to 2pm Saturday. When comparing short-term loans, ensure you take into consideration any fees, charges and rates you may be charged.

Alternatives to short-term loans

Consider these alternatives before applying for a payday loan:

  • Use online Government resources. The Commerce Commission New Zealand website explains how loans work and what to be aware of when borrowing from a lender.
  • Payment plans. Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan or receive an extension on your due date if you’re behind on payments.
  • Contact your creditors. Speak with creditors about extending the due date of your payment, or working out a new payment plan that works for both of you. Seek personal loans elsewhere. Consider a small personal loan from a bank or a credit union. You may qualify for a loan with much lower interest rates than those offered by payday loan companies.
  • Pay with credit card. Consider paying with your credit card to cover your emergency bills or payments. This is not a long-term solution, as you’ll need to pay off the balance as soon as possible, but it’s an alternative to a short-term loan with high – and immediate – interest rates.

Short-term loans from Moola

Moola offers short term loans and only allows you to borrow up to 48% of your net pay during the loan term.

Moola Small Cash Loan

  • $500 to $1,500
  • Term of 92 to 184 days
  • 0.8% daily interest rate
  • First-time borrowers can now borrow up to $1,500

Things to consider when taking out a Moola Loan

If you need cash before your next payday a short-term payday loan is an option. Moola’s short-term loans range from $500 to $1,500, covering you for a wide variety of unforeseen expenses. Keep in mind, short-term loans should not be used as a long-term financial solution.

Features of a Moola loan

  • Flexible loan terms. You can take out a Moola loan for between 92 to 184 days, which allows you to tailor your loan to your specific needs.
  • Quick cash transfer Once approved, funds are often available and transferred to your bank account in under 60 minutes.
  • 36-hour default fee. If you miss a payment for whatever reason but are able to make the payment within 36 hours, Moola will not charge you a default fee. The lender encourages you to get in touch with them as soon as you are experiencing difficulty with repayments so they can help you find the best solution.

How much will it cost you to borrow from Moola?

All Moola loans come with an establishment fee of $0 and short-term loans have a daily interest rate of 0.8%.

Additional fees may include the following:

  • Default fee – $20.08
  • Wage deduction fee – $29.78

Are Moola loans safe?

Moola is a New Zealand Registered Financial Service Provider and governed by the Credit Contracts and Consumers Finance Act. The provider belongs to the dispute resolution scheme Financial Service Complaints Limited. You can contact Moola during business hours on 0800 003 011.

How to apply for a short-term loan from Moola

Applying involves the following steps:

  1. Use the “design your loan” tool on the Moola website to determine the total cost of your desired loan.
  2. Fill out the online application with bank account information, email address and cell phone number.
  3. Sign the loan documents online.
  4. Wait for Moola to verify your employment details and application information.
  5. Once accepted, funds will be transferred and are often available in under 60 minutes

    To qualify for a Moola short term loan you must:

    • Be over 18
    • Be a New Zealand citizen, resident or hold a current working visa
    • Not be bankrupt
    • Be receiving ongoing income (beneficiaries are not eligible)
    • Have your wages regularly deposited into your bank account
    • Have an active email account, cell phone and access to the internet
    • Complete Moola’s online application
    • Pass the required Moola employer check

    Frequently asked questions

    NZ Fintech Limited is registered with the Registrar of Financial Service Providers. Their registration number is FSP211325.

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