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Moola Payday Loan Review

Sarah Brandon

Last updated: Apr 27, 2020

If you need financial help in an emergency, a $2,000 Moola Payday Loan may be an option.

Moola is an online New Zealand lender offering loans ranging from $750 to $2,000 for a period of 91 to 182 days, which is an option to help you cover unexpected expenses, from emergency bills to car repairs.

You can apply for a Moola loan online and borrow up to $2,000. 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 Payday Loan.

292% p.a.

Loan Interest

$2,000

Max Loan Amount

N/A

Minimum Income

Details

Product Name	Moola Payday Loan
Loan Interest	292% p.a.
Max Loan Amount	$2,000
Loan Term	Up to 182 days
Turnaround Time	Same day
	Go to site More Info

Establishment Fee	$0
Account Administration Fee	N/A
Minimum Monthly Repayment	N/A
	Go to site More Info

Requirements	- You must be over 18 years old - A New Zealand citizen, resident or with a valid working visa - Not be bankrupt - With ongoing income - With active bank account your pay goes into on regular paydays - Have your own email, active mobile phone and internet access - Pass the employer check
Minimum Age	18
Minimum Income	N/A
	Go to site More Info

Sarah Brandon

Sarah Brandon is an editor at Finder. She has a degree in Psychology from New York University and loves learning about why people do what they do. Sarah has researched and written about a wide range of topics, from pool fences to private jets to personal loans. But no matter the subject, her number one priority is figuring out what information our readers need to make the best decisions.

⚠️ 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 8:00am 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 works 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.

What's in this guide?

Short-term loans from Moola
Things to consider when taking out a Moola Payday Loan
A Moola loan offers the following features:
How much will it cost you to borrow from Moola?
Are Moola loans safe?
How to apply for a short-term loan from Moola
Frequently asked questions

Short-term loans from Moola

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

Short term

$750 to $2,000
Term of 91 to 182 days
0.8% daily interest rate
First-time borrowers can only borrow up to $1,000

Things to consider when taking out a Moola Payday Loan

If you need cash before your next payday a short-term payday loan is an option. Loans from Moola range from $750 to $2,000, 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.

A Moola loan offers the following features:

Flexible loan terms. You can take out a Moola loan for between 91 to 182 days, which allows you to tailor your loan to your specific needs.
One-hour cash transfer. Once approved, your bank should transfer your loan proceeds to your bank account within 60 minutes of loan approval for no additional fee. Keep in mind, you can apply online 24/7 but loans are not paid out after 7:00 pm or at the weekend.
24-hour default fee. If you miss a payment for whatever reason but are able to make the payment within 24 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:

Direct debit cancellation fee – $20.00
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 at 0800 003 011.

How to apply for a short-term loan from Moola

Click “Go to Site” to start your application.

Applying involves the following steps:

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

Eligibility

To qualify for a Moola short term loan you must:

Be over 18
Be a New Zealand resident or citizen
Not have declared bankruptcy
Have ongoing employment
Have your wages regularly deposited into your bank account
Have access to email and a cell phone
Pass the required Moola employer check.

Frequently asked questions

If you cannot make your repayment and do not get in touch with Moola within 24 hours to arrange payment, you will be charged a default fee of $20.08. After 10 days, or more than one missed payment, Moola will lodge a default against your credit report, for which they charge $20.00 (this is added to your loan repayments). If you are having trouble paying back your loan contact Moola directly on 0800 003 011 to go over your options.

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

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