How do I qualify?
What you’ll need
1. Borrow $100 to $5000; 2. Customers receive for the first time a maximum loan amount of $ 500; 3. While the second time customers receive up to $ 1,000 if the loan amount is available.
From 2 to 368 days
1. You must also be over 18 2. New Zealand citizen or resident 3. Not be bankrupt 4. Be in ongoing employment (we can’t lend to self-employed or beneficiaries) 5. Have an active bank account your pay goes into on regular paydays 6. Access to a device with internet connection 7. Your own active email address 8. Must own an active cell phone 9. Complete online application 10. Pass our employer checks
What is Moola
It’s a common occurrence to have a low balance in one’s account at the end of a month, but usually, it’s enough to get through until the next paycheck. Occasionally, however, you might run into an emergency that requires more cash. In this case, a payday loan service, such as Moola, can prove beneficial.
Moola is a payday loan service that allows applicants to borrow from $100 up to $5,000, but first-time borrowers can only borrow up to $500. You can borrow the amount for 2 to 184 days to help cover up unexpected or emergency costs. It’s a reliable service for Kiwis to access same-day cash via a quick and safe application process.
What Can it Offer
There are three types of loans; short, mid, and long term.
- Borrow from $100 up to $1,000;
- Loan term of up to six weeks;
- Per day interest rate of 1.7%.
- Borrow from $1,000 to $2,000;
- Loan term of up to 17 weeks;
- Per day interest rate of 0.9%.
- Borrow from $2,000 to $5,000;
- Loan term of up to 26 weeks;
- Per day interest rate of 0.67%.
How it Works
Design your loan: Using the sliders, work out how much you want to borrow, when you can pay it back and we’ll tell you how much you’ll have to pay all up.
Apply online: It takes around 5 mins, have your personal details like bank account number, email address and cell phone number handy.
Sign loan documents online: As a totally paperless loan application, you sign loan documents online. We’ll also send a copy of the agreement to you by email.
Employment check: As part of being a responsible lender, we need to verify employment details and your application information in order to approve it.
Loan payout: Once approval happens, we pay the loan within 60 minutes guaranteed so you get the money seriously fast.
Loan repayment: We set up an automatic payment from your account in accordance with your schedule. Once you’ve made repayments you can borrow again, subject to our lending criteria.
How to Apply for a Loan from Moola
On the Moola website, you can design a loan so it suits your needs. You can borrow up to 48% of your income, provided that you fit the eligibility criteria.
- Once you’re on the landing page, you can select a loan amount and enter how long you need it for. It gives an estimate of how many weekly payments you have to make, along with an approximate repayment value.
- Next, you fill in an online application. Moola will receive this, run a few checks on the provided information, and process the application for approval.
- After approving your loan application, the loan amount is transferred to your bank account immediately. Usually, it’s available for withdrawal within an hour or so.
- You will be provided with a simple repayment schedule that shows how much to repay at what time.
Paying Back Your Moola Loan
You should know that Moola sets up automatic payments to make it easier for borrowers to make repayments. This means direct debits to withdraw repayments from your bank account directly, on your payday.
In the event that you are unable to pay back a loan, you’ll be charged with default fees. After missing on one complete payment, the company lodges a default against the borrower’s credit report. To avoid this situation, it’s best to contact Moola directly to inform them and discuss your options.
Eligibility Criteria for Moola Payday Loans
The website lists three main factors as criteria. You need to:
- Be connected via phone and email address (this includes having computer access because Moola solely operates online)
- Be employed (not be in bankruptcy)
- Have an active bank account
Of course, there are other standard requirements. You can read about them on the website.