How it works

How it works

What we do

The loan process

Our criteria

What we do

What we do at Moola is pretty straightforward: we offer fast little loans online for people who need cash before their next payday. Life is full of surprises, some good and some bad. We can take the sting out of urgent bills, like car repairs or doctor’s fees, and we can help with the fun stuff too, like fast selling concert tickets or deals on cheap flights.

Just use the sliders on our homepage to work out how much you want, when you can pay it back and we’ll tell you how much it will cost all up. No hidden fees, no small print. Our aim is to make the entire process as quick and simple as possible, which is why you can do the whole thing online.

  • The online application process usually takes about 5 minutes to fill out and if you meet our criteria the money will be in your account in 60 minutes, guaranteed.
  • Our loans range from $100 - $5000 over 2 - 170 days. First time borrowers can get a maximum of $500, repeat borrowers up to $5000.00 as long as their income is sufficient to service the loan.
  • We take the money out of your account using direct debit on your payday, depending on your pay cycle, you can either pay it back in one lump sum or up to four equal repayments.

We pride ourselves on being a responsible lender and that means making sure that all our customers understand the costs and obligations of their loan, so if you have any questions either keep reading, refer to our Q&A or talk with our online help team.

Our loans are often referred to as payday loans, as they are designed to help the borrower cover costs until their next payday. They are a short term solution to relieve temporary cash flow problems and should not be used in an ongoing basis, there are other loan types available if you need longer credit solutions or debt consolidation

We offer short term credit of between $100 - $5000 over 2 - 170 days throughout New Zealand. The entire application can be completed online in as little as 5 minutes and once the loan has been approved the money will be in your account within 60 minutes guaranteed.

For first time customers, the maximum loan amount is $500 and repeat customers can get up to $5000.00 as long as their income is sufficient to service the loan.

We don’t want you to get trapped in a debt cycle so the maximum amount we will lend will have repayments no more than 40% of your net pay and we only offer credit to people who meet our standard criteria.

We are upfront about all our fees, we charge between 0.50% and 1.50% per day on the unpaid balance plus an application fee and a fee direct debit. Please refer to our fees table for the specifics per loan type. You can play around with our online calculator before you apply so you can work out how much you will have to pay in total.

We do offer an extension on the loan for a fee but you need to call us at least 24 hours before the payment is scheduled to ensure we can process the extension. Please refer to our fees table for the specifics per loan type.

If you fail to keep your side of the deal and miss your loan repayment we will charge you an $23.00 default fee. If you miss more than 2 payments we may ask your employer to make a wage deduction and the default may be registered with an External Debt Collection Company. Repeated failure to repay your loan may result in us taking you to the District Court to recover the money.

The loan process

  1. Design your loan: using the sliders on our home page you work out how much you want to borrow, when you can pay it back and we will tell you how much you will have to pay all up. Just remember you can only borrow an amount where repayments will be a maximum of 40% of your net income and the whole loan needs to be repaid within 170 days. Once you are happy with your loan amount and repayment schedule you can move onto the application process.
  2. Apply online: You will be asked to complete the online application which should take around 5 minutes. Make sure you have personal details like your bank account number, email address and cell phone number on hand when you fill out your application.
  3. Sign loan documents online: To make the process as quick and simple as possible we have developed our own state of the art system that allows you to sign your loan documents online without a printer or fax. This is a totally paperless loan application. You will be sent a copy of the agreement by email for your own records and disclosure purposes. Now all you have to do is sit back and wait for us to do our part.
  4. Employment check: As part of being a responsible lender we need to verify your income and personal details with your employer. Providing our staff can verify your employment details with your employer and your application information your loan is likely to be approved.
  5. Loan payout: Once we have talked to your employer we will pay the loan within 60 minutes guaranteed. Our state of the art banking system allows us to credit your account immediately meaning you get the money in no time.
  6. Loan repayment: Repayment is simple, we set up a direct debit from your account in accordance with your repayment schedule so you don’t have to do a thing. Once you have repaid your loan you can borrow from us again next time you need cash.

Our criteria

To get a loan from Moola you must meet all of these criteria:

  • You must be over 18.
  • You must be a New Zealand citizen or resident.
  • You must not be bankrupt.
  • You need to be in ongoing employment, we don’t lend to self employed or beneficiaries.
  • You need an active bank account that your pay gets credited into on regular paydays.
  • You need access to a computer as the application process is 100% online.
  • You need an active email account.
  • You must own a cell phone.
  • You must complete the online application.
  • You must pass our employer checks.
Apply now!