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Jargon buster

Jargon Buster A - C

Jargon Buster D - P

Jargon Buster Q - Z

A - C

Select a term from the list below to view our definition:

Agreement

An agreement is a contract or arrangement made between two individuals or groups that regulate the terms of the loan. By signing an agreement the borrower is responsible for holding to the repayment conditions. You need to understand all the costs and terms of the agreement before signing.

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AIR

AIR is short for annual interest rate. It’s a standard industry measure that lets you compare and contrast the costs of different loans.

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Application fee

The application fee is the fee charged by the lender for administration costs.

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Arrears

If a borrower’s loan repayments are overdue they are said to be in “arrears”. Being in arrears can affect your credit rating and your ability to get future loans. That is why it is important to ensure you can repay your loan.

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Bank

A bank is an institution where individuals and groups can invest or borrow money, they also provide other services like foreign exchange.

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Bank loan

Bank loans can be used for either personal or business purposes. Most personal loans are a minimum of a $1000 and require the borrower to repay the money over at least a year. To get a bank loan normally requires meeting with the bank manager as well as undergoing a full credit check. Even long term bank customers have trouble securing a bank loan.

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Bridging loan/Bridging finance

These temporary loans are used to help people buy a new property before their old property has sold.

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Budget

A budget is a means of controlling expenditure. Making a budget for your personal finances is a prudent method of managing your money. The best rule is to spend less than you earn!

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Cash advance

This is synonymous with cash loan (see below).

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Cash advance online

Cash advance online is synonymous with online loan (see online loan above).

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Cash loan

A cash loan is a loan given against a prearranged line of credit, like a loan agreement. The term is usually used to describe a small short term loan, contrasting with bank loans, which are generally for larger amounts over longer time periods. Moola offers cash loans.

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Charges

Charges refers to the money paid to a financial institution for services provided. It also refers to penalties financial institutions may charge if their terms of use are broken or their services are misused.

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Credit balance

Credit balance refers to the amount of money you have in your bank account when you have a positive balance (known colloquially as being “in the black”).

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Credit card

Credit cards are a plastic card (like an EFTPOS card) which allow the card holder to borrow money up to a set limit so that they can pay for goods and services. Most credit cards have a higher rate of interest than other types of unsecured loans.

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Credit check

A credit check is used by lenders to verify your credit history and is made through a credit reference agency (see below).

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Credit limit

A credit limit refers to the maximum amount of money a person can borrow. The credit limit is set by the credit lender. Moola has a credit limit of $500 for first and $5000 for second time customers.

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Credit rating

A credit rating is used to assess if you are a good person to loan money to. Credit ratings are “scored” from a variety of questions a lender asks regarding your financial history, current assets and liabilities. This information helps the lender to judge whether you will be able to pay off the loan. A bad credit rating indicates a higher risk meaning that a lender would either charge a higher interest rate or decline the loan.

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Credit reference agency

Credit reference agencies are organisations that collect and store information about people’s credit history. They generally provide this information in the form of a credit rating (see above) to lenders to help them evaluate the person’s ability to repay the loan. Two leading credit agencies in New Zealand are Veda Advantage and Dun and Bradstreet.

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Credit report

A credit report is a summary of a person’s credit history. Organisations like banks and credit reference agencies gather the data required to generate a credit report. The report is usually composed using information like past borrowing behaviour, previous loan applications, court judgements and previous defaults on any payments. Lenders purchase these credit reports to assess whether an individual is suitable for a loan. You can apply for your own credit report from one of the credit reference agencies.

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D - P

Select a term from the list below to view our definition:

Debt

Debt is money owed to an individual or group. If you need advice on debt then you should ask the helpful people at the Citizens Advice Bureau.

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Direct debit

Direct debt is an order given to a bank instructing it to transfer money to a third party’s account on agreed dates, typically in order to pay bills.

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Early repayment

Early repayment is when you repay a loan before the previously arranged date. Early repayment is a statutory right with respect to all consumer credit contracts in New Zealand. While other loan structures may charge fees for early repayment, Moola doesn’t. We only charge interest until 4.30pm on the day you repay and any direct debit (see above) or other payment fees required to make the payment.

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Fast cash

This term is synonymous with fast loan (see below).

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Fast loan

A fast loan is a short term loan (see short term loan below) which is put in your bank account in a short amount of time.

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Faxless instant loan

This is a loan that is done online with no need to fax in documents. Moola provides faxless instant loans.

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Fixed interest rate

A fixed interest rate is when the interest rate stays the same for a specified length of time.

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Gross

This is the total amount of cash before any deductions like tax or fees are made.

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Gross interest rate

A gross interest rate is the interest earned before income tax is deducted.

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Instant loan

An instant loan is generally a small short term loan designed to help the borrower meet costs until the next payday.

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Interest

Interest is either the amount you pay for borrowing money or the amount you receive for saving money. Generally interest is given as a percentage rate over a length of time (see AIR for one example of interest).

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Interest rate

The interest rate is the exact amount of interest (see above) that you pay borrowing money or the amount you receive for saving money, given as a percentage over a length of time.

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Loan

A loan is an amount of money which has been borrowed on the condition it is repaid under the agreed terms and conditions. There are many types of loans, Moola provides short term cash loans.

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Loan calculator

Moola has an online loan calculator that helps you work out how much money you want to borrow, when you can pay it back and how much it will cost you.

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Loan period

The loan period is the length of time the money is borrowed for or the length of time between the loan being given and repayment. Moola’s loan period is between 2 - 170 days.

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Net

Net refers to the amount of money after all the deductions, like tax and fees, have been made from the gross (see above).

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Net interest rate

Net interest rate refers to the rate of interest payable once the deduction of NZ income tax at the legally specified rate has been made. This rate may vary depending on the circumstances of the individual.

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Online instant advance

Online instant advance is synonymous with online short term loan (see online short term loan below).

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Online short term loan

An online short term loan is a loan of a short duration which can be applied for on the internet. Moola specialises in online short term loans.

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Paperless instant loans

Paperless instant loans are loans which are applied for online, meaning they require no paperwork, and are generally paid back on the next payday.

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Penalty charges

Penalty charges are charges accrued if the terms of the agreement are broken and include late payment fees.

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Promise date

The promise date is the date the loan will be repaid as specified by the borrower .

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Q - Z

Select a term from the list below to view our definition:

Quick loan

Quick loan is synonymous with a fast loan (see fast loan above).

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Rate

Rate refers to the amount of interest the lender is charging on the loan, often referred to as the rate of interest.

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Responsible lending

Responsible lending is at the core of Moola. A responsible lender only lends money to people who can repay it and ensures that the borrower knows and understands all the terms of the loan.

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Same day loans

Same day loans are short term loans that the borrower receives on the same day that they applied for the loan. Moola provides same day loans.

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Secured loan

Secured loans are loans that allow the lender to reclaim the loan value from one of your assets if the borrower doesn’t keep up to date with payments. Mortgages are generally secured loans.

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Short term loan

Short term loans are loans of limited duration, though the exact amount of time depends on the lender. Moola offers short term loans of between 2 - 170 days and are intended to help the borrower make ends meet until the next payday.

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Sixty minute payment guarantee

Moola guarantees to have the money in your bank account within sixty minutes of your loan being approved, if your bank has the capability.

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Term

Term refers to the time period that the loan will be repaid in.

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Total amount payable

Total amount payable refers to the total amount needed to be repaid on the loan and usually includes interest and administration fees.

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Unsecured loan

Unsecured loans are loans where the lender does not have instant rights to reclaim the loan value from your assets if you fail to keep up to date with loan payments. This doesn’t mean there will not be penalties if an unsecured loan is not paid though, just that the lender cannot reclaim assets.

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Verification code

Moola will send you a verification code to your cell phone and email during the application process.

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Variable interest rate

Variable interest rate is an interest rate that can increase or decrease as you pay your loan back.

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Wage deduction authority

Wage deduction authority assigns your wages, salary or commissions and holiday pay to be paid to the lender if you fail to repay your loan under the agreed terms by the due date.

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