Prospa vs Moula: two online lenders, compared on the details that matter

Prospa and Moula are both Australian online lenders that read your bank data, make quick decisions and fund small businesses without asking for property on smaller amounts. From a distance they look interchangeable. Up close, they differ in four ways that can make one clearly better for your business: who qualifies, how many products there are, how often repayments leave your account, and what it costs to get out early.

Everything here comes from each lender’s own website as at October 2026. Lenders update criteria often, so confirm the details with them before you apply.

Prospa and Moula at a glance

	Prospa	Moula
Products	Small Business Loan; Business Loan Plus (property-secured); Business Line of Credit	One unsecured business loan
Loan amounts	$5k to $500k; $500k to $1m on Business Loan Plus	$10k to $500k
Line of credit	$2k to $500k	Not offered
Maximum term	Up to five years	Up to five years
Minimum trading	6 months (loan); 2 years (line of credit); 3 years (Business Loan Plus)	12 months
Turnover minimum	Over $6k a month	$10k a month in sales
Other requirements	Active ABN, driver’s licence, good credit history	ABN or ACN, GST registration
Repayment rhythm	Weekly	Fortnightly, fixed amount
Security	None upfront to $150k of Prospa funding; property above that	None upfront to $150k; personal guarantee for companies
Decision speed	Often around an hour in business hours with bank verification	Usually within 24 hours
Early payout	Any time; payout includes a charge on remaining principal	Penalty-free in full after three months

Who can actually apply?

Eligibility splits the two before anything else does. A business that’s eight months old, or one turning over $7k to $9k a month, falls inside Prospa’s published criteria and outside Moula’s. Moula’s three hurdles are higher: a full year of trading, $10k a month and GST registration. That last one quietly excludes some sole traders and service businesses that sit under the GST registration threshold and haven’t registered voluntarily.

Once a business has cleared a year and $10k a month, both are open to it, and the decision turns on the other differences. If you’re below either line, our pages on new business loans under 12 months and low turnover businesses set out other routes.

One product or three?

Moula keeps it simple: a lump-sum unsecured loan with a fixed fortnightly repayment. For a single, known cost (a fit-out, a vehicle, a stock order, a tax bill), that simplicity is a strength.

Prospa covers more ground. Beyond the term loan, it publishes a line of credit for businesses trading at least two years, where you draw, repay and redraw, paying interest only on the balance used plus a weekly service fee. It also has Business Loan Plus for $500k to $1m, secured by property, aimed at businesses with three years’ history. Where the real need is a cushion against uneven months rather than one purchase, a revolving limit can be the cheaper tool, because idle money isn’t costing you. Our comparison of a line of credit vs a term loan explains when each fits.

Weekly or fortnightly: does it matter?

More than most owners expect. Take a borrowing that costs $2,400 a fortnight. At Prospa, it would come out as roughly $1,200 every week. At Moula, as one $2,400 debit every second week.

• Daily-takings businesses such as cafés, retailers and salons usually prefer weekly debits, because each week’s sales cover each week’s repayment.
• Invoice-paid businesses such as consultants, trades on progress claims and B2B suppliers often find fortnightly easier, because cash lands in lumps and a weekly debit can hit an empty account between payments.

Look at your last six months of bank statements and find your weakest fortnight. The repayment should still clear comfortably there. Our guide to daily, weekly and monthly repayments goes deeper.

What if you pay it off early?

This is where the two diverge most clearly in cost.

Moula says the minimum term is three months. Paying out in full before then attracts a prepayment fee, and partial lump sums aren’t accepted. After three months, you can clear the balance with no penalties or charges.

Prospa lets you repay in full at any time. The payout figure is the remaining principal, interest accrued to the payout date, a charge calculated as a percentage of the remaining principal, and any outstanding fees.

If you expect a big payment to land (a contract milestone, a property sale, an insurance claim) and plan to clear the loan within a year, Moula’s approach will usually leave more of the saving with you. If you’ll run the loan to term, the difference fades and the other features matter more. Either way, ask each lender for a written payout figure at, say, month six. The early repayment guide explains what to look for.

Want a second opinion on which suits your numbers? Send us the basics; the form takes a minute or so and doesn’t touch your credit file.

When does Prospa win?

• Your business is between six and 12 months old, or turns over less than $10k a month.
• You want a line of credit rather than a lump sum, and you’ve traded for two years.
• You need more than $500k and can offer property, via Business Loan Plus.
• Speed matters to the hour: Prospa says decisions often come within about an hour in business hours when you connect your bank.
• Your takings arrive daily and a weekly debit matches the rhythm.

When does Moula win?

• You’ve traded over a year, turn over $10k a month or more, and are GST registered.
• Your income arrives in lumps, so fortnightly repayments fit better than weekly.
• You’re likely to pay out early, after the three-month mark.
• You’re a sole trader, where Moula says no separate personal guarantee is needed.
• You want one simple loan with a fixed repayment you can set and forget.

An illustrative example

A Hobart landscaping business has traded for three years and turns over about $45k a month, but invoices are paid on 14 to 30 day terms. The owner needs $80k for a second ride-on mower and a trailer ahead of spring, and expects a large council contract payment in eight months that could clear the loan.

Both lenders’ criteria fit. Fortnightly repayments suit the lumpy invoice income better than weekly ones, and Moula’s penalty-free payout after three months suits the plan to clear it early. Moula looks the stronger fit for this owner. Change one fact, so the business is nine months old instead of three years, and only Prospa’s criteria are met. And if the asset itself could be the security, equipment finance might beat both on cost.

How do the banks compare?

If your business banks well and has two years of financials, your own bank may beat both online lenders on total cost, and that offer deserves a serious look. Online lenders earn their place on speed, lighter paperwork and more flexible criteria. If the bank has said no, or can’t move fast enough, that’s when Prospa and Moula come into their own. See fintech lender vs bank for the broader trade-off.

Your decision checklist

1. Do you meet each lender’s trading, turnover and GST minimums?
2. One amount, or an ongoing buffer? Only Prospa offers a line of credit.
3. Which repayment rhythm fits your weakest fortnight?
4. Will you pay out early? Get written payout figures from both.
5. What’s the total dollar cost over the time you’ll hold it? Compare both offers in the loan cost comparison calculator.
6. How many repayments are already going out? Stacking a second online loan on a first rarely ends well; see existing online loans.

Still torn between the two, or neither fits?

Comparing two online lenders is useful; finding out you’d be better off with a different kind of loan altogether is more useful. That’s what our team does every day: look at trading history, turnover, credit and timing, then point you to the type of lender that suits.

The enquiry is short, around a minute, and making it has no effect on your credit score. We keep your details in-house instead of forwarding them to a list of lenders, and a real person reviews your situation before phoning. Put down your true turnover and time in business, and the first suggestion is far more likely to be the right one.

Get a straight answer on your options →