Lulalend Inventory Loans

Lula ( previously Lulalend) is an online lender that offers a variety of unsecured business funding options including retail financing and inventory loans. They provide quick, easy short-term funding through an online interface.

Some of the sectors that Lula caters to are manufacturing, construction, professional services, retail, hospitality and restaurants.

The company was launched to disrupt traditional lenders with their technology-first approach and by providing accurate and quick loan processing.

• Application process – Lulal’s application process is 100% online. To apply you will be required to share standard personal and business information, as well as upload recent bank statements or link your internet banking account via Yodlee. You can get approved in 24 hours.
• Repayments – With their inventory loans you can choose between 6 and 12-month terms.
• Qualifying criteria – They require that a business have a minimum monthly turnover of R40,000 as well as an annual turnover of at least R500,000 and it must be actively trading for at least one year.

Lula charges a fee (cost) which is based on a % of the principal amount funded. The cost varies between 5% and 12% and is determined based on the risk and overall scoring of the business.

Monthly costs are 3% – 10% of your advanced amount for the first 2 or 4 months (plan dependent) and 2% for each of the remaining months.