Lulalend

About

Lulalend offers a variety of unsecured business funding options. Their business funding amounts range from R10,000 to R5,000,000.

The funds are disbursed within 48 hours of submitting your application.

Lulalend provides industry-specific financing to businesses in the following sectors:  Manufacturing, Construction, Professional Services, Retail, and Hospitality and Restaurants.

APPLY FOR LULALEND FUNDING

• Type Of Funding – Lulalend has six financing options available: Bridging Finance, Credit Facility, Equipment Financing, Inventory Finance, Offer trade credit, and Refinancing.
• Qualifying Criteria – Lulalend offers funding to businesses with a minimum turnover of R500,000 per annum and that have actively traded for at least one year. They will require your latest three months’ bank transaction history.
• Repayment Terms – You can pay back in standard instalments over a six- or 12-month period.
• Application process – To apply online, enter standard personal and business information. Upload your recent bank statements or link your Internet banking account via Yodlee.

Their website funding calculator provides estimates for capital payment, cost and total monthly payment due which is dependent on the loan amount.

Loans can be repaid within six months or 12 months. The repayment is a 1/6th or 1/12th (depending on the plan you choose) of the total advanced amount plus the monthly cost.

The monthly costs are between 2% and 6% of your advanced amount for the first 2 or 4 months (plan dependent) and 2% for each of the remaining months.

An example of how this works is on an R20,000 loan, the total repayment amount is R23,400 on the 6-month repayment plan and R26,800 on the 12-month one.