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.
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 a six-month period or a 12-month period. 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, on a R20,000 loan, the total repayment amount is R23,400 on the 6 month repayment plan and R26,800 on the 12 months one.
There is no interest charged. Lulalend charges a fee (cost) which is based on a percentage of the principal amount funded.
Slightly higher fixed costs amount.
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