Are you planning to go into business but don’t have enough money to start operating? Banks may offer business funding but this can also be a hassle since they usually have a lengthy process in approving loan requests.
Lulalend is a financial institution which can help in this instance by providing small business loans to entrepreneurs in South Africa. This Fintech firm hopes to improve business lending and providing access to growth capital, particularly funding to SMEs.
LulaLend Business Funding
Lulalend is a lending company that believes in the contributing power of small businesses on the growth of the South African economy. This is why they stand as one of the leading solutions in getting business funding in South Africa.
Lulalend offers R20 000 to R500 000 for their small business loans to South African owners. Their loan terms are easy to understand. They’re also very transparent with their loan fees to make sure you don’t get taken aback by hidden charges.
They have no restrictions on how you should use the borrowed funds. You can use it to fund your expansion, buy new equipment, or pay for employee salaries.
LulaLend Application
Forget about visiting a bank branch several times just to apply for a loan. You can get small business loans in South Africa by filling out the online application form available on Lulalend’s website. Similarly, you can apply by calling them and having their operators assist you in the process. Lulalend is able to provide a short-term funding decision in minutes.
You have to provide them some business and personal information necessary for processing your request. You also have to attach a copy of your bank statements as proof of your business’ annual revenue.
Lulalend’s scoring algorithm will evaluate your business performance to determine the loan terms best suited to your financial status. With Lulalend, you have a higher chance of getting your business funding approved compared to traditional lenders.
Banks and other traditional lenders may take up to 12 weeks to process your request. Lulalend, on the other hand, knows how important time is for business owners. This is why they provide all the time they can to be able to reach a decision within minutes after receiving your request. Once approved, with their lending process, they can deliver the funds you need within 24 hours.
Interest & Fees
Every month you pay back part of the loan and a small monthly cost which varies from from 2% to 6% for the first 2 – 4 months (plan dependent), depending on your credit history and the score their lending algorithm gives you, and then 2% monthly payment for the remaining months.
You can use the loan calculator they have on their site to determine the cost and monthly repayments you need to do for a specific loan amount. There are no hidden costs and no early repayment fees.
Repayment Schedule
Lulalend offers flexible repayment terms to the small business loans they provide to South Africans. Repayment terms range from 1 month to 12 months.
Lulalend allows early repayments so you can save more money in the long term. They won’t charge any early repayment fees in case you want to make advance payments.
Along with the other documents you’re required to submit, you may also be requested to provide your internet banking account where the repayments will automatically be debited.
Loan Eligibility Requirements
You have to comply with the minimum requirements Lulalend asks from those who are looking for business funding in South Africa.
- The business should be incorporated and located in South Africa
- Your business should be in operation for more than a year
- Your annual revenue should be more than R500 000
LulaLend Contact Details
Lulalend was founded in 2014 by Trevor Gosling and Neil Welman. They give high importance to customer service satisfaction. This is why they’ve allocated a number of dedicated representatives to answer any questions you have regarding their products.
To get in touch with Lulalend for your queries and concerns, you can fill out the contact form available on their website. You can also phone or email them using the following information:
Phone number: 087 943 2381 or 021 201 1550
Email: support@lulalend.co.za
You can also drop by their office if you have time. Their office is situated at:
Office Address: 1st floor 81 Church Street, Cape Town, WC 8000
