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FAQs

Everything you need to know about our fast and easy business funding
General Information

How do I apply?

Lulalend's funding application takes place online. Go to www.lulalend.co.za and click on the Apply Now button, then simply follow the steps and fill in the information required. You will also need to supply some recent financial information.

What if I am an existing client?

Go to www.lulalend.co.za and navigate to Log In at the top right-hand side of your screen. To apply for a re-advance, you would need to resubmit your financial information.

How long does the application take?

The online application takes less than 8 minutes to complete.

How long will it take to process my application?

Provided we have all the necessary information, the assessment and allocation of funds can take place within 24 hours. To speed up the approval process, we recommend linking your online bank account, which allows us to see your bank transactions in read-only format.

What are your payment terms?

Our funding period is over 6 and 12 months.

How does your product differ from a loan?

Loans apply interest rates, while advances apply a fixed cost.

Can I apply for a re-advance?

If you choose to repay over 6 months and you meet your repayments, you can apply for a re-advance in less than 4 months. If you choose to repay over 12 months, you will be able to apply for a re-advance in 8 months.

What if I want to settle early?

If you would like to settle early, no penalties will be charged and all future costs associated with your advance will be waived.

What are the minimum and maximum amounts of finance I can apply for?

Our funding ranges from R20,000 to R1.5 million.

How are you different from other lenders and banks?

Our process is much faster and takes place completely online. We require no paperwork. Our costs are transparent and agreed upon upfront. We do not charge admin or initiation fees and there are no penalties for settling early.

What are the requirements to apply for funding?

We require that your business has a minimum annual turnover of R500,000. Your business must also have been actively trading for at least one year.

What interest rates do you charge?

We do not charge interest. We charge a fee (cost) which is based on a percentage of the principal amount funded. The cost varies between 5% and 12% and is determined by the risk and overall scoring of your business. Visit our funding calculator on www.lulalend.co.za to work out your approximate costs.

How are my repayments calculated?

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

Do you offer personal loans?

No, we only offer business advances and business credit to registered South African companies, close corporations and sole proprietors who are VAT registered.

My business does not make the minimum monthly or annual intake but I have contracts lined up. Can I still apply?

Our affordability assessment is based on your business's historical financial information. We do not take future contracts into account.

Can I apply for funding for a start-up or new business?

You need a successful trading history of at least one year, as well as a turnover of at least R500,000 per year to qualify for Lulalend business funding.

Does my business information remain confidential?

Yes, all information submitted online is treated confidentially and will only be used by the Lulalend team to obtain an application result.

How long has Lulalend been around?

Lulalend was founded in 2014 by business partners Trevor Gosling and Neil Welman.

Is Lulalend registered with any financial bodies?

Yes, we are registered with the NCR and are also a member of the South African SME Finance Association (SASFA).

Can I come to your office to complete a form?

Unfortunately, we only accept online applications submitted via our website or by phoning us on 087 943 2381.

Do you only fund businesses in Johannesburg and Cape Town?

We are an online finance provider and service businesses throughout South Africa.

Can I attach my assets for funding?

No, we only offer unsecured funding. We do not ask for collateral.

Can I apply if my business has a listing or judgement?

Unfortunately, Lulalend will not be able to assist you if you have any adverse listings on your name or against your company's name. You are welcome to apply should these adverse listings/judgements be removed.

How do I sign the legal agreement?

Once you have accepted our quotation, we will send your legal agreement via Quicklysign. You and two independent witnesses will need to digitally sign the agreement on the same computer.

How do I make changes to my application details?

You can contact our support team at support@lulalend.co.za

What happens if I am late with my payments?

You will receive an email notification that the debit order was unsuccessful and will subsequently be contacted by our collections department. A late payment fee will be charged. If no action is taken to settle the outstanding amount, we will then proceed with legal action.

What do I do if my credit profile is incorrect?

You will be required to contact Compuscan and have them update any incorrect information.

I can't remember my Lulalend password, what do I do?

Go to the Login page and navigate to Forgot Your Password? You will then receive an email to reset your password. Our support team cannot do so on your behalf.

What if my business is not registered for VAT?

The VAT registration number is used for verification purposes. If your business is not registered with CIPC we will require a valid VAT registration number. If your business is registered as a PTY Ltd then we do not require a VAT number. If you are a Sole Trader we will need a VAT registration number to proceed.

Financial Information

Do I need to submit financial statements?

We only require your latest 3 month's bank transaction history. All other details are captured during the online application process.

What is Yodlee?

Yodlee is a leading data analytics platform powering digital financial services. This advanced technology makes it easy for clients to upload documents, knowing that their information is 100% safe and protected.

How does Yodlee work?

Yodlee collects data through screen scraping: a technique which collects data and sorts it into categories. Once you have entered your bank details into Lulalend's site, it gets encrypted to ensure that your information cannot be viewed by third parties. Your credentials are securely stored on Yodlee's system and cannot be accessed by anyone else.

Is Yodlee safe?

Yodlee is 100% safe. The application is trusted and used by many major companies such as PayPal, Amazon as well as several global banks. We use it to get a read-only view of your bank transaction history to make a quick funding decision. Your bank credentials are never viewed or stored by us.

How does Lulalend use my online banking profile?

When you link your bank account during the application process, neither Yodlee nor Lulalend have permission to perform any payments, transfers or other transactions using your information. We will see your transactions as read-only. Lulalend uses your financial data for the sole purpose of assessing whether you qualify for business finance.

Can I send you bank statements instead?

You can upload your latest 3 month's formal bank statements in PDF format. Normally, these can be downloaded for free from your online banking platform. Please be advised that scanned copies are unsuitable as we will not be able to extract the data automatically.

Product Information

What is Lulalend's business credit facility?

This is a facility that gives you access to a business line of credit that you can access when the need arises, rather than reapplying for new business finance each time.

What are the benefits of having a credit facility?

Lulalend's business credit facility gives you the peace of mind of knowing you can immediately access business funding when you need it most. You only pay for what you use, when you use it.

How long is my credit facility available for?

As long as you continue to trade well, the facility will be available to you. Please note that you will need to remain linked via your online banking account or online accounting profile (Sage or Xero) to avoid having your facility placed on hold.

How do I withdraw from my facility?

Log into www.lulalend.co.za, go to your client dashboard and navigate to the Credit Facility tab. You will see the available amount that you are able to withdraw. Select the amount and click “Withdraw now”. You will then be presented with a legal agreement to sign online.

What happens to my repayment profile each time I withdraw?

Each withdrawal cancels out your existing repayment profile and puts you on a new payment profile based on the total capital outstanding.

When can't I withdraw from my facility?

You cannot access your facility when you are in arrears on any Lulalend product, when the facility has been placed on hold, or 48 hours prior to your next debit order.

How much does it cost to have a credit facility?

You do not pay to have a credit facility. You only pay for the funds you use.

What will my monthly costs be for the facility?

Every month you pay back 1/6th of the total advanced amount plus the monthly cost. For the first 2 months, monthly costs are 3%-6% of the capital amount drawn down and 2% for each of the remaining 4 months.

How do I increase my facility amount?

Log in to your Lulalend profile and navigate to the Credit Facility tab. You will see a red circle with an arrow next to Credit Facility Limit amount. You need to click on the Arrow and fill in the amount you would like to increase your facility to.

What does it mean if my credit facility is on-hold?

This will occur when the system requires further information which has been flagged for review. A member of the credit team will be in touch with you for more information if required.

Still have questions?

Get in touch with the team at support@lulalend.co.za