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.