Facebook Logo Icon

FAQs

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

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.

How to get government funding for your business?
-

Government offers business funding for South African SMEs.

Lulalend’s business funding specialists recommend you establish your business goals and funding needs before you approach a government funder. In many cases, you will need to submit a business plan and cash flow analysis with your application.

Depending on your business, you can apply for a full grant, cost-sharing grant, an incentive, or equity funding. Certain sectors are covered by specialist funds, e.g., green, tourism, agri-processing, manufacturing, and technology. Women and young people may also access special funding programmes.

The Department of Trade and Industry, the National Empowerment Fund, National Youth Development Agency, and the Industrial Development Corporation funds businesses.

If you meet the criteria, organisations like the Small Enterprise Development Agency (Seda) and the Small Enterprise Finance Agency (Sefa) will help you access business funding from the government.

What is Bridging finance in South Africa?
-

Bridging finance is a type of finance used to cover short-term gaps in funding.

For a business owner, bridging finance refers to short-term funding to cover costs while you wait for expected funds to be released. In this way, bridging finance is a cash advance to you.

In South Africa, bridging finance can also refer to the proceeds of a property sale. Based on the sale of your property, a lender will grant you a portion of the proceeds of the sale.

What is a business credit facility?
-

A credit facility is a line of credit you can tap into when you need business funding. When you have a business credit facility, you can withdraw capital whenever you need it, without having to reapply.

What is equipment financing?
-

Equipment financing is a loan to buy physical assets for your business. Once you take out the loan, you repay the money in installments over an agreed term. You might use this type of financing to purchase machinery or vehicles for your business.

What is invoice financing?
-

Invoice financing is short-term financing based on unpaid invoices or accounts receivable.

What exactly does refinancing mean?
-

Refinancing refers to the process of taking out a new loan to pay off other outstanding loans. Businesses typically use refinancing to get a better deal on their interest rates or to consolidate their debt.

Still have questions?

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