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Business Loan

Alternative Business Loans and Finance

At Lulalend, we’ve designed business loans just for SMEs like yours. You don’t need any physical collateral. You apply in minutes online and get funded in 24 hours. And with our credit facility, you can have instant access to a line of revolving credit, without needing to reapply. It’s the easiest way to access up to R1,5 million.

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How do I qualify for an Unsecured Business Loan?

Banks have stringent minimum requirements to qualify for business loans. You’ll need physical collateral, significant amounts of minimum revenue, volumes of documents, and longer trading history. Show more

It’s why alternative funders like Lulalend are meeting the needs of business owners. With Lulalend, you don’t need any physical assets as collateral. Minimum requirements are designed for SMEs. If you’re trading for one year and have turnover of R1 million, you can apply for funding with Lulalend.

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What is a good credit score to get a business loan?

Typically, between 640 to 700 is a good personal credit score. However, your personal credit score is different from your business credit score. If you’re applying for a business loan, your personal credit score is one of several data points lenders consider when they model your risk. Show more

At Lulalend we don’t rely too heavily on credit scores to assess your application. Because we use scoring technology that does a real-time assessment of your business, we can make an accurate judgement to get you the best funding deal. And with our credit facility, you can have instant access to a line of revolving credit, without needing to reapply. It’s why Lulalend offers the easiest way to access R1,5 million to grow your business.

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How to apply for Lulalend business loan

Apply online at Lulalend Small Business Funding - Step 1

Complete your online application

Apply online at Lulalend Small Business Funding - Step 2

Select how much you need

Apply online at Lulalend Small Business Funding - Step 3

Get approved in 24 hours

Up to R1,5 million line of credit | Choose 6 or 12-month terms | Apply in minutes

What will I pay?

We've simplified the lending process with our 6 and 12 Month Plans. Every month you pay back 16th or 112th (depending on which plan you choose) of the total advanced amount plus the monthly cost. Monthly Costs are 2% - 6% of your advanced amount for the first 2 or 4 months (plan dependent) and 2% for each of the remaining months. You can pay early and save.

80000
6 months
Total repayment
0
No additional costs
Month Capital payment Cost * Monthly payment due
1 0 0 0
2 0 0 0
3 0 0 0
4 0 0 0
5 0 0 0
6 0 0 0
7 0 0 0
8 0 0 0
9 0 0 0
10 0 0 0
11 0 0 0
12 0 0 0
Total 0 0 0
* Based on average Lulalend Score and credit history — no hidden costs and no early repayment fees.

There's a better way to fund your business

"In the manufacturing industry you often sit in between projects with this lull, so for us cash flow is a huge challenge. Just to get funding or capital as a small business owner is almost impossible. If it wasn't for Lulalend we would have sunk a long time ago because of the bridging gap. We had the turnover and capacity but we couldn't get from month to month on the cash flow going in and out of the company."

Testimonial image
Christiaan Servaas de Wet
Business owner at C and G Fine Art

Why Lulalend?

  • Apply in minutes
  • Transparent, flexible terms
  • Access to finance in 24-hours
  • Customer-centric service
  • Unsecured financing
  • Trusted by local SMEs
  • No long queues or extensive paperwork
  • We say yes more often

Why Lulalend?

  • Apply in minutes
  • Transparent, flexible terms
  • Access to finance in 24-hours
  • Customer-centric service
  • Unsecured financing
  • Trusted by local SMEs
  • No long queues or extensive paperwork
  • We say yes more often

Business Loan FAQs

We're covering the most frequently asked Business Loan questions we get from business owners

How to get a business loan?

To obtain a business loan, first determine the purpose of the business loan, e.g., do you need funds to purchase equipment or cover seasonal cash flow gaps. Next, decide on which type of loan is right for your business. Now you’re able to list the lenders that offer the type of business loan you need.

Check out those lenders to evaluate whether or not you qualify for the business loan. Learn more about the application process and required documents.

Follow these steps to help you clarify your goals and assess your business’s financial health.

How to apply for a business loan?

Once you have defined the purpose and value of the business loan, it’s time to approach your selected lender. Application processes differ depending on the lender.

In most cases, you will need to provide your financial information and business documents. Depending on the funding institution, lenders may ask for a business plan and cash flow analysis. Some institutions will also require collateral. Online lenders usually only need your ID and recent bank statements.

Lenders typically check your credit history during the application process.

Where to get a business loan with no credit?

Lenders will base their decisions, in part, on your credit rating. But, it’s not impossible to secure a business loan with a limited credit history.

Lulalend’s credit team explained that your current level of debt and payment history will influence your credit rating. When you submit your business loan application, lenders will access data about your credit history from the credit bureaus.

Alternative funders use several data sources to assess your credit application. This approach improves your odds of obtaining a business loan with a limited credit score.

How long does a business loan take to get approved?

The time from application to approval depends on the funder. For instance, it could take several weeks for your application to be approved. On the other hand, online lenders make an instant decision.

How do business loans work?

Funders give you capital to grow your business. You agree to pay back the business over a set period of time, with interest. Typically, you’ll pay monthly installments.

What is needed to apply for a business loan?

Common requirements include business turnover, trading history, and credit rating. There are creditors that will ask for your business plan, financial statements, and cash flow projections.

Traditional funders will require collateral, like equipment or property.

What documentation is required for a business loan?

Here is some of the documents you will need:

  • South African ID
  • Bank statements
  • Balance sheets
  • Business plan
  • Cash flow statements

Some banks will also need your registration and incorporation certificates.

What is an unsecured business loan?

An unsecured loan means you don’t have to attach any collateral. More and more funders are offering unsecured business loans.

Some banks will waive the need for collateral if you have a purchase order. And most fintechs lenders don’t require security.

How hard is it to get a business loan?

Your chances of getting approved depend on the lender you choose. Funders will assess the health of your business, and the amount of financing you need.

Lulalend’s credit team added that your personal financial situation will also impact your business loan application. If you are overly indebted, you might need to repay some of that debt before you can apply for a business loan.

To increase the likelihood of getting approved, take the time to research lenders.

Get approved for up to R1,5 million today. No fees, no commitments