Your selected small business
Lumi is an Australian fintech lender specialising in business financing solutions. Operating entirely online, they've established themselves by focusing on streamlined application processes and quick funding application approvals for small and medium enterprises. With a digital first approach, Lendi aims to simplify business lending through modern technology and paperless applications.
Fast application with same-day decisions
No collateral needed for loans up to $300,000
Flexible loan terms from 3 to 36 months
Funds available next business day
Minimum annual turnover requirement of $50,000
Business must be operating for at least 6 months
Maximum unsecured loan amount capped at $300,000
Lumi unsecured business loans can be set up online with an application process that takes just 10 minutes to complete and can be approved within 24 hours. This makes it an advantageous option for businesses that can't wait weeks for traditional bank approvals. With loan amounts ranging from $10,000 to $750,000 (though only up to $300,000 for unsecured loans), Lumi caters to various business sizes and needs.
One notable benefit is the absence of early repayment fees, giving businesses the flexibility to pay off their loans sooner if their cash flow allows. This, combined with a 2.5% establishment fee with no hidden charges, can make Lumi’s unsecured business loan a good option for businesses that value predictability in their financing.
The interest rates may be higher than secured loans from traditional banks which is reflective of the increased risk of unsecured lending (for the lender). This is somewhat offset by a speedy application process. The minimum requirements are also relatively low with businesses needing only 6 months of operating history and $50,000 in annual turnover to be eligible.
A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
Your selected small business
You can apply online through Lumi's website in about 5 minutes. You'll need:
To qualify, you must:
After approval, funds are typically available the next business day. Decisions are usually made within 2 business hours of application submission.
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