At Lumi, flexibility and transparency are the name of the game. Businesses in need of funding will be able to source unsecured loans of between $5,000 and $100,000 (and up to $200,000 if you have a property as security) and thanks to Lumi’s speedy application and approval process, you can expect to receive funds the following business day. Add to that minimal fees and an emphasis on personalised customer care and you have all the key ingredients of great business lending.
Thinking of getting a business loan but not sure how much you need exactly, well Lumi allows flexible borrowing that might fit your exact needs. Check out the features, fees, rates and processes that are involved with a Lumi business loan below.
Principal & Interest
Within same day
Loans above $100,000 must be secured by property.
When you take out a loan with Lumi, you won’t be handed an annualised interest rate, which is typical of many lenders. Instead, your entire repayment amount will be calculated upfront, along with the amount you’ll be expected to repay each week.
One of the big selling points of Lumi business loans is that fees are kept to a minimum. Save for the 2.50% establishment fee, which is deducted upon settlement, you won’t have to worry about any additional charges.
The list of things you’ll need in order to apply doesn’t run too long. Lumi just asks for your ABN / ACN, driver’s licence, and business bank account details. If you’re looking to streamline the process, you can link up your online accounting software, otherwise any relevant accounting documents can be sent through as PDFs.
To qualify for a business loan from Lumi, your company will need to satisfy a few conditions. It should