Lumi Business Loans

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.

Lumi business loans - what you need to know

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.

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FAQs about Lumi

What is the interest rate on a Lumi loan?

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. 

What fees are there?

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. 

How does the Lumi approval process work?

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.

What do I need to be eligible?

To qualify for a business loan from Lumi, your company will need to satisfy a few conditions. It should

  • be an Australian registered business 
  • be at least six months old
  • have a minimum turnover of $50,000 per year
What features should I know about?
Unsecured loans

For many business owners, getting financing can be tricky if you lack the necessary assets to put up as collateral. To make things easier, Lumi offers unsecured business loans, which give business owners of all kinds the chance to receive funding.

Fast application

It’s safe to say that business owners probably have more important things to do than spend an evening filling out forms, and even longer waiting to be approved, so Lumi’s simple online application process should be a welcome feature. From beginning to end it should take no more than 10 minutes to apply for a loan, and you won’t have to worry about any charges along the way. 

Loans from $5,000 to $200,000

The loans on offer range from $5,000 to $200,000. Of course, the amount you’ll be eligible for in the end will depend on things like your business’ health and how long it’s been operating. Plus, loans over $100,000 will need to be secured against a property.

Receive funding within 24 hours

Once Lumi has reviewed and approved your application, you can expect to see your requested funds in your bank account by the next day. This is likely to be appreciated by owners who want to take advantage of opportunities to grow their business as they arise, rather than wait and have it pass them by.

Pay off your loan early without penalty

Unlike many lenders, Lumi allows borrowers to pay off their loans early without slapping them with fees or penalties. In fact, depending on how early you pay it off, you may receive a discount on the remaining interest. Just make sure to get in contact with Lumi so you can discuss the options available to you.

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