When you run your own business, there will likely come a time when you need extra money. This could be to purchase the latest equipment, boost your cash flow during a slow period or even to pay for staff training as you grow your workforce. Of course, there is a chance you won’t know exactly when you’ll need the cash until you actually need it right then and there. This is why Lulalend’s online Revolving Capital Facility may be the answer to all your business concerns.
The benefits of having an Revolving Capital Facility with Lulalend
- It’s a quick, easy way to access money. You can apply online and see how much you qualify for in a matter of minutes. And, once that’s done, the approval process takes minimal time. After that, given that you’re approved, the money is there for you to use whenever you need it. You can draw down the cash amount you need on your profile on our website. It’s that simple. And you don’t have to take the entire amount at once, you can just draw the money you need at the time.
- Not every business needs a lump sum all at once. When your business needs to purchase new equipment or train staff, it’s usually a once-off cost that isn’t a large enough amount to make it necessary to take out a loan. Instead, you can withdraw your money from our online Revolving Capital Facility for whatever amount you need. You only repay what you’ve spent and there is no interest on the amount you haven’t withdrawn.
- You can repay what you’ve withdrawn sooner rather than later. If you have the money to repay the amount you’ve used from your credit facility account, you can simply pay it back early. There is no penalty for this and you will save money on interest. Think of it as an online credit card for your business. Do you need cash? You withdraw it. Do you want to pay back that amount early? You repay it. Simple, quick and easy. And there is no need to go into a bank and stand in a queue, everything can be done online.
- There is no admin involved once you have an account. Unless your account is on hold or you want to see if you qualify for a larger amount, you can easily withdraw the amount you need. You don’t have to resend paperwork or continuously need to prove the health of your business. If your business’ financial status is the same and you want to withdraw an amount that’s in your account, you can go ahead without issue. You’ll have the cash you need in 24 hours, as long as you meet the criteria. As long as you continue to trade well, you will have access to the agreed-upon amount.
- It’s a revolving credit facility. If you’ve paid back a certain amount, you can borrow it again. This means that, once you’ve made repayments on your account, you can withdraw more money if you need it. And, since you can repay it as soon as you have the funds, you can use the credit facility as often as you would like.
How to apply for a draw down on your Revolving Capital Facility?
It’s quick and easy. All you need to do – once you have an account – is log into your Lula profile and click on the Revolving Capital Facility Tab. The amount available to you will be visible and you can choose how much you want to withdraw. Click on the withdraw button and you’ll receive a phone call to let you know that an agreement has been sent to you. Once you’ve received the agreement, sign in online via QuicklySign and you could have your money in less than 24 hours, as long as your account remains linked to your bank account and online accounting profile, and your business is operating at the same level. Terms and Conditions apply.