What is a Revolving Capital Facility?
Our Revolving Capital Facility gives you easy access to working capital and better control of your business’s finances, giving you a flexible line of funding in case of unexpected expenses or opportunities you can’t afford to miss. Better yet, when you need more funding, applying for an increase is easy.
What are the benefits of Lula’s Revolving Facility?
For a small business, easy access to working capital allows you to take advantage of opportunities for growth. A business Capital Facility gives you peace of mind because you have instant access to funding.
- Instant access to working capital when you need it.
- Only pay for what you use, if you use it.
- No need to reapply when you want to withdraw.
- No monthly account or admin fees.
- Repay on your terms or repay early and save with no early repayment penalties.
How do I apply?
Fill in your info and link your bank account to securely share your read-only transaction data with us, it’s the fastest, easiest way to get funding.
How does a Revolving Capital Facility work?
Capital facilities let SMEs, that’s you, access capital up to an agreed limit whenever they want, without having to reapply each time. The lender, that’s us, agrees to make a line of capital available to you. All you need to do is repay the credit over the agreed term.
What happens to my repayment profile each time I draw down?
Each draw down cancels out the existing repayment profile and puts you on a new payment profile based on the total capital outstanding after the draw down.
When can and can’t I draw down on my facility?
You are allowed to draw down at any time, other than:
- when you are in arrears on any Lulalend product.
- when the Facility is placed on hold.
How much does it cost to have a Revolving Capital Facility?
It will not cost anything to have a Revolving Capital Facility product. You only ever pay for the funds you use.
What would my instalment and costs be for the facility?
Every month you pay back 1/6th of the total advanced amount plus the monthly cost. For the first 2 months, monthly costs are 2% – 6% of the capital amount drawn down and 2% for each of the remaining 4 months.
How do I increase my facility amount?
Log onto your Lulalend profile and go to the Revolving Capital Facility tab and request from here.
My Revolving Capital Facility is on-hold, what does that mean?
This will occur when the system requires further information which has been flagged for review. A credit analyst will be in touch with you for more information if required.
What is account linking?
With our account linking functionality, we’ve made it even faster to get funding. We’ve also made it easier by doing away with the need to submit your latest bank statements (transaction history).
Instead, when you link your current bank account or accounting software you give your bank or service provider permission to share your read-only transaction data with us.
- We don’t save or store your username or password.
- We only see your latest transaction data.
- You can unlink your account at any time.