GENERAL TERMS AND CONDITIONS: LULA BANK REFERRAL PROGRAM
We are a private company incorporated under the laws of the Republic of South Africa as Lula Lend (Pty) Ltd, registration number 2014/156767/07. We refer to ourselves as “We”, “Us”, “Our”, and “Lula” in the documents governing Our contractual relationship.
When We refer to “You” or “Your”, We mean the person or entity with which We conclude a contractual relationship.
Lula shall be entitled to amend these terms and conditions as set out herein from time to time, but You will be notified of any amendments made. In addition, the continuation of the Referral Program and the benefits as set out herein are solely within the discretion of Lula. Lula shall be entitled to cancel or suspend this Referral Program at any time.
We at Lula have launched our Referral Program to help you, as our valued customers, share the love and make cash flow for You and your friends, family, colleagues and business partners or contacts.
Who qualifies to be part of the Lula Referral Program?
Any existing Lula Bank Business Bank Account customers can use the benefits of his Referral Program and share Your unique referral link to Your friends, family members or colleagues / business contacts.
WHAT ARE THE REWARDS
On a Successful Referral, both You and the friend, family member or colleague / business contact that You refer shall be entitled to a R500.00 cash bonus payable directly into your Lula Business Bank Accounts.
HOW DO YOU EARN REWARDS
- If You are an existing Lula Business Bank Account holder, You will receive a unique referral link that You can share with Your friends, family or colleagues / business contacts.
- The unique referral link can be shared directly from the Referral Program site or by copying the unique link and sharing it via social media, SMS, WhatsApp or any other platform.
- You can share this unique link to as many friends, family members or colleagues / business contacts as you wish – there is no limit to the amount of people You can refer.
- The person You refer must simply enter Your unique referral link when applying for the Lula Business Bank Account directly through the Lula platform. The person You refer must apply directly through the Lula platform, as You (and the person you referred) will not be eligible for a referral fee if they join through an affiliate or partner platform.
- A Successful Referral means that the person or business You referred has:
- utilised Your referral link on application for a Lula Business Account;
- met the qualifying criteria for a Lula Business Bank Account and successfully opened a Lula Business Bank Account through our platform, AND
- transacted within 30 days from the date on which their Lula Business account was opened.
- The person or entity that You refer will not be able to utilize more than one unique referral link when applying for the Lula Business Bank Account, and multiple links will be disregarded.
- You will only be entitled to a Referral Fee in respect of the first Lula Business Bank Account that any person or entity that You refer applies for. If the person or entity You refer closes the Lula Business Bank Account after You have earned a Referral Fee and applies for a further Lula Business Bank Account subsequent to You earning the Referral Fee, no further Referral Fees will be payable.
- The Referral Fee is only payable to a new customer to Lula who was previously unknown to Lula in that they have not previously had a Lula Business Bank account or made an application for Business Funding.
WHEN WILL LULA PAY YOU THE REFERRAL FEE
The referral fee calculation shall be determined on the 20th of any given month in which the Referral Program is active, with payment being made on the first business day of the following month.
This means that if You have Successfully Referred someone on or before the 20th of the month, You and the person or entity You referred shall be paid the Referral Fee of R500.00 each on the first business day of the following month. If the Successful Referral takes place on or after the 21st of a month, the fee payable by Lula shall be processed in the following calculation cycle.
WHEN WILL I NOT EARN A REFERRAL FEE
- You will not be entitled to earn a Referral Fee if the person or entity You referred has previously applied for a Lula Business Bank account or business funding with Lula. The person or entity referred must not be known to Lula at the time of the referral.
- You will not be entitled to earn a Referral Fee if the person or entity you refer has previously utilised a unique referral link.
- You will not be entitled to earn a Referral Fee in the event of You having approved funding with Lula and are in arrears.
- The person you referred makes an application for a Lula Business Bank account but does not finalise the application to successfully open and activate the account
- the person you referred fails to transact within the first 30 days from the date on which the account was successfully opened.
HOW DO YOU SIGN UP FOR THE REFERRAL PROGRAM
- The Referral Program is only available to existing Business Bank customers of Lula. You must have an active Lula Business Bank Account, which would mean an existing profile on the Lula platform. An active Lula Bank account is an account that You are transacting with at least once a month. If You have approved funding with Lula in addition to the Lula bank account, You must be up to date with your repayments. You will not qualify to earn a Referral Fee in the event of your advance being in arrears.
- If You meet the above requirements, Lula will send You Your unique referral link that you can share with your friends, family members or colleagues / business contacts. It’s that simple.
- In the event of You having an active Advance Agreement with us and You fall into arrears with Your repayments, we shall be entitled to terminate Your access to the Referral Program at our sole discretion.
- In the event of You electing to close Your Lula Business Bank Account, Your access to the Referral Program will be terminated on the closure of the account, with Your unique referral link being deactivated.
- In the event of Lula closing Your Lula Business Bank Account, for whatever reason to fulfil our obligations in law or under any regulation, Your access to the Referral Program shall be terminated and Your unique referral link deactivated.
- In the event of Lula suspecting any misconduct or fraud on Your part in relation to this Referral Program, any funding You may have with us, or in relation to Your Lula Business Bank Account, Lula shall be entitled to suspend Your access to the Referral Program and Your unique referral link pending the outcome of any investigation. Lula shall be entitled to terminate Your access to the Referral Program should the investigations not be concluded in Your favour, in which case, You and the person or entity You referred will forfeit any referral fees then outstanding and Lula shall not be obliged to pay these fees to You.