Terms & Conditions

To comply with the Consumer Protection Act, 2008 (the “CPA”), certain portions have been written in bold to draw your attention to such provisions.

These provisions:

• limit in some way Our risk of liability or any other person;

• is an assumption of risk or liability by You;

• impose an obligation on You to indemnify Us or any other person; or

• is an acknowledgement of a fact by you.

You are required to ensure that before using the Platform, You had an adequate opportunity to read and understand the implications of the terms in bold.

By using the Platform, You agree to these terms, and it will be deemed that You understand their implications and that the terms were written in plain and understandable language that You understand.

Who we are:

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.

By submitting an application on behalf of a business, whether a sole proprietor, company, close corporation or other juristic entity, You confirm that you have the necessary authority to act on behalf of such business.

Our platform:

When You use Our Platform, You agree to these General Terms and Website Terms of Use.

To use the Platform, You must have access to a stable and secure internet connection.

We are not liable for any loss you sustain due to your failure to use a stable and secure internet connection.

We will try to ensure the Platform is always available. However, it is possible that on occasion, the Platform may be unavailable to permit maintenance or other development activity to take place or in the event of something happening that is not within Our control (read more on things outside Our control).

We may publish details of any foreseeable unavailability of the Platform on Our Website.

What needs to happen before you can use the platform?

Before You can use the Platform, You must complete an application to create a User Account.

We can decide to approve Your application subject to You providing certain information.

If You do not provide the required information within the required time, We can decide to disapprove Your application to create a User Account.

We can also disapprove Your application if the information is, in Our view, unsatisfactory or You do not meet Our acceptance criteria.

Approval of Your User Account does not mean that You are approved for any of Our Solutions. Use of any of the Solutions is subject to a further application procedure and approval.

Information that we require:

During any application process, We may require certain information from You to assess Your application and comply with Our legal requirements.

In order to ensure responsible lending, we may conduct credit checks on the individual submitting the application, the company / close corporation and its directors / members, as We in our sole discretion deem necessary. By agreeing to these terms, You are providing the necessary consent to allow us to do so.  

You must provide information that is true, accurate and complete and by providing the information, We are entitled to rely thereon and accept that the information is true, accurate and complete. 

If we require any documents from You, the documents must be in form and substance acceptable to Us.

How to access the platform:

To access the Platform, You must complete the application on Our Website. We will then send You a verification email to verify Your email. Once verification is complete, You will be able to access the platform.

Security procedures that you must follow:

We may communicate security procedures to You to keep Your User Account safe.

We are not liable for any loss you sustain due to your failure to implement the communicated security procedures.

Who can have access to your user Account:

You can link one or more users to Your User Account.

We are not responsible for ensuring that these users have the required authority to act on your behalf. Despite this, We may require You to provide Us with documents showing that these users have the required authority to act on Your behalf.

You are responsible for anything done by the linked users on the platform, and we do not take any responsibility for their actions.

Statements:

We will send You periodic statements in electronic form from time to time.

You must report any mistakes or transactions done without Your permission to Us within 30 days from the date of the statement.

If You do not report a mistake or a transaction done without Your permission within the provided time, We can assume the entries and transactions shown on the statement were correct or done by You or with your permission.

We are not responsible for any loss you suffer because you didn’t report mistakes or unauthorised transactions on time.

Changes to the terms:

We can change these Terms at any time.

We will notify You about any important changes to these Terms before we make the change.

Unless You dispute the change before the date the change applies, We can assume that You agreed to the change.

When can we terminate your user account or any solution you may have with us?

We can terminate Your User Account or any Solution You may have with Us if:

• We cannot verify Your identity,
• We are unable to comply with Our FICA requirements,
• We fail to receive the information requested, 
• You are in breach of any agreement concluded with Us;
• You provide untrue, inaccurate, or incomplete information; or
• We suspect any illegal or prohibited conduct by You.

If we terminate your user account or any solution you may have with us:

• You indemnify Us and Our Affiliates from all claims from any third party that may arise due to Your User Account or the Solution You have with Us being terminated; and

• You must not attempt to gain access to Your User Account or any Solution We may provide to You.

Pricing guide:

We may change Our fees from time to time.

We will publish Our latest fees and the applicable effective dates on Our Website from time to time.

You can download Our latest pricing guide at the link below..

Unless we say otherwise, all fees are non-refundable.

What if there is a conflict between the general terms and solution-specific terms?

If there is a conflict between the General Terms and any specific terms applicable to a Solution, and only to the extent of the conflict, the more specific term applicable to the Solution will apply.

Certifications of amounts due:

If We need to take legal action against You, one of Our managers (who do not need to prove their appointment) will produce a certificate, which shows the amount You owe Us. 

If You don’t agree with this certificate, You will have to prove that it is wrong.

Things outside of our control:

We may be prevented from providing Our Solutions to You or fulfilling Our obligations to You because of things outside Our control.

Things outside Our control includes electricity failures or blackouts, or the unavailability of any telecommunications system or networks. It also includes wars, fires, floods, strikes, epidemics and pandemics.

In cases where something happens outside Our control:

• We will not be responsible for any failure to perform any of Our obligations to You; and
• Our obligations will be suspended for as long as such interruptions continue.

We may give You prior notice of any scheduled and / known interruptions and changes, but We do not have an obligation to do so.

We are not liable for any loss or damage of any nature you sustain as a result of anything that is not within our control.

Publicity:

You give Us consent to publish your name and logo for marketing purposes.

Alternative dispute resolution:

If a dispute arises between us, the dispute must first be referred to mediation under the AFSA Mediation Rules. 

If the mediation is unsuccessful, we must proceed with arbitration proceedings under the AFSA Expedited Arbitration Rules. 

If the dispute is of an accounting nature, the parties agree to the appointment of an independent accountant of no less than 10 years experience to act as mediator or arbitrator should mediation fail.  

If the dispute is of a legal nature, the parties agree to the appointment of an independent practising attorney or advocate with no less than 10 years experience to act as mediator or arbitrator should mediation fail.

The mediation and if necessary, the arbitration proceedings will be held in Cape Town.

Any decision of the appointed arbitrator is final and binding on the Parties, subject to the right of appeal. Despite this alternative dispute resolution clause, We may obtain interim relief on an urgent basis from any competent Court having jurisdiction.

Enforcement costs:

If You are in default of Your obligations towards Us, You must pay all costs and expenses (including legal fees on an attorney and own client scale) incurred by Us to enforce or preserve Our rights.

The laws that govern our relationship:

Our relationship is governed by and must be interpreted according to the laws of the Republic of South Africa.

Assignment of rights and obligations:

We may assign, subcontract, or transfer any right or obligation under an agreement concluded with You without Your prior written approval.

You may not assign, subcontract, or transfer any right or obligation under an agreement concluded with You without Our prior written approval.

Failure to exercise our rights:

Our failure to exercise or enforce any right or provision does not constitute a waiver of such right or provision.

Severability:

If a provision of a contractual relationship with You is unenforceable, the enforceability of the remaining provisions will not be affected.

Continuing effectiveness of certain provisions:

The termination of any contractual relationship with You will not affect provisions that provide that they will operate after such termination.

 

Glossary

Cookie Policy	Our cookie policy – https://www.lula.co.za/privacy-policy/
CPA	Consumer Protection Act, 2008.
FICA	Financial Intelligence Centre Act, 2001.
Funding Solutions	means the solutions We provide our customers as per Our Website.
Our Affiliates	means Our directors, shareholders, employees and agents.
PAIA	Promotion of Access to Information Act, 2000.
PAIA Manual	Our PAIA Manual – https://www.lula.co.za/privacy-policy/
Platform	Once You have logged into Your User Account, You will enter Our Platform
POPIA	Protection of Personal Information Act, 2013.
Pricing Guide	Our Pricing Guide – http://www.lula.co.za/pricing
Privacy Policy	Our Privacy Policy – https://www.lula.co.za/privacy-policy
Solution	We have funding and transactional account solutions, which You can apply for through Our Platform.
Transactional Account Terms	Our Transactional Account Terms – https://www.lula.co.za/transactional-account-terms
User Account	The account You register on Our Website by completing the application.
Website	https://www.prod.lula.co.za
Website and Platform Terms	Our Website and Platform terms – https://www.lula.co.za/terms-conditions

 

Fieldbar giveaway

SIGN UP AND WIN 

Stand a chance to win a 10L  Lula-branded Fieldbar valued at R2 400.

GENERAL TERMS AND CONDITIONS: 

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 you the business / business owner who has entered this competition. 

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.

This competition is only available to attendees at the Scaling Fintech in South Africa event on 22 May 2025 hosted by The Open Letter. This competition is not open to the general public.  

• PURPOSE

We at Lula are passionate about empowering every SME to succeed. From instant access to funding, all-in-one business banking accounts, and cutting-edge financial analysis tools to innovative ways to pay and get paid – all without losing the personal touch you’d expect from an SME.

• REQUIREMENTS FOR ENTRY INTO THE COMPETITION  

This competition is exclusively open to registered attendees who complete the competition form available at the Scaling Fintech In South Africa event taking place on 22 May 2025 at Innovation City Cape Town from 18h00 – 21h00, hosted by The Open Letter.  This competition form shall be made available to all attendees at the event via a QR code link which directs the attendee to a sign – up page to sign up to the Lula newsletter for updates, tips and practical tools for business owners and founders. 

Signing the competition form and subscribing to the Lula newsletter is completely voluntary and no attendee will be required or obligated to sign up. Only those who do will be eligible to win the prize. You can unsubscribe from the Lula newsletter at any point in time should you no longer wish to receive it. 

3. HOW TO ENTER 

It’s simple, if you are attending the Scaling Fintech In South Africa event taking place on 22 May 2025 at Innovation City Cape Town from 18h00 – 21h00, hosted by The Open Letter and wish to sign up to receive the Lula newsletter, simply complete the competition form provided via a QR code at the event. Signing up through this link will automatically put you in the running to win the prize. 

4. HOW MANY TIMES CAN YOU ENTER? 

You can only enter once by signing the competition form and subscribing to the Lula newsletter. 

5. WHAT IS UP FOR GRABS? 

A 10L  Lula-branded Fieldbar valued at R2 400. 

The draw will take place at the Scaling Fintech In South Africa event where one attendee will be chosen at random from all entries received during the event. Lula shall utilise an independent online randomization system to select the winner. 

The winner will be announced at the event.

6. WHAT HAPPENS IF YOU WIN? 

Lula’s CEO Trevor Gosling will hand the prize to you at the event and it will be yours to keep and enjoy. 

7. CONSENT TO USE YOUR PERSONAL INFORMATION AND GENERAL PROVISIONS 

• You will automatically be entered into this competition when you sign up to the Lula newsletter through the competition form linked to the QR Code distributed at the  Scaling Fintech In South Africa event.
• In claiming Your prize, You consent to Lula using Your personal information in any promotional material relating to the competition to promote the competition and / or for announcing the winner publicly. 
• If You do not want to participate in the competition or do not want Your personal information to be used in promotional material, You can request for Your entry to be disregarded and You will no longer be eligible to win the prize on offer or You can request that your personal information not be used in connection with this competition, in which case, should you win the prize, we will not publicly disclose You as the winner other than the announcement at the event. 
• Personal data will be used in accordance with Lula’s Data Protection Policy.
• Entries may be disqualified for not meeting the entry requirements or violating the terms as set out herein.
• These terms are governed by the laws of South Africa.
• We are not responsible for any issues arising from the competition and our determination of the winner is final. The prize is awarded as is and not exchangeable. 
• For fairness and transparency, certain people will not be eligible to win this competition. If You are an employee, director, agent, consultant, supplier of Lula or any person who directly or indirectly controls or is in control of Lula, You cannot be the prizewinner.