Lulalend was founded by Neil Welman and Trevor Gosling in 2014 to improve the running of small businesses and to build a better solution to empower businesses across South Africa with the funds they need to grow.
It works by customers applying online for free by providing basic details about them and their business and are approved within a few minutes.
Lulalend has simplified the lending process with a 6-month and 12-month plans. Every month, recipients of the loans pay back one-sixth or one-twelfth depending on which plan they initially chose of the total advanced amount plus the monthly cost.
The company makes provision for business funding of R20,000 to R1,500,000 and the funding company aim to have the funds in recipient’s bank account within 24 hours. They allow loan recipients to repay in standard installments over 6 months. Or choose to pay early with no penalty fee.
Monthly costs are 2% – 6% of the advanced amount for the first 2 or 4 months depending on the plan and 2% each for the remaining months. Basically, there is no hidden costs and no early repayment fees and through the use of the latest technology, Lulalend make decisions based on customer’s real business performance and it operates a flexible approach.
Commenting on the great impact of Lulalend on business startups and established businesses, a customer said “It’s really difficult to get access to funding for small businesses. We tend to go to banks first, where you have to fill out a 60-page bible. I came across Lulalend. It’s a very quick process, within 24 hours you have your funding”
Another recipient said “Access to this type of funding is a game changer because it allows you to bridge the gap and leverage yourself into that next stage of growth”
The Lulalend team comprise of excellent members who are experts at what they do and provide a very high level of security and it maintains a reputation as South Africa’s only online provider of business funding.