Lumi Rate Ease™: The First Business Loan That Drops Your Rate!

Say what?! Yes, you’ve read that right. At Lumi we’ve just launched a new business loan benefit called Rate Ease™, which means that we will reward eligible* customers for repaying their loan on time by automatically dropping their interest rate every month. Boom! 

As a small business lender we’ve seen first hand the impact of the current economic challenges, including rising inflation and high interest rates, on SMEs’ business performance and their ability to borrow money. 

Not only is it getting harder and harder for many businesses to get a loan approved, but it’s also getting more expensive, especially for impacted or younger businesses with a less than perfect credit. While we equally understand a lender’s need to charge a higher rate for such businesses, we believe it’s only fair that their rate drops as they prove to be responsible and reliable borrowers by keeping their payment promises. 

Essentially our aim with Lumi Rate Ease™ is to help those businesses paying a higher interest rate access much needed funding in a responsible way that will allow them to thrive not just survive. 

Why? Because at Lumi we know that SMEs are the backbone of Australia’s economy and we make it our mission to help those with difficulty getting funding from traditional lenders, to overcome those financial barriers by offering fast, fair and flexible funding solutions tailored to their individual needs. 

So, depending on their financial circumstances and loan requirements Rate Ease™ could help SMEs get a more affordable loan and allow them to save up to 11% in interest, translating into thousands of dollars back into their bank account. 

Here’s What It Looks Like In Action: 

For a Lumi Business Loan of $100,000 on a 24 month-term and weekly repayments of $1,394, customers could save over $3K or 7%  in interest. 

Keen to see how much you could potentially save with Lumi Rate Ease™ ? Check out our handy calculator on our website. 

Here’s How It Works:

Step 1: Check if you’re eligible for a Lumi Business Loan with Rate Ease™. You can read more about the Terms & Conditions here. You can also speak with one of our lovely team members to understand if your business would qualify. Call us on 1300 005 864 or drop us an email at sales@lumi.com.au.

Step 2: If you are eligible and would like to apply. You can do so here. Our easy online application takes only a few minutes to complete. Provided you’ve given us all the required information, you will get an outcome within a few business hours. Once approved, you can receive your money within 24 business hours. 

Step 3: Stay on top of your business loan repayments. Enjoy seeing your rate drop every month for a maximum of 12 months, after you’ve made four consecutive payments and for as long as you keep making repayments on time.

FAQs

How Do I Know If I’m Eligible For Rate Ease™? 

In most cases, if you qualify for a Lumi Small Business Loan of $25,000 or more at an interest rate of 29.95% or higher, you might also meet the eligibility criteria for Rate Ease™, subject to the specific terms of your loan offer. Please don’t hesitate to reach out to us at 1300 005 864 or drop us an email at sales@lumi.com.au.

How Much Will The Interest Rate Drop? 

The extent to which your interest rate decreases primarily hinges on your loan term, encompassing the approved interest rate and the duration of your loan.

If you are currently a loan holder with us, don’t hesitate to contact your dedicated Account Manager, who will happily provide you with all the details. 

For those seeking to apply for a Lumi Loan that includes Rate Ease™, you can reach out to us at 1300 005 864 or send us an email at sales@lumi.com.au, and our team will be more than happy to assist you with your application.

How Long Will My Rate Decrease For? 

If your loan has been approved with the Rate Ease™ benefit and you’ve successfully made four consecutive repayments, your interest rate will be reduced each month for a maximum of 12 months or for as long as you continue to make timely repayments.

How Can I Activate My Lumi Rate Ease™?

There’s no need to go through any activation process; the simplicity of Rate Ease™ speaks for itself. Your interest rate will be reduced automatically every month, beginning in the very first month, as long as you’ve made four consecutive repayments. 

This means you can begin enjoying savings right from the start. Your interest rate will progressively decrease every month for up to a maximum of 12 months. Or for as long as you remain current with your repayments.

Do I Still Get Lumi Rate Ease™ If I Miss My Loan Repayment?

No. Customers can only benefit from rate reductions when they consistently make on-time payments. In the event of a missed or delayed payment, customers will maintain their existing rate but won’t be eligible for future rate reductions. Even if they later become current on their payments.

*What You Should Know About Lumi Rate Ease™

Lumi will offer a Rate Ease™ interest reduction on selected new term loans.

• Rate Ease™ only applies to Term Loans. It’s not applicable to Lumi’s Business Line of Credit product.
• Rate Ease™ only applies to new term loans. It can not be applied to existing loans.
• Rate Ease™ interest reductions will be determined at Lumi’s absolute discretion.
• Customers who fail to meet all their contractual obligations will lose access to the Rate Ease™ benefit.
• Access to Rate Ease™ and Lumi loan products remains subject to eligibility on new Term Loans at the full discretion of Lumi.
• Granting the Rate Ease™ during the loan term remains at Lumi’s discretion.