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Say hi to Australia’s 1st interest-free Payment Pause

At Lumi our mission is to help Aussie SMEs grow their businesses by giving them easy access to fast and flexible finance. 

As part of this we are thrilled to announce the launch of our latest product feature Lumi Payment Pause – Australia’s 1st 4-week interest-free loan repayment pause. 

We understand that running your small business and managing loan repayments can be a real juggle. With Lumi Payment Pause you can fast forward your business by pausing your loan repayments and interest for 4 weeks, whenever your business needs it. Which means you get to focus on what matters most, like running your business. 

We designed this feature after consultation with our customers, who expressed they often wanted to make a significant change to their business such as a refurbishment or redesign, but were worried about the cash flow implications of that move.

So, whether you’re looking to renovate, buy discounted stock, hire more staff or simply get your cash flow in check, our flexible small business loans will provide you with the funds and ability to pause repayments including interest. 

This year is one of recovery, and we want to give our customers the confidence they need to make the most of 2021. Unlike payment holidays granted by the big banks during the pandemic for mortgagees, we’re pausing both the interest as well as the repayments when you hit Payment Pause. – CEO & Founder Yanir Yakutiel

What are the unique benefits of Lumi Payment Pause

  • Fast forward your business: Easily pause your loan repayments and interests for 4 weeks 

  • Business funding on your terms: Hit Lumi Payment Pause whenever your business needs it, at any time throughout the loan period 

  • Put your business first: Focus on your business instead of your loan repayments

How does it work?

  1. Get an eligible small business term loan with Lumi

  2. Pause your loan repayments at any time

  3. Enjoy a 4-week interest-free break from your repayments

What Lumi can offer: 

  • Flexible business finance from $5,000 to $300,000

  • Unsecured and Low Doc up to $150,000

  • 5 min online application, same day funding possible  

  • From 9% simple interest per annum 

  • Loan terms: 6 months – 3 years 

At Lumi, we are committed to innovating the SME lending sector in order to support Australia’s post-COVID economic recovery, by building the most flexible and fair products in the market. 

Call our team on 1300 00 5864 if you’re curious to find out whether you’d be eligible for Lumi Payment Pause with our flexible small business loans. Or apply for a small business loan online in less than 5 minutes here

Your Lumi team

What else is there to know? 

What loan products offer Lumi Payment Pause?

Lumi Payment Pause is available on new term loans, subject to eligibility. Speak to our team about your loan requirements and circumstances and they’ll be able to advise on whether you’d be eligible to apply for a small business loan including the Payment Pause feature. 

Access to Payment Pause and Lumi loan products remains subject to eligibility on new term loans at full discretion of Lumi. 

When will Lumi Payment Pause become available?

The feature is officially available on selected new term loans settled from 8 April 2021. 

Can I take Lumi Payment Pause with a Business Line of Credit?

Payment Pause only applies to selected new term loans. It’s not applicable to Lumi’s Business Line of Credit product.  

How long can I pause my loan repayments for?

Lumi will offer a 4-week interest-free Repayment Pause. 

Can I activate Payment Pause on my current loan with Lumi?

Payment Pause only applies to new term loans. It can not be applied to existing loans. 

Can I split up the 4-week Payment Pause of my loan repayments?

A Payment Pause can only be taken for 4 consecutive weeks. Meaning the next 4 payments from the date it was requested. 

Can I pause my repayments multiple times?

Loan repayments can be paused only once during the agreed loan term.

Can I take Payment Pause whenever? 

Payment Pause can be taken at any point in time during your agreed loan term. Upon request, the next scheduled payment freezes for 4 weeks and 4 additional weeks are applied to the end of the loan. However, in order to be eligible for Payment Pause customers can’t have missed a loan payment previously.

Does pausing my repayments increase the amount of the following repayments? 

The Payment Pause doesn’t increase the amount of the next repayment. It only adds 4 more payments at the end of the payment schedule. Once repayments recommence they will continue weekly for the remaining period of the agreed loan term.

Post Author: Vanessa Muller

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