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Want to find out more about our loans or the way Lumi works? Here are the most frequently asked questions broken down by the products that we offer. We’re here to help.

Small Business Loans

What is an unsecured business loan?

Unlike other types of loans, an unsecured business loan doesn’t require collateral (like your home or car) to secure the loan. Instead, you’re asked for a personal guarantee to ensure you can pay back the loan.

How do I apply for a loan?

Applying for a business loan with Lumi is simple and straight-forward. In fact, you can apply online right now – it only takes 10 minutes.

What do I need to apply for a small business loan?

To complete your loan application, we recommend you have the following on-hand:

  • ABN / ACN
  • Driver’s License
  • Business bank account details (for online banking)

You can even link-up your cloud accounting software to complete the application, or we also accept your accounting statements as PDFs. If we require additional accounting information, one of our team members will be in touch.

What are the minimum requirements to apply?

To qualify, you just need to be running an Australian-registered business which has been in operation for at least 6 months, producing a minimal annual turnover of $50,000.

What is the duration of the loan?

Our loans carry repayment periods of 3 – 18 months, however the majority are usually paid off in 6 months.

How is a Lumi loan different to a traditional loan?

Our loans are totally transparent, meaning there’s no hidden fees or charges. You can apply online in under 10 minutes and receive an application outcome within the same day. If approved, your funds will be funded into your nominated bank account the same business day. Our loans are also unsecured, meaning we don’t require collateral (such as your home) to approve your funding.

Does it cost to apply?

It costs nothing to fill in our loan application form and you can apply as often as you’d like. Just keep in mind that applying for a loan more than once every 3 months could hurt your credit score.

How quickly can I receive the funds once approved?

As soon as your application is approved, you can expect your funds to be deposited into your nominated bank account the same business day.

Can I still apply if I have bad credit?

Unlike some traditional lenders, your credit score isn’t the most important factor in whether we approve your business loan. We take a number of factors into account to determine if you’re eligible for small business funding. As a responsible and trusted lender, we won’t lend to businesses who we believe are not in a financial position to repay their loan successfully.

What are the fees?

As a lender who prides itself on total transparency, we can promise no hidden fees. We simply charge a 2.5% establishment fee that is deducted at settlement. After this, your weekly repayments will be calculated upfront, with the same amount being deducted from your nominated account each week. No shock, no surprises.

What types of small businesses does Lumi lend to?

We provide unsecured funding to small-medium enterprises, ranging across multiple industries. These include retail, hospitality, trades and labour, health and wellness, franchises, and professional services (just to name a few).

What can a Lumi loan be used for?

You can use your funds for almost anything relating to your business. Here’s just a few ideas:

  • Purchasing inventory or new equipment
  • Supporting cash flow
  • Acquiring new staff
  • Business renovations
  • Moving to a new premise
  • Marketing

How is interest charged?

Because our loans are repaid within a shorter time frame (usually in 6 months), we don’t believe in using an annualised interest rate to describe our loans. Instead, we provide you with your entire repayment amount upfront, including what your weekly payments will be. This ensures total transparency and no hidden fees for our customers.

What will my weekly repayment be?

Your weekly repayment amount will be determined by the amount you’re borrowing, as well as your repayment period. This amount will be disclosed to you before you sign-off on your loan, so you’ll never be kept in the dark. You can even use our loan repayment calculator to see what your weekly repayment will look like before you apply for your loan.

Are there any penalties for repaying the loan early?

You can choose to repay the entire outstanding amount of your loan early, at any time. When you repay the remainder of your loan early, we may provide you with a discount on the remaining interest. This level of discount will vary, depending on how far into the loan term you are. There are no penalties for early repayment. Please give us a call on 1300 00 LUMI so we can discuss your early repayment.

What if I can’t make a repayment or if I fall behind?

If you’re unable to make your repayments or are experiencing financial hardship, please contact us ASAP so we can discuss a solution with you.

How many business loans can I take out at one time?

We recommend that businesses only take out one loan at a time, however if you believe your venture requires additional funding, please get in touch.

Can the loan amount be changed at any time?

If you wish to increase your loan at any point, you may be able to do so. Please contact us so we can make any necessary adjustments.

Will my information be protected with Lumi?

You bet. We pride ourselves on being transparent about how we collect, use, exchange and protect your information. Our team are passionate about using advanced and trusted cyber security and data protection to ensure your personal and financial details are kept safe.

Business Line of Credit

What is a Lumi Line of Credit?

A Lumi Line of Credit is a limit facility that allows you to draw funds as and when you need them. By limit facility we mean that you are approved for a credit limit, similar to a credit card, and you are able to draw in and out of the facility to suit your working capital needs. One reason why lines of credit are particularly popular is the flexibility they provide to businesses. They offer a safety net of access to funds for when you need them, without the burden of debt for when you don’t require the funds.

How much does a Lumi Line of Credit cost?

An activation fee of $25 is charged upon every drawdown. This covers the initial start-up cost of the Lumi Line of Credit.

Thereafter, a monthly subscription fee of $30 will be charged while you maintain the facility.

You’ll only pay interest on the funds you have drawn for the period that they are drawn. That means that you will not pay interest on either funds that you haven’t drawn or have already repaid. Interest is charged at a fixed rate and calculated on a daily basis. We offer risk-based pricing and the pricing of your Lumi Line of Credit will depend on various factors relating to your business, such as industry and time in business.

How long is a business Lumi Line of Credit for?

The Lumi Lumi Line of Credit is available for a period of 12 months. You are required to make an initial drawdown in the first 4 weeks.

Once approved for a Lumi Lumi Line of Credit, you can apply for an extension of the term of the facility.

To arrange a re-assessment, please call us on 1300 005 864 or contact your account manager.

How is a Lumi Line of Credit paid back?

When a Lumi Line of Credit is approved, we will provide you with a repayment schedule. We will set up a direct debit from your nominated account and will charge you once a week the weekly repayment amount that will consist of principal and interest.

As this is an automatic direct debit, you’ll never need to worry about forgetting to pay or missing a payment.

You will also be able to make additional payments at any time to reduce your balance. This will decrease the amount of interest you pay and we will automatically adjust the weekly payments to reflect that. We want to give you total control of your cash flow.

Can a Lumi Line of Credit only be used to buy specific things?

You can use the funds for any business purpose, such as buying stock or equipment, paying staff, a marketing campaign, or a renovation.

How much credit can I get with Lumi?

At Lumi, we provide lines of credit of up to $300,000. We will determine your credit limit based on the circumstances of your business.

What are the requirements for a Lumi Line of Credit?

To be eligible for a Lumi Line of Credit you need to:

  • Be an Australian citizen or PR;
  • Be over the age of 18;
  • Have a valid ABN; and
  • Have been trading for a minimum of 6 months

Who do I contact about receiving access to a Lumi Line of Credit?

Give us a call on 1300 005 864. Our office hours are Monday - Friday 8:30 am - 7 pm AEST

If you prefer to email, drop us a line at

How can I access my Lumi Business Lumi Line of Credit once I have been approved?

We’ve made your Lumi Line of Credit accessible via our Lumi customer hub. When logged in, you will be able to undertake various different tasks. From viewing transactions to drawing down funds.

What happens at the end of my Business Lumi Line of Credit?

At the end of the term, you are able to either close your account or apply to extend your Lumi Line of Credit for another 12 months.

Got any additional questions? We’d love to hear from you.

1300 00 LUMI