Secured loans up to $500K
and unsecured up to $300K
If you give all the required
info and documentation
Pause repayments for 4
It used to be such a tedious and lengthy process to apply for a business loan. Often it would
take weeks or even months from the moment you start putting the millions of documents together,
to going into the branch and waiting in line until you could speak to a representative to
finally get your application approved and the funds in your bank account.
Luckily with the rise of online lenders like Lumi that are disrupting the small business lending industry, the process of applying for business funding is a much faster one these days.
What makes these online lenders different? They usually invest a lot of resources into developing cutting edge technology that helps with a quick assessment of business loans. But this kind of technology does not only help the lender make faster decisions, it also offers the customer (you) a much more straightforward and seamless online experience.
This means you can apply for your business loan from the comfort of your home with as little documentation such as your driver's license, ABN and your bank details that you can securely connect during your application process. No more lengthy paperwork required. All done online. If you provide all the required information, at Lumi we will usually get back to you with an outcome within 2 business hours or let you know if we need more details. If approved, you can receive the funds on the same business day.
Secured Business Loans The small business loan is a lump sum payment between $5,000 - $500,000. It can be unsecured up to $300,000, which means you would not need any collateral to secure the loan against. For any higher amounts you would then require security such as property. Loan terms can vary from 3 - 36 months depending on the amount you wish to borrow and your credit assessment.
Business Line of Credit
The business line of credit is a credit facility from $5,000 - $500,000
that you can access
at your own convenience. This means that you might apply for a $200,000 facility that is at
your disposal but only withdraw $50,000 to pay for renovations for example. In this case you
would only be required to pay interest on the amount you borrowed, not the entire facility
amount. The rest of the amount would still be available for you to borrow as you need it. A
line of credit facility usually runs for 12 months to start with but can be extended if the
application is approved.
Get in touch with our business loan experts here at Lumi via email at email@example.com or give us a call on 1300 00 5864. We are more than happy to help you prepare your online business loan application and talk you through the entire process. You can also calculate different loan options based on your business’s needs via our handy business loan calculator here.