Lumi Unsecured Business Loan
Get an unsecured short-term business loan of $5,000 up to $300,000. A 2.5% establishment fee applies.
Lumi offers a variety of unsecured short-term business loans tailored to SMEs. You do not require collateral for loans up to $150,000, but you will need to provide security for larger loans. While you can apply for this loan if you have bad credit, you will need to meet their eligibility criteria. This loan is only open to businesses that have been in operation for over 6 months. Your business also has to have an annual turnover of at least $50,000 or roughly $5,000 in sales per month. Lumi does not calculate interest rates based on a per annum figure. Their interest rates are tailored to suit the circumstances of your business. How much they charge you will depend on your business’s earnings, the length of your loan, loan amount and your credit history. They will also charge an upfront establishment fee of 2.5% the loan amount.
2.5% establishment fee
Max. Loan Amount
3 months to 3 years
How does a loan from Lumi work?
To apply for a Lumi loan you will need to submit your business data. In order to qualify you will need to have an Australian-registered business that has been operating for over 6 months and has an annual turnover of at least $50,000, or roughly $5,000 in sales a month.
Depending on your eligibility and the type of loan you are applying for, turnaround on receiving your funds can be quick and simple, with a fully online application process. Funds will be transferred to you following a successful application on the next business day.
What features does Lumi offer with its loans?
These are some of the features you can expect with a loan from Lumi.
- Short loan term. Lumi loans are short-term loans, which means that they carry repayment periods of 3 to 36 months, but are usually repaid within a 6 month period.
- Automatic payments. Your payment amount will be deducted weekly from your nominated account. This amount stays the same each week.
- Quick approval. If you need a quick short term cash injection, Lumi offers quick approval on its loans. Some applications take as little as 10 minutes and can be approved within 24 hours.
- Quick finance. Once approved, the money can be in your account in just one business day.
- Bad credit finance available. If you have bad credit, you might still be able to get a loan. Lumi determines your eligibility based on your business data and doesn't focus solely on your credit score.
- Responsible lending. Lumi will not lend to any business it determines cannot repay its loans.
- Unsecured business loans. There's no need to put up an asset as security on Lumi's loans.
- Penalty free repayments. If you want to repay your loan early, there is no penalty for doing so. Lumi offers a potential discount on early repaid loans.
- $5,000 - $300,000 available. Lumi offers a range of loan amounts, from $5,000 to $300,000.
- Loan extension available. If you need to borrow more money during the life of your loan, you may be able to upon discussing it with Lumi.
How much does the loan cost?
Your loan cost will depend entirely on your circumstances and business data. Here is a general outline of the costs you can expect:
- Establishment fee upfront. Lumi charges a 2.5% establishment fee at settlement
- Weekly repayment calculator. Lumi calculates your weekly loan repayments based on your loan amount, loan term and circumstances. You can check its repayment calculator to get an idea of potential weekly repayments
- Upfront payment program. Lumi will calculate your costs upon loan approval. You only sign off on the loan when you have agreed upon the loan terms. If you don't want to move forward with the loan, you don't have to pay
Is there anything to be aware of?
Lumi only offers business loans, so you'll need an ABN or ACN to be eligible. Your business's earnings, the length of your loan, the loan amount and your credit history will also inform Lumi's decision.
Lumi does not offer p.a. interest rates. Its interest rates are calculated based on your circumstances.
Here's how to apply for a Lumi Small Business Loan
Click "Go to Site" to apply for a Lumi loan. You will need:
- Your business to have been operating for a minimum of 6 months
- Your annual turnover to be at least $50,000
- An active ABN/ACN
- Your driver's licence
- Business bank account details (for online banking)
If you're approved for a Lumi loan, your costs will be outlined to you prior to agreeing on the loan and upon your approval, funds will be transferred to you the following business day.
Always compare loan options carefully before submitting an application.