Lumi is a financial technology company that offers unsecured business loans to Australian businesses. The company had started its headquartered in Sydney in 2017. Lumi offers loans ranging from $5,000 to $300,000, with repayment terms of 12 to 60 months. Lumi Unsecured Business Loan Reviews 2023

here is a table summarizing the key points of the article:

FeatureDescription
CompanyLumi
Type of loanUnsecured business loan
Loan amount$5,000 – $300,000
Repayment terms12 – 60 months
Approval processQuick and easy
FeaturesQuick approval and funding, flexible repayment terms, no collateral required, low fees, excellent customer service
ProsQuick approval, flexible repayment terms, low fees, excellent customer service
ConsInterest rates can be high, minimum loan amount is $5,000
OverallA good option for businesses that need quick access to funds and do not have any assets to use as collateral

Businesses do not need to provide any collateral in order to qualify for a loan due to its unsecured nature. This makes Lumi’s loans a good option for businesses that have poor credit or that do not have any assets to use as collateral.

Lumi’s application process is quick and easy. Businesses can apply for a loan online in just a few minutes. Lumi’s decisioning process is also very fast, and mostiy loan approved for businesses within 24 hours.

Lumi’s loans have a number of features that make them attractive to businesses. These features include:

  • Quick approval and funding: A business’s bank account may recieve funds within one business day after the approval of Lumi’s loans.
  • Flexible repayment terms: Lumi offers loans with repayment terms of 12 to 60 months, so businesses can choose a repayment term that fits their needs.
  • No collateral required:┬áThe businesses do not need to provide any collateral in order to qualify for a loan due to unsecure nature of this loan.
  • Low fees: Lumi’s fees are relatively low, and there are no hidden fees or charges.
  • Excellent customer service:┬áLumi has a reputation for providing excellent customer service.

Businesses and consumers have reviwed positively the Lumi’s unsecured business loans. In a recent survey, 94% of Lumi borrowers rated their experience as excellent.

If you are looking for an unsecured business loan, Lumi is a good option to consider. The company offers quick approval, flexible repayment terms, and low fees. Lumi also has a reputation for providing excellent customer service.

Here are some pros and cons of Lumi unsecured business loans:

Pros:

  • Quick approval and funding
  • Flexible repayment terms
  • No collateral required
  • Low fees
  • Excellent customer service

Cons:

  • Interest rates can be high
  • Minimum loan amount is $5,000

Overall, Lumi unsecured business loans are a good option for businesses that need quick access to funds and do not have any assets to use as collateral. However, businesses should be aware that interest rates on Lumi loans can be high, so it is important to shop around and compare rates before applying for a loan.

FAQs:

What is the interest rate on a Lumi unsecured business loan?

The interest rate on a Lumi unsecured business loan will vary depending on your business’s financial situation. However, interest rates on Lumi loans are generally higher than interest rates on secured business loans.

What are the fees associated with a Lumi unsecured business loan?

Lumi charges a 2.5% establishment fee on all loans. There are no other fees associated with Lumi loans.

How long does it take to get approved for a Lumi unsecured business loan?

Lumi’s approval process is very quick. Most businesses are approved for a loan within 24 hours.

How do I apply for a Lumi unsecured business loan?

You can apply for a Lumi unsecured business loan online. The application process is quick and easy.

What are the drawbacks of using Lumi for an unsecured business loan?

Lumi’s unsecured business loans have a few drawbacks. These drawbacks include:
Interest rates can be high
Minimum loan amount is $5,000