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:
|Type of loan
|Unsecured business loan
|$5,000 – $300,000
|12 – 60 months
|Quick and easy
|Quick approval and funding, flexible repayment terms, no collateral required, low fees, excellent customer service
|Quick approval, flexible repayment terms, low fees, excellent customer service
|Interest rates can be high, minimum loan amount is $5,000
|A 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: The 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: Lumi 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:
- Quick approval and funding
- Flexible repayment terms
- No collateral required
- Low fees
- Excellent customer service
- Interest rates can be high
- Minimum loan amount is $5,000
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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.
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.
Lumi charges a 2.5% establishment fee on all loans. There are no other fees associated with Lumi loans.
Lumi’s approval process is very quick. Most businesses are approved for a loan within 24 hours.
You can apply for a Lumi unsecured business loan online. The application process is quick and easy.
Lumi’s unsecured business loans have a few drawbacks. These drawbacks include:
Interest rates can be high
Minimum loan amount is $5,000