With a working capital loan, you can get fast funding for your everyday business operations. Even if your business isn't making enough to cover operational expenses, you're still covered. This can be useful if your business experiences reduced activity or sales during certain times of the year.
100% confidential application Borrow up to $500,000 with an unsecured business loan from Lumi.Lumi Unsecured Business Loan
Lumi Unsecured Business Loan
Lumi Unsecured Business Loan
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A working capital loan can provide funding to cover operational costs, helping you run your daily business activities. You can use the funds to cover cash flow gaps, pay bills and staff, purchase inventory or pay for marketing expenses. This type of finance is useful if your business has seasonal sales.
Loan terms are also short, ranging from a few months to 2 years. Repayments terms are also flexible, allowing you to tailor it to the ebbs and flows of your cash flow. These loans are also easy to apply for, with most applications online. They also feature fast turnaround times, and you could receive funding within 1 business day.
How much you can borrow will depend on the lender and your ability to repay the loan.
Pros.
Cons.
Here are a few things you need to consider before you apply:
The eligibility criteria will differ based on the lender. In general, you'll need to meet the following criteria:
Apart from this, as for all loans, your business will have to demonstrate it can repay the loan.
🤔 Work out how much you need to borrow and what you can afford. You can use a personal loan calculator to help you.
🔎 Start comparing lenders and loan products. Don't forget to compare interest rates, fees and eligibility criteria. You can use the comparison table on this page.
✅ Select a lender. Click "Go to Site" to be directed to the lender's page, or "More Info" if you want to read about the lender.
🖨️ Organise and prepare the required documentation. This will make the application process easier.
📱 Apply. Most lenders have their applications online.
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