Lulalend

Lulalend was crowned as one of the winners at the 2020 Inclusive Fintech Awards. Lulalend is not just a business organisation.

They have the belief that small enterprises can serve and create solutions, be influential and deliver the highest quality standards

Lulalend looks to give small businesses in South Africa the strength and confidence to flourish, and that’s one goal they enjoy striving toward.

Lulalend’s principles

Lulalend has a firm belief that small businesses are a big benefit to the local economy, and thus they should be offered a lending experience that’s efficient and inspirational.

Time is of the essence, and the products and services created at Lulalend ensure that owners keep track of business turnaround time.

The costs and terms associated with funding are easy to understand and are presented in an open and honest manner.

Lulalend understands the importance of having financial consultants provide guidance when you’ve unanswered questions or queries, and that’s why their industry specialists are available 24/7. At Lulalend you can get the funding you require for your business to achieve success.

Who are the founders of Lulalend?

Lulalend was established by Trevor Gosling and Neil Welman. Trevor Gosling, who’s the Chief Executive Officer (CEO) is a qualified Charted Accountant with a strong entrepreneurial spirit and has worked in the finance sector for 7 years.

Neil Welman who’s a Chief Technology Officer (CTO) is a Chemical Engineer and has played a working role in the Investment banking field for over 10 years.

Equipment financing can be defined as a loan which you use to purchase assets for your business venture. When you’ve taken the loan, you repay it back in monthly instalments over a specific period.

This kind of financing can be utilised for buying equipment and vehicles. Terms and conditions in place when obtaining equipment finance are dependent on the lending institution offering it.

In some cases, the lenders buy the equipment for you and in others, the actual equipment serves as security on the finance taken.

Simply put, if you miss payments on the loan, the lending institution claims those assets. You’re also given the option to lease or rent the equipment.

Making proper use of equipment finance

Eventually, a business will reach a stage where it’s necessary to revamp, restore, and renew equipment, and most times these are not actually planned.

Equipment failure and damage normally happen when you least expect it and often need instant action to be taken. Conversely, your business could be doing well leading to an accelerated demand, meaning more equipment needs to be purchased.

The truth is, when a business gets to a point where it needs equipment, this is normally a matter that needs to be dealt with as soon as possible.

Attaining this kind of business funding can either lead to you receiving or not receiving the equipment you need for your business.

Instead of using your business earnings and profits to buy big and costly goods, getting access to reliable equipment finance makes more sense.

This means you don’t have to use the business capital that you depend on to counterbalance your everyday expenses to expand. Lulalend provides equipment finance to entities of up to R5 million that can be accessed within 24 hours after your application is approved.

Easy way to acquire equipment finance

Some entrepreneurs often require finance right away to buy, restore and renew equipment. This is where Lulalend comes into the picture, helping you get access to business finance that isn’t complex and can be obtained quickly. The simple online application found on Lulalend’s website should only take you a few minutes to complete.

Their paperless application means you save money and time, and what’s even more interesting is the equipment loan offered is not secured. Lulalend doesn’t require you to state what you need the funding for, unlike most lending and financial institutions.

The Lulalend team loves it when your business experiences success, that’s what makes them proud to work with SMEs who are growing and doing their part in supporting the growth of the country’s economy.