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Meaning that your interest rate will automatically drop every month with each payment. So, how much money could you save?
Let’s take a look at a concrete example. Let’s say you want to borrow $100,000 on a standard business loan of 24 months with weekly repayments of $1,394. With Rate Ease™, your total interest would drop by over 7%. Meaning you could save a total of $3,384 just on interest payments.
Why don’t you give it a go? Use this calculator to get an estimate of how much interest you could save with Rate Ease™.
*The interest rate reduction percentage varies depending on the loan amount, term and approved interest rate. 11% is the maximum amount of interest saved on a loan over a three year period at 44.5% APR. Read the full Terms & Conditions
I’m looking to borrow
How much I’ll be saving
$1,692.00
*The simulation above was based on a 104 weeks loan priced at 39.5% APR
Only make 4 consecutive payments to unlock your monthly Rate Ease™ straight away
Continue with your repayments to ease your rate every month for a maximum of 12 months
No more need to refinance in order to get better rates
1
Check if you’re eligible for a Lumi Business Loan with Rate Ease™
3
Activate Rate Ease™ by making 4 consecutive repayments on time
You’re only a few online steps away from submitting your business finance application with Lumi.
Tick the boxes to check if you’re ready to apply.
Am I eligible for Rate Ease?™
Firstly, well done for making the decision to take your business to the next level. Generally speaking, if you are eligible for a Lumi Small Business Loan of at least $25,000 at an interest rate of 29% or higher, you might also be eligible for Rate Ease depending on the loan terms offered to you. Feel free to call us on 1300 005 864 or send us an email to sales@lumi.com.au. Also check out our general Terms & Conditions for Rate Ease here
How much will my interest rate decrease?
How much your rate will drop depends mostly on your loan term, including the approved interest rate and length of your loan.
If you already have a loan with us, get in touch with your Account Manager and they'd be more than happy to provide you with your Rate Ease™ reduction schedule.
If you're looking to apply for a Lumi Loan including Rate Ease, call us on 1300 005 864 or send us an email to sales@lumi.com.au, so we can help you with your application.
How long will my rate be lowered for?
Congrats! If your loan got approved with the Rate Ease™ benefit and you've made 4 consecutive repayments, your interest rate will be dropped every month for a maximum of 12 months or for as long as you make your repayments on time.
How do I activate my Rate Ease™ benefit?
No need to activate anything. The beauty of Rate Ease™ is that it's that easy. We'll automatically drop your rate every month, starting from month 1, after you've made 4 consecutive repayments, so you can start saving straight away. Your rate will then continue to drop every month for a maximum of 12 months or for as long as you stay up to date with your repayments.
What if I miss a loan payment? Do I still get my Rate Ease™?
Customers are only able to receive rate decreases if repayments are made on-time, every-time. If you miss a payment or are late in making a payment, you will be able to keep your existing rate, but you will not be able to access any further decreases, even if you catch up.
Often, a small business owner will want to invest in these areas to help their business grow, but find the idea of dipping into their cash flow quite daunting. This is where a business loan comes in handy, as it gives you a quick injection of cash to fund your growth, which you simply pay back in small amounts at regular intervals.
Unsecured Business Loans: An unsecured business loan is a flexible and convenient way to get the finance you need, as you don’t require collateral to obtain the loan. Collateral is something that you or your business owns that you pledge as security for repayment, i.e. your home, vehicle, inventory, etc. Instead, the loan is issued and supported based on your creditworthiness. Therefore, unlike secured business loans, a lender cannot seek repayment by going after your assets. Unsecured business loans are also designed to be easy to obtain, plus you can expect a quick application and approval process - usually within just a few hours. (Read more)
Short Term Business Loans: Short term business loans can be secured or unsecured, but their main difference when compared to the other types of loans is their payment terms and borrowing capacity. Payment terms usually range from 3 to 12 months, while loan amounts are often between $10,000 and $100,000. Due to their shorter payment terms and smaller borrowing capacity, small business owners may find short term loans much easier to apply for and obtain than long term finance. (Read more)
Principle: This refers to the total amount being borrowed
Interest rate: The rate (%) at which you will repay your loan to the lender
Term: The length of your loan
Repayment frequency:: How frequently you must make your repayments i.e. daily, weekly, monthly
Fees or Charges: Additional expenses you must pay on your loan. Your lender should always be upfront about these
Here at Lumi, we provide you with the best of both worlds. Not only are our business loans unsecured, but they also take place on a short term basis, with terms of 3 - 18 months. We offer loan amounts of $10,000 to $500,000, giving your small business the quick injection of cash it needs to thrive.
As a small business ourselves, we know just how valuable and limited your time is, which is why we also offer a fast and simple application process that can be completed online within just minutes. Once approved, your funds will be deposited the following business day, helping you put it to good use ASAP.
If you’re an Australian-registered business who has been in operation for at least 6 months producing a gross annual turnover of $50,000 or more, then you’re eligible to apply for a small business loan with Lumi.
To complete your loan application online, click here to get started. You’ll just need the following on-hand to complete your application:
Got more questions? We'd love to hear from you.
Business Loans
1300 005 864
