Refinancing

When you need help refinancing a loan

Refinancing can be a helpful way to shift your business's debt to a better place with the benefit of different, more favourable terms. This can help reduce your monthly repayments and give you some extra breathing room. Show more

How refinancing works is that a business would essentially re-evaluate their current repayment structure, interest rate or credit terms in order to enjoy more favourable interest rates. It's common practice for businesses who have taken out business financing or credit agreements.

Refinancing can also help you maintain a good credit record while simultaneously enjoying the benefit of lower interest rates. This is always better than dipping into your profits to cover your costs. The advantage of refinancing is that it allows you to maintain your repayments while your business grows, and helps reduce your debt.

Before committing to refinancing, ensure you have explored all the risks associated with this form of business funding. Many small businesses fail because of financial management, so it’s in your best interest to understand all the pros and cons to ensure your business is protected.

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Immediate access to inventory finance

While traditional lenders typically take weeks and sometimes even months to approve a small business loan application, Lulalend can give you access to business funding or a business capital facility in as little as a few hours. Show more

Our easy online application takes just a few minutes to complete,and you'll receive your approval and access to funding in as little as 24 hours.

Speak to the Lulalend support team today about your business financing options.

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How to apply for Lulalend refinancing

Apply online at Lulalend Small Business Funding - Step 1

Complete your online application

Apply online at Lulalend Small Business Funding - Step 2

Select how much you need

Apply online at Lulalend Small Business Funding - Step 3

Get approved in 24 hours

Up to R5 million line of funding | Choose 3, 6, 9 or 12 month terms | Apply in minutes

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What will I pay?

We've simplified the lending process with our 6 and 12 Month Plans. Every month you pay back 1⁄6th or 1⁄12th (depending on which plan you choose) of the total advanced amount plus the monthly cost. Monthly Costs are 2% - 6% of your advanced amount for the first 2 or 4 months (plan dependent) and 2% for each of the remaining months. You can pay early and save.

80000
6 months
Total repayment
0
No additional costs
Month Capital payment Cost * Monthly payment due
1 0 0 0
2 0 0 0
3 0 0 0
4 0 0 0
5 0 0 0
6 0 0 0
7 0 0 0
8 0 0 0
9 0 0 0
10 0 0 0
11 0 0 0
12 0 0 0
Total 0 0 0
* Based on average Lulalend Score and credit history — no hidden costs and no early repayment fees.

There's a better way to fund your business

"In the manufacturing industry you often sit in between projects with this lull, so for us cash flow is a huge challenge. Just to get funding or capital as a small business owner is almost impossible. If it wasn't for Lulalend we would have sunk a long time ago because of the bridging gap. We had the turnover and capacity but we couldn't get from month to month on the cash flow going in and out of the company."

Testimonial image
Christiaan Servaas de Wet
Business owner at C and G Fine Art

Why Lulalend?

  • Apply in minutes
  • Transparent, flexible terms
  • Access to finance in 24-hours
  • Customer-centric service
  • Unsecured financing
  • Trusted by local SMEs
  • No long queues or extensive paperwork
  • We say yes more often
Apply now

Why Lulalend?

  • Apply in minutes
  • Transparent, flexible terms
  • Access to finance in 24-hours
  • Customer-centric service
  • Unsecured financing
  • Trusted by local SMEs
  • No long queues or extensive paperwork
  • We say yes more often
Apply now

Refinancing FAQs

We're covering the most frequently asked Refinancing questions we get from business owners

What is a working capital loan?

Working capital loans are used to fund everyday business activities, like salaries and rent.

What exactly does refinancing mean?

Refinancing refers to the process of taking out a new loan to pay off other outstanding loans. Businesses typically use refinancing to get a better deal on their interest rates or to consolidate their debt.

What happens when you refinance?

Once you get the new loan, you’ll use the funds to pay off the outstanding debt. Ideally, the new loan has better terms than the previous loans

When should I refinance my business loan?

Consider refinancing if you’re looking for improved interest rates or monthly payments. Evaluate your terms and determine if you’re able to secure a better offer from a different lender.

Can you consolidate business debt?

When you consolidate business debt, you take out a new loan to pay off separate, existing loans. Approach a lender to determine whether or not refinancing your business debt is right for your SME.

How do you refinance a commercial loan?

To prepare for refinancing, you should follow the same steps you take when applying for other forms of business finance. An audit of your existing debt is the best place to start. Next, determine your funding need and examine the options available.

Get approved for up to R5 million today. No fees, no commitments

Apply now