Lumi initially presents as a very user-friendly and efficient lending platform. The application process is straightforward, approval is quick, and accessing funds is easy — which makes it appealing for small businesses needing fast finance.
However, my experience after that initial stage has been extremely disappointing.
After missing a single payment — due to a public holiday causing the repayment to be processed earlier than expected — my account was immediately restricted. Even though I rectified the payment the following day and maintained a perfect repayment history for the next 12 months, my facility was never reinstated.
Instead, I was locked out of accessing further funds and required to continue repayments at the highest interest rate, with no flexibility or consideration given despite consistent performance since.
This rigid approach shows a lack of understanding of how real businesses operate, particularly when minor, one-off issues occur. There appears to be little willingness to work with customers or support them beyond the initial loan stage.
Based on my experience, I would strongly recommend that other businesses carefully consider alternative funding options before proceeding.
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Lumi takes the guesswork out of small business funding. We offer small business loans and lines of credit up to $1m to support your growth.
Forget lengthy application processes and sneaky, hidden fees. Lumi is shaking up small business lending to provide you with fast access to finance that’s accurate, fair, and honest. We’re all about total transparency and are setting high standards for the fintech industry worldwide.
A few other reasons why you'll love Lumi:
- Application outcomes within a few hours
- Loans from $10,000 - $1,000,000
- Repayment periods of up to 5 years
- No hidden fees or charges
- No collateral needed for loans up to $300,000
- Receive funds within the same business day
- Customise your loan with Rate Ease, Payment Pause and Payment Holiday
- No early repayment fees
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