Lulalend is a tradional bank, not for SMME's

We tried to get funding from Lulalend but it was disappointing since they market themselves as being different from traditional banks. In their adverts they don't mention that they do "normal" credit checks and the result determine if you qualify or not. Our business account looks very good but unfortunately we had a loan with Payfast and as a result Lulalend declined our application. One of the director's personal account was in arrears and for that our application was declined. Lulalend is not as transparent and easy to get a loan from as they make it. They are a traditional bank if not worse with their repayment plans that look too good to be true, and what does the saying say about something that is too good to be true...and that is Lulalend. As a small business, funding is important to help grow our business and Lulalend was no were to help us.

During our application process they checked on our individual credit score as Directors of the company and as a result we were declined. If Lulalend is for the SMME's why are they not more lenient than traditional banks so that we have access to loans that traditional banks won't give? Why is Lulalend not lenient to SMME's to check how long the business has been in existence for and the trajectory of the business account and then make an informed decision. Why not interview the business owners to understand the reason for applying for the loan, the plan to use the funds and their repayment plan? Lulalend is just another traditional money lender pretending to be for the SMME's.