Accepting your funding offer and managing your repayments should be clear, transparent, and completely stress-free. Once you are happy with your pre-approved offer from Lula, all that is left to do is check through all the details, accept the agreement, and look out for the deposit in your bank account.
Here is a simple, step-by-step guide to confirming your funding and tracking your repayments.
Confirming your funding details
Before accepting your offer, take a moment to review all the key figures to ensure everything aligns with your property's needs:
- Advance amount: Confirm the cash advance amount you wish to receive.
- Repayment term: Review the timeframe for paying back the advance.
- Repayment plan: Check the breakdown, including the advance amount, total finance cost, estimated NightsBridge Pay remittance percentage, and how your repayments will work.
- Terms and conditions: Ensure you agree to the full terms and conditions
Please note: NightsBridge and our team cannot provide financial advice regarding debt financing or repayment terms; if you are unsure, it is best to consult a financial advisor.
If you're happy click on 'Read the fine print'
Confirming your bank account and contract
This step will send your final application to Lula.
- Bank account deposit: Your cash advance will be deposited directly into the same bank account used for your NightsBridge Pay payouts. For security reasons, funds cannot be paid into a different account.
- Reviewing your agreement: You will be directed to the Sale and Purchase Agreement. This contract reflects that you are selling a portion of your future booking revenue to Lula in exchange for an upfront lump sum.
- Automatic repayments: Repayments are deducted automatically as an agreed percentage from your incoming NightsBridge Pay batch payouts.
Read through contract the and click 'Accept'
At this stage you will be directed to the contract.
Make sure to read through the contract and that you understand the contents before continuing.
- The contract is called 'Sale and Purchase Agreement'.
- This implies that the contract is a sales agreement where the advance amount is SOLD to you for a certain amount, and then paid back over a certain term.
- This advance amount is regarded as your future revenue that you 'sell' to Lula for a certain amount of money (capital amount) and you will receive the amount you need in your bank account (principle amount).
- The repayments are done according to a percentage amount that's taken off of your NightsBridge Pay batch payments.
Finalising your payout and receiving confirmation
Lula will validate and do a credit check and this process should last up to 1 working day.
By now your cash advance should be on it's way to your bank account. The next step is to look out for that deposit and keep track of your repayments.
Check your inbox for confirmation of the funding
Once the application has been approved on Lula's side, you will receive an email with following information:
Details of the cash advance applied for;
- Details of the bank account it is being deposited into;
- Details of the repayment terms;
- The contract as accepted as an attachment.
Check your bank account for the deposit
The cash disbursement will be paid into your bank account within 1 working day or receiving your application approval.
Tracking your repayments in NightsBridge
Keeping track of your advance is straightforward and completely paperless:
- Live tracking: Whenever you open the Lula app inside your NightsBridge system, you will see a clear dashboard displaying your active cash advance, your remaining balance, and a full record of payments made so far.
