If you wish to accept the offer of funding then all that is left to do is to check through all the details and confirm you are happy to proceed.
Confirm the details
Make sure to check and confirm:
- The amount of the cash advance that you need;
- The term in which you will pay back the advance;
- The estimated repayment plan including: the advance amount, the finance costs, the estimated PayBridge remittance percentage % and a reminder about how the repayment works.
- That you agree to the full Terms & Conditions (contract).
NightsBridge and it's staff cannot offer any advice about debt financing, amounts needed and the repayment terms. If you're unsure, it's best to consult a financial advisor.
If you're happy click on 'Read the fine print'
Confirm the bank account that Lulalend will deposit the Cash Advance into
This step will send your final application to Lulalend.
- This will be the same bank account used for PayBridge payments.
- You cannot choose to have the money paid into another bank account other than the one we're using for PayBridge (for security reasons).
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 Lulalend 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 PayBridge batch payments.
Wait for the funding to be finalised
Lulalend will validate and do a credit check and this process should 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 Lulalend'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.
Check the Lulalend app on NightsBridge to track the status of your repayments
If you go back into the Lulalend app on NightsBridge, you'll be presented with a different screen showing the active Cash Advance, the remaining balance owned and any payments that you've made so far.