About lender
Nuula is a platform providing business owners with instant access to critical business metrics and capital. It is a mobile app that enables entrepreneurs to monitor everything that matters to their business in one place and access various financing solutions. With this app, you as a business owner will know immediately what to focus on and won’t miss an issue that requires your action.
Founded in 2021 in Toronto, Ontario, Nuula is on a mission to revolutionize how small businesses access the tools, capital, and content they need to succeed. The key values of Nuula’s team are passion, simplicity, and empowerment.
Features
With the Nuula app, you can track a range of important metrics that matter to your business:
Your cash flow
Financial metrics from your cloud accounting platform
Your e-commerce store’s performance
Customer reviews
Personal and business credit
In addition, the Nuula app allows business owners to apply for various financial products offered by a network of partners:
Simple Life Insurance plus wellness from Walnut
Term loans from Mulligan Funding
Loans for sole proprietors from 30+ lenders
Term Life Insurance offers
Besides, the following integrations are coming soon:
Cyber insurance
Line of credit
Private wealth management
Pros and cons
Here are the pros of using the Nuula app:
The information about meaningful business-related metrics is easily accessible and transparent
Securing financing for your business is quick and accessible through the Nuula app
New functional features are coming soon – cyber insurance, line of credit, and private wealth management
The convenient monitoring of everything that matters to your business and easy access to financing options are definite advantages of Nuula. As for the disadvantages:
The project is still under development, and not all functionality is available yet.
Loan conditions
Currently, you can apply for the following two financial products through the Nuula app:
Term loans
Personalized loans
Nuula’s team hasn’t started accepting applications for a line of credit yet. But, according to the website, this feature is coming soon. So, to stay tuned, you can join the line of credit waitlist within the app.
Loan conditions are different for term loans, personal loans, and a line of credit.
Term loans
Nuula’s team partners with Mulligan Funding to provide term loans to their users. You can apply for a loan right from the Nuula app. Upon approval, you will receive your funds to your business bank account within 24 business hours. The processing time may differ for applications submitted outside regular business hours (Monday-Friday, 9 AM – 5 PM PT).
The maximum amount you can borrow with a term loan is $2M. Nuula’s website doesn’t provide information about this financial product's interest rates and terms.
Personal loans
Instead of applying for a business loan, you can opt for a personal loan as it is easier to qualify for. Labeled in the Nuula app as “Loans for Sole Proprietors,” these loans are available to sole proprietors, freelancers, and early-stage businesses.
According to Nuula’s website, there are no stringent requirements around entity type, time in business, and business revenue with this type of loan. With a personal loan, you can count on the financing amount of $5k-$50k.
There is no information on the website on interest rates and terms of personal loans. Since Nuula partners with 30+ lenders on personal loans, you’ll need to check loan conditions with each lender individually.
Line of credit
Once available, a line of credit represents “cash in the cloud” available when needed. You will be able to apply for it right from the Nuula app. Upon getting approval, you can start withdrawing funds whenever you need them. Then, receive the funds directly to your linked business bank account.
Using a line of credit will cost you $1/day per $1,000 borrowed. Pay off your credit with the payments automatically debited from your bank account every Wednesday.
Within the Nuula app, you can set up the amount you want to pay back weekly. Your available credit line will recover as you pay off your balance. In addition, lump sum payments or early repayment will be penalty-free.
Methods of loan funding
To start getting funding through the Nuula app, you will need to link your business bank account to your user profile. Then, once you get loan approval, you can get the funds directly to the connected bank account.