About lender
Nuula is a fintech company from Canada. The company was founded in 2020. It offers all of its services across the US, and there are definitive plans to expand certain services to Canada and the UK.
The main focus of Nuula is providing small business owners with the ability to monitor, analyze, optimize, and predict their key financial metrics. The same mechanics can be used to assess the financial health of any individual.
Furthermore, the company offers a line of credit, term loans, and personal loans through third-party providers. Getting life insurance and paying for personal cybercrime protection is also possible.
Pros and cons
Every company is different, and there are multiple pros and cons to be aware of. Understanding each point can help a borrower make a more informed decision.
Pros
Competitive rates and terms. The company matches you with the best options from trusted lenders on its network. Since you have plenty of options, you can pick the best possible term.
Different loan products are on offer. Besides term loans that can help you finance your investments, there are loans for sole proprietors (loan offers for freelancers) and lines of credit.
Easy application process. It's very easy to apply via the app. The application is very easy to understand and use. If your documentation is in order, it usually takes around two minutes to apply within the Nuula app.
Fast funding. The funds can be accessed in 24 hours or less. The funding options and time depend on the lending partner, but it generally takes less than what you would get elsewhere.
Complexity. First, it can cover a start-up's needs in its entirety with a full range of services. It's always easier to deal with one company than with multiple. The second side of this project's complexity is represented because they use many innovative technologies to run their operations. The website alone demands over 35 technologies.
Ambitions. The company plans to add varied services to its arsenal. With their technological capabilities and expertise, it's obvious that they will eventually take their services to the next level.
Cons
Nuula is not a direct lender. Its responsibility and obligations are limited since this company is not a direct lender. The clients are matched with third-party lenders. That enables some to find better offers, but some don't trust companies that don't provide direct funding.
Not much information is available. This company doesn't disclose information regarding average rates, terms, and other conditions of the loans that they offer through their partners. Not having a transparent relationship with future clientele is not a good thing.
Not available outside of the US. There's a geographic restriction in terms of the service. It's not available for borrowers outside of the United States.
You have to download the app. Some borrowers might prefer the desktop interface, but Nuula provides no such option. Everything must be done through the app.
Conclusion
This company's pros are because of its technologically savvy and innovative approach. They also offer competitive rates through their partnerships. The biggest disadvantage is that there's not much information available regarding the rates you can expect from their service.
Terms and conditions
The terms and conditions of the services related to business metrics can be found on the official website. As far as the loans go, the most prominent spot belongs to the term loan option. These loans are taken out through Mulligan Funding. The loan amount can be as little as $5,000 and as large as $2M. The loan term is typically between 3 and 36 months.
The company also offers personal loans. They are marked as "sole proprietor loans" on the website. The amount range is between $5,000 and $50,000. Many lending providers can choose from, so terms and APRs can differ greatly. The company's line of credit services offers favorable terms - $1 per day on every $1,000 you borrow.
Funding a loan
This company takes great pride in the speed of its funding. As a small business owner, you can qualify for funding and receive funds in 24 hours, and it can take longer to fund your business. Still, there's not enough information to indicate that this is not ordinary.