How to apply for a loan?
The process of applying for a term loan is straightforward. In the bottom navigation panel of the official app, you need to select "Finance". Then, select "Mulligan Funding" and tap on the "Get started" button. You will be asked to provide some important details regarding your firm.
When it comes to personal loans, things are a bit more complicated. Instead of applying with a single lender, you are matched with 30+ loan providers, each offering certain conditions based on your provided information. There's a soft credit pull involved, and some offers will be marked as "pre-qualified", meaning that the lender has already assessed your financial position and believes that you meet all the key criteria. The final offer might differ, and you might not qualify in the end, but the chances are you will be able to get the same terms after applying.
Requirements
There are different requirements for different lending options offered through Nuula.
Term loans are only offered to businesses from the US with annual revenue of over $120,000. The company has to be in business for over 9 months. The minimal credit score requirement is 600.
Loans for sole proprietors and loan offers for freelancers also have their requirements. You must have a credit score of at least 580 and be an American citizen. Other requirements, including current or past financial activity, unpaid debts, and income, vary from lender to lender.
Application details
The most important and distinct feature of the application process through this platform is that you need to use the app to apply. According to the data from the Nuula website, it shouldn't take more than five minutes to file the application and submit all the documents needed. This timeframe is applicable to both personal and term loan options.
Most decisions on applications sent in during normal working hours are made in less than three hours. It's possible to fund your business in approximately 24 hours.
Common reasons for applications being declined include the following:
Low credit score. Clear-cut personal and business credit score requirements are in place in every lending company. They don't always make them explicit, however.
High DTI. Your debt-to-income ratio has a large influence on the outcome of your application.
The loan sum is too big. Your application will be turned down if the lender determines that you're asking for too much money.
Failure to meet revenue requirements. You or your small business are not making enough money to pay off the loan.
Failure to meet other requirements. Perhaps you're younger than 18 or live outside the US. Perhaps the purpose of your loan is not what the lender deems suitable.
Incomplete or erroneous data. Your application will be rejected if you cannot provide the required documents or supply misleading information.
