How does a Lopay Cash Advance work?
Lopay works with YouLend Limited to offer cash advances to merchants using Lopay.
YouLend Limited is authorised and regulated by the Financial Conduct Authority (FCA) as a Payment Institution to provide payment services within the UK under firm reference number 947287. Find out more about YouLend here.
How much funding can I get?
The longer you've been trading through Lopay and the higher your monthly revenue, the larger your offers will be. Typically offers will be up to two times your monthly revenue.
Merchants can apply for a Cash Advance from day one after signing up with Lopay through the Lopay app.
To be eligible, merchants will need to provide 3 months of historical trading data, but this can come from outside of Lopay, giving more flexibility for new businesses to access funding sooner.
Once you have submitted your application, YouLend will conduct a credit check and consider factors besides your Lopay trading history. The review process typically takes 1-3 business days, and you'll be notified of the decision via both the Lopay app and email. Lopay does not have any control over YouLend's final decision.
How much will a cash advance cost?
With a cash advance you won't pay interest. You will only be charged a single fixed fee, so you know up front exactly what you will repay. All terms will be clearly set out in your Lopay app and you choose the size of the advance that suits you. You will pay back the funding through a fixed percentage of your daily sales.
How will a cash advance be repaid?
If you receive a cash advance it will be repaid over an agreed period via deductions from the payments you take through Lopay. However if you're earnings are lower than expected and deductions from your Lopay transactions are insufficient, YouLend will get in touch with you directly about getting back on track.
What is the maximum repayment period?
The maximum repayment period available is one year, typically to be repaid within 6-9 months.
How do I apply for a cash advance?
New merchants can apply for a Cash Advance from day one after signing up with Lopay.
To be eligible, you will still need to provide 3 months of historical trading data, but this can come from outside of Lopay, giving more flexibility for new businesses to access funding sooner.
If you wish to progress you will be asked for some additional details about your business as well as bank statements for the last 3 months - these will be shared with YouLend via upload or via an Open Banking connection.
To apply, go to Settings via the 3 lines in the top right of your app and then select the blue 'Need some capital?' banner under financing.
How long does it take to receive my cash advance?
After your application is approved and you've signed the agreement, YouLend will process your payout. This typically takes 1-3 business days. You'll receive notifications through both the Lopay app and email once the funds have been transferred. If you don't receive your funds within 3 business days after approval, please contact [email protected] for assistance.
Can I borrow more?
Our cash advance feature, powered by our funding partners YouLend, includes a Borrow More option.
This allows eligible merchants to access additional funds once they’ve repaid a portion of their existing cash advance. The repayment threshold is set and managed by YouLend.
The Borrow More option is designed to provide extra flexibility in managing your business cash flow, helping you access additional funding when you need it.
Getting started is easy! Just open your Lopay app go to Settings via the 3 lines in the top right and the banner under financing. If you already have a cash advance with YouLend, you just need to tap the “Borrow More” button. You’ll be guided through a quick and straightforward application process with YouLend.
Can I make a one-off payment to pay down my advance early?
Yes, you can always make one-off payments free of charge if you would like to. However you don't have to, most merchants prefer the flexibility of simply repaying in accordance with their fixed repayment percentage at no extra cost.
How can I track my repayments?
You can view the amount owed and the amount repaid at any point via your Lopay app. You will also be able to see whether our partner, YouLend, deems your repayments to be on-track or off-track. This status is based up YouLend's expected repayment period for your cash advance. YouLend may contact you directly if you are 'off-track' and if they are worried about the progress of your repayments.
Please note, you can also view your repayment status via your YouLend dashboard - however please allow 72hrs for your YouLend dashboard to update.
What if I'm going away for a few weeks?
If your repayments are slower than YouLend expected, they may contact you directly to ask for more information. You can then explain if you are on holiday or taking a short break from trading.
What if I refund a transaction?
If you have a cash advance, a small percentage of each of your transactions will be deducted to gradually repay your cash advance. When a transaction is subsequently refunded, the cash advance repayment is not automatically refunded - instead it effectively goes towards repaying your cash advance early. If this is an issue, please contact [email protected] and we can help arrange a refund from YouLend.
What if I want to move my cash advance to another provider?
If you’re looking to transfer your cash advance—for example, from Dojo to Lopay—all you need to do is get in touch with YouLend. They’ll provide you with an "Opening Account Letter" and guide you through updating your payout account. You can reach YouLend at +44 (0) 203 827 2870 or [email protected].
For any further questions or help, please email us at [email protected].