MiFinance ABN Loan

Have an ABN? You can borrow up to $1,000 with MiFinance. Although an upfront fee of 20% applies.

This loan is for small businesses with an ABN in need of short-term finance. The turnaround time is quick, and you can use it to pay for a range of business needs. It is similar to a payday loan, in that it has a similar fee structure and repayment terms. You can borrow between $100 and $1,000, for loan terms of 16 to 30 months. Your cost will include an establishment fee of 20% of the principal loan amount + 4% of principal amount per month

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20%

Upfront Fee

$1,000

Max. Loan Amount

16 to 30 months

Loan Term

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Details

Product NameMiFinance ABN Loan
Min. Loan Amount$100
Max. Loan Amount$1,000
Loan SecuritySecured
Upfront Fee20%
Loan Term16 to 30 months
Requirements18+, earn at least $400 p/w and have a valid ABN

How does the MiFinance ABN Loan work?

Up to $1,000 can be applied for online by anyone looking to cover small business needs. Submit your application online and sign the contract, after which you'll be asked for proof of your income, expenditure and also your banking details. You'll then find out if you've been approved within minutes. The loan will be transferred into your account quickly after approval and your repayment terms will be spread across 30 days.

What are the features of this loan?

Taking out an ABN Loan with MiFinance gives you and your small business access to several features and benefits, including:

  • Ability to finance a range of business needs. Anything your small business needs you'll be able to cover with this loan – purchasing stock and material, covering cash shortfalls or wages or even just managing cash flow.
  • Quicker turnaround than standard business loans. Due to stringent lending criteria, many lenders can take days or weeks to approve business loans. MiFinance can have your loan to you the next business day.
  • More flexible criteria than other business loans. You won't need to submit a detailed business plan to qualify – just provide proof of income, expenditure and your banking details to be approved for a loan.
  • Borrow a range of loan amounts. Between $100 and $1,000 is available.
  • Short repayment terms. The entire loan amount is designed to be repaid within one month, so you won't be entering yourself or your business into long-term debt.

How much will this ABN Loan cost?

MiFinance has a transparent fee structure for its loans. When you take out an ABN Loan you will pay:

  • An establishment fee that is 20% of what you borrow
  • A monthly fee that is 4% of what you borrow
  • If a direct debit is dishonoured or a payment is missed, you'll be charged $30

How you can apply for an ABN Loan

Click 'Go to Site' if you're interested in applying for an ABN Loan with MiFinance. You'll need to be able to say 'yes' to the following to be able to apply:

  • You have an Australian Business Number (ABN)
  • You're over the age of 18
  • You earn at least $400 per week
  • You are paid directly into your bank account
  • The repayments will be affordable to you
  • More than half of your income isn't be from Centrelink payments

If you meet the above criteria, you can start your application. Having the following details on hand can speed up the process:

  • Loan. How much you need to borrow and why.
  • Personal. Your name, date of birth, address, email and a form of ID.
  • Employment. Your employment status and details of any benefits you receive.
  • Expenses. Information regarding your monthly expenses.
  • Banking. Your BSB, account number and account holder's name.

If you have a BSB and are looking for a short-term financing solution, Mifinance's ABN Loan is one to consider. Make sure you compare other similar options before you apply.

Business lenders you can compare

Whilst we don't compare MiFinance ABN Loan directly, use the table below to see how it compares against other loans.

Name Product Min. Loan Amount Max. Loan Amount Loan Term Upfront Fee Filter Values
Swoop Finance Business Loan
$1,000
$100,000,000
1 to 20 years
Depending on your loan contract
Apply online and borrow between $1,000 and $100,000,000. Options for good and bad credit borrowers.
Zip Business Loan
$10,000
$500,000
6 months to 3 years
No establishment fee
Borrow up to $500,000 with loan terms of up to 3 years. Flexible weekly, fortnightly and monthly repayment options available with no early repayment fees.
Moula Business Loan
$5,000
$250,000
1 to 2 years
2% Establishment fee
A loan of up to $250,000 that can be approved and funded within 24 hours. Available to businesses with 6+ months operating history and $5,000+ monthly sales.
Lumi Unsecured Business Loan
$5,000
$300,000
3 months to 3 years
2.5% establishment fee
Apply for up to $300,000 from Lumi and benefit from short loan terms, no early repayment fees and once approved receive your funds in just one business day.
ebroker Business Loan
$5,000
$5,000,000
1 month to 30 years
$0 application fee
Small business loans available between $5,000 and $5,000,000. Get access to 70+ non-bank lenders on this independent platform.
Max Funding Unsecured Business Loan
$3,000
$30,000
1 month to 1 year
$0 application fee
An unsecured business loan from $3,000 that offers convenient pre-approval and no early repayment fees.
Valiant Finance Business Loan Broker
$5,000
$1,000,000
3 months to 5 years
$0 application fee
A Business Lending Specialist from Valiant Finance can give you access to competitive business loans from over 70 lenders. Loans between $5,000 and $1 million are available. Request a call – your loan can be funded in 1 business day.
OnDeck Business Loans
$10,000
$250,000
6 months to 2 years
3% of loan amount
Apply for up to $250,000 and receive your approved funds in one business day. Minimum annual turnover of $100,000 and 1 year of trading history required.
Heritage Bank Fully Drawn Business Loan
$20,000
No maximum amount
1 to 25 years
Application fee is available upon application
Get access to a loan from $20,000 with no maximum limit with Heritage Bank. Loans can be secured by residential and non-residential property and have terms of up to 25 years.
Octet Trade Finance
$100,000
$7,000,000
1 month to 2 years
Transaction fee 2.5%
Access a line of credit to pay suppliers in over 65 countries. Borrow from $200,000 up to $7 million.
Prospa Business Loan
$5,000
$300,000
3 months to 3 years
3% origination fee
Small business loans are available from $5,000 - $300,000 on terms of up to 3 years. At least six months trading history and a monthly turnover from $6,000 is necessary.
ANZ Secured Business Loan
$10,000
$10,000,000
Up to 15 years
$600
Benefit from a low rate when you secure this loan with property and/or business assets. Loans from $10,000 available.
Westpac Business Loan
$20,000
$1,000,000
1 to 30 years
$0 application fee
Purchase a new vehicle, equipment or support your cash flow with a business finance solution from Westpac.
Capify Unsecured Business Loan
$5,000
$300,000
3 to 13 months
3% origination fee
An unsecured business loan up to $300,000 for eligible businesses. Businesses operating for a minimum of 6 months and having turnover of at least $10,000 a month can apply.
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