Have an ABN? You can borrow up to $1,000 with MiFinance for your small business needs.
If you are a sole trader, subcontractor, or in any position where you have an ABN and need short-term finance, then Mifinance has a business loan for you to consider. These loans are similar to payday loans in that they are for a small amount and designed to be repaid in the short term. The difference is that they are for business purposes and only accessible by those who have an 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.