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The types of loans MiFinance offers
You can apply for two types of loans from MiFinance depending on what best meets your needs:
- Short Term Cash Loan. If you’ve been employed for at least three months and are over the age of 18, you can apply for up to $2,000 . Your repayments will be weekly, fortnightly or monthly, depending on how often you get paid, and you will receive the loan directly into your bank account.
- ABN Loan. Sub-contractors and sole traders with an ABN that need up to $1,000 for business needs can apply for an ABN Loan from MiFinance. Repayment terms are 16-30 days.
What features come with a MiFinance loan?
- Quick application and turnaround. Applying is quick and is all handled online. Once you are approved the money is sent to your nominated bank account.
- Loan amount. Borrow up to $1,000 with an ABN Loan and up to $2,000 with a Short Term Cash Loan.
- Lending criteria. You can apply for either loan if you are over the age of 18, earn at least $400 per week and can afford the repayments. You will need an ABN to apply for the ABN loan.
How much do the loans cost?
Short Term Cash Loan
Establishment fee - of the principal loan amount
Monthly fee - 4% of the principal loan amount
Late fees and charges
Missed repayment fee - $30
Reduced payment request fee - $20
Are MiFinance loans safe?
How you can apply for a MiFinance loan
Before you click ‘Go to Site’ to get your application started, make sure you meet the eligibility criteria:
- You’re over the age of 18
- You earn at least $400 a week
- You’re paid into a bank account
- If applying for the Short Term Cash Loan, you have been employed for at least three months
- If applying for the ABN Loan, you have an ABN
- More than half of your income can’t be from benefits
If you meet the above criteria, get the following information ready so you can complete your application:
- Personal details. Your name, address, contact information and proof of your identity.
- Employment. Your employment status.
- Benefits and other income. List any benefits or other income you receive.
- Expenses. List how much you spend on loan repayments, rent, transport, food, etc.
- Banking details. Your BSB, account number and account name will be required.
MiFinance can help you get the loan you need, whether it be for your business or personal needs. Make sure you compare this loan with other similar offerings before you apply so you know you’ve found the best financing for you.
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