Rating based on 1,164 reviews
MiFinance is an alternative credit provider that specializes in payday cash loans for personal use but, they also offer business loans with similar terms.
If you own a small business and need a small cash boost of an amount below $1,000 than MiFinance’s services will likely meet your needs.
No interest – pay a set fee
Unlike most alternative credit providers and banks you do not have to pay interest when you get a loan from this credit provider since they charge a set fee for their loans. This set fee is currently a 20% establishment fee and 4% of the principal thereafter per month.
Why take out a loan with MiFinance
This lender offers business credit of between $100 and $1,000 which are loan amounts no bank and most alternative lenders will not even consider to lend to you. In addition, you will get the credit much faster than with any other provider.
Simple, quick loans online
MiFinance is an online quick cash lender and delivers loans exceptionally fast. Their entire loan application can be done online and you can even sign the loan contract digitally.
What MiFinance can offer you
MiFinance is truly unique in the category of business lenders since it does not offer typical business loans, lines of credit or invoice factoring – they offer a business advance that is similar to that of a payday loan.
When you need a small amount of cash – the banks are simply not going to help you and, if they do, you’ll end up waiting for a long time.
Since banks are not an option you may consider factoring but, these companies will usually require you to sell all of your invoices and they also get involved with your customers.
What you need to apply
With MiFinance you can get a business loan and then simply repay it at the end of the month and all they need is your ABN and a 3-month bank statement to verify that your business can make the loan repayment.
Uses for an ABN Loan
You are free to use your ABN loan as you please. From buying stationary, buying stock, paying bills or part-time workers – these fast loans will allow you to get back to business as soon as possible.
0 % Per annum
In a Nutshell
- Average processing time 24 hours
- Online application
- In-store application
- Unsecured loan option
- Secured loan option
We are the only lender that offers business loans under $1,000
As the only lender that offer short-term loans under $1,000 to Australian businesses – they fill in a gap in the market that no other lenders are willing or able to fill.
Loan application requirements:
- An ID – this must either be a drivers license, passport or 18+ card
- 90-day bank statements
Filling out the loan application form
The online loan application of MiFinance is simple and can easily be completed in just 10 minutes. You will be required to provide a range of personal, business and contact information in addition to providing the documents listed above.
Loan application sections:
- Loan Details – tell them how much you need and what you’re going to use it for
- Personal Details – this is where you type in your name, address, contact numbers and email
- Identification Details – tell them what type of ID you’re using and type in the ID number
- Business Details – This is where you must provide your business ABN/CAN number, the number of months/years in operation, address and contact numbers
- Personal Expenses – This is where you will provide details on your monthly expenses including rental/mortgage, transport, food, loans, medical expenses and car loan repayments among others.
- Banking Details – this section is self-explanatory and will allow MiFinance to debit your loan repayment on the agreed date/s
- T’s & C’s – here you must agree that you have provided correct information and that you have had access to both the disclosure and privacy act that is provided on the site
Can I apply for two business loans at the same time?
There is nothing wrong with applying for two business loans at the same. If the client meets our requirements, we will approve the advances. It will be then on the client’s side to ensure that they always meet their payment schedule.
The reason we usually advise our customers to apply for one business loan at a time is so that they don’t encounter any financial difficulties paying for it. Should your organization be in a position that affords two credit plans, MiFinance will give you the go ahead.
Don’t compromise your credit profile
No matter how much you might be looking for a financial boost, you should never compromise your credit profile. Seeing that you are running an organization, you should do whatever you can to protect your credibility because there is no telling when you might need a loan again.
This will maintain your reputation with financial service providers in good terms and you will not worry about being declined for a business loan. If you are no longer interested in the business loan, you can always call us and change your mind, we will not penalize you.
Eligibility & Requirements
Other Products & Services
- Business Loans