If you are a newcomer to Australia and require money urgently, then you should know MiFinance. With very short-term loans for very short amounts, it’s the best way to finance yourself for your immediate needs. As long as you are over 18 and earn at least $400 weekly, you should be eligible for a loan. The interest rate could be a killer, but it should not impact your short term finances.
About MiFinance ABN Cash Personal Loans
In this review, we’ll be arming consumers with knowledge about MiFinance ABN Loans. We’ll be discussing application requirements, the kind of loans MiFinance offers, and more!
- Australian Business Number (ABN): 14 132 429 595
- Australian Credit License: 389029
- Loan amount: up to $1,000
- Loan term: 30 days
- Unsecured Loans Offered? Yes
- Easy Online Application: Yes
- Response Normally Within: Within 24 hours
- Documents Required to Apply: An ABN/ACN, identification, accounting information and banking details
- Requirements to Apply: You’re not in default of any other SACC, you’re over 18, you made over $400 in the last pay period
- Minimal Interest Rates: 20% establishment, 4% a month
Review summary: MiFinance ABN Loans has an unusual lending model – they specialize in short-term cash loans up to $1,000. They also require payment in 30 days. This is ideal for many small businesses. Expenses like payroll, bulk supply orders during busy seasons, insurance premiums, and more often crop up unexpectedly. Many times, a business owner can only truly afford to borrow a small amount of money – and that’s all they truly need. Rather than getting trapped in borrowing a larger-than-required loan, MiFinance may be the option you’re looking for.
For a small business who needs a small amount of money to bridge the cash flow gap, MiFinance offers an excellent solution. However, small businesses who need a larger loan, or who won’t be able to guarantee that they can pay back a small sum of money in a month or less should likely consider other options.
Company background: MiFinance ABN Loans is unique. Unlike most Australian business loan lenders, they specialize in short term cash loans. This is often a better option for small businesses who need a small amount of money to cover small business costs.
Rather than focusing on long term loans to cover larger business costs, their system is much more efficient. By only offering a maximum of $1,000, the team at MiFinance ABN Loans creates an easy-to-borrow and easy-to-pay system.
Admittedly, MiFinance ABN does have a few qualification requirements that other lenders don’t have. Because their loan-period is so short (only 30 days), they don’t operate on the typical long-term loan requirement structure. They need to ensure that borrowers have the capability to pay their loans back quickly, so they require you make $400 a week. They also require that you’re paid directly into your bank account, that you’re over 18 years old, that you can clearly repay the loan amount you apply for, that you have an Australian Business Number (ABN), and that more than half of your income isn’t from Centrelink payments.
These requirements protect MiFinance ABN against borrowers potentially defaulting. However, if you do default, MiFnance charges you a $30 dollar fee for every payment missed.
Client reviews – analysis: There are very few review sites out there who cover MiFinance ABN Loans. However, the only review site out there – Can’t Pay My Debt – shows 100% neutral reviews with somewhat concerning allegations from previous borrowers. Some borrowers say that short-term lenders like MiFinance have a tendency to rake their borrowers over the coals with 160%+ interest if they can’t pay. The reviewers insist that MiFinance doesn’t do this, but their website clearly points out several levels and tiers of interest charged based on non-repayment. Borrowers should be careful.