Transparency is at the heart of MiFinance’s business, so please go ahead and ask any question.
Your MiFinance loan will be transferred straight into your bank account once you have been approved.
- 20% of principal amount (establishment fee)
- 4% of principal amount per month.
If you can’t repay on time please let us know immediately so we can reschedule or adjust the repayment to assist you. If we agree to a request to reduce a payment amount the fee to do so is $20. The fee for missing a repayment or for dishonouring one is $30. We’ll always try to contact you if there is a missed or dishonoured payment, to give you an opportunity to catch up or to work out an affordable arrangement.
We do not charge any fee for being in arrears. If we can’t recover a debt after 60 days overdue we may pass it over to our external collections partner and you may have a default placed on your credit file that impacts your credit history for up to 5 years. So it’s best to always communicate with us if you are having trouble repaying so we can work something out together.
There are no renewal fees. MiFinance does not renew loans by rolling them over or by refinancing the loan. You can apply for a repeat loan though. It is usually much quicker to apply, and be approved for a repeat loan if you’ve successfully settled a loan before.
We are required by law to make reasonable inquiries about your requirements and objectives in relation to any credit contract suggested or recommended by us; and about your financial situation.
We are also required to take reasonable steps to verify your financial situation, to make a preliminary assessment as to whether any credit contract suggested or recommended by us is unsuitable for you, and to not provide you with credit which is unsuitable.