What is a "payday"loan?
A payday loan is a short-term loan for a small amount (usually under $1000) loaned for one or two pay periods. The cost of a short-term loan is comparable to a bank dishonoured fee, and often less humiliating.
What are your lending criteria?
- You must be over 18
- You must be a permanent resident of Australia
- You must have a regular source of income which is paid directly into your bank account.
How much can I borrow?
For new clients, you can borrow up to $200. Existing clients may be able to borrow more, depending on requirements. We try not to lend amounts which will lead to you having difficulty making repayments, so we try to make sure each repayment is less than 30% of your take-home pay after tax. Our most common loan is $200 for two weeks.
How long can I borrow for?
Our loans are for periods of 1 to 4 weeks.
What are your fees and interest rates?
If your application is not approved, we do not charge you anything!
For new and existing clients, we charge no up-front fees and 10% per week not compounded. This is the equivalent of 520% per annum, although we do not generally allow extensions beyond the term of the original loan.
| Loan package | Loan Amount | Loan Term | Loan Fee | Amount To Repay | Weekly Repayment | Fortnightly Repayment | Monthly Repayment |
|---|---|---|---|---|---|---|---|
| Loan 'A' | $100 | 1 week | $10 | $110 | $110 | --- | --- |
| Loan 'B' | $100 | 2 weeks | $20 | $120 | $60 | $120 | --- |
| Loan 'C' | $200 | 2 weeks | $40 | $240 | $120 | $240 | --- |
| Loan 'D' | $200 | 4 weeks | $80 | $280 | $70 | $140 | $280 |
| Loan 'E' | $400 | 4 weeks | $160 | $560 | $140 | $280 | $560 |
Other loan packages are available for existing customers, please contact us for further details.
How do I apply?
- Download the application form from here
- Fill it in the form and collect copies of the supporting documentation
- Sign the bottom of every page
- Fax or mail it to us
- If approved, we transfer the money to your account
- On the agreed upon dates, the repayments are automatically deducted from your account
How do I get the money?
Most commonly, we make an electronic transfer into your account. Depending on your bank, you can usually access this the following day. Some financial institutions may take longer. (The longest I have personally experienced was 3 days.)
For existing clients who may have more urgent needs, we can make a cash deposit into your account or pay bills directly for you. Contact us for further details.
How do I make repayments?
Most commonly, the repayments are automatically deducted from your account via a direct-debit. If you wish, you can also make payments to us using direct deposit, via paypal, or through mhits.com.au. Contact us for further details.
Can I borrow more if I already have a current loan?
We will consider each application on its merits, but rarely approve these.
News
- 2007 December 1st
Special offer for December 2007 - 2007 March 15
New website goes live!