Short-Term Loan FAQ's

There has been a noticeable change to the MFA’s short term loan program. Why the change?

The MFA first started offering short term loans in 1995. Since that time legislative requirements and financial practices have changed. An example is the advent of the Community Charter, as well as changes in current global economic conditions.  The current method is designed to streamline and make the application process consistent, while making all parties aware of their responsibilities when entering into a loan agreement. While we have made every effort to use plain language where possible, we can appreciate that some of the clauses are complex. If you require assistance with the interpretation of the loan agreement or promissory note, please contact us.

How long does it take to process my application for a loan?

Approximately 2 to 5 business days, after a completed application package is received.

Do we have to return original loan documents by mail/courier?

No, with the exception of the promissory note.  The original signed, sealed promissory note must be returned.

How much notice is required before we receive the money?

Once your loan is approved, the signed loan agreement and promissory note are returned, and a completed Request for Advance has been submitted, funds can be accessed on the same day for amounts less than $5 million (provided notice is given prior to 10:30 a.m.). For amounts between $5 million and $10 million, please allow three business days' notice, and for amounts in excess of $10 million, five business days' notice is required.

How will I receive my monthly statements?

You may access your monthly statements at any time, by logging in to the client access site. New statements are available on the first business day each month.

How can we make a payment on our loan?

Interest payments are automatically pulled by EFT, on the second business day of the following month. Principal payments can be made by submitting a completed Electronic Payment Request.  

If I want to pay the loan in full, how will I know how much I owe?

Please log-in to the client access site and view the closing balance of your most recent statement, for the loan you wish to repay.  Alternately, please email us and we will look up the current balance outstanding.

How much notice is required, if we want to make a payment or pay out our loan?

A completed Electronic Payment Request must be received prior to 10:30 a.m., to be processed same day.  If you are repaying amounts over $5 million, 2 business days’ notice is appreciated.

 

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Credit Reports

Every year the MFA presents to 3 credit rating agencies to access the lowest rate possible for our clients.  Here are their findings.

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