Short-Term Loan FAQ's
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.
Approximately 2 to 5 business days, after a completed application package is received.
No, with the exception of the promissory note. The original signed, sealed promissory note must be returned.
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.
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.
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.
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.
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.
Tools / Resources
Find status of loans, issue highlights, amortization schedules and historical rates.
Every year the MFA presents to 3 credit rating agencies to access the lowest rate possible for our clients. Here are their findings.