Speed Loan
Access a streamlined loan application process through MiBank's electronic banking services, supported by eligible savings or fixed deposits.
Check eligibilityRead official terms (PDF) ↗Loan approval, charges and availability are subject to MiBank's current conditions.
What is a Speed Loan?
MiBank's Speed Loan is a deposit-backed lending product with an electronic acceptance process. The published terms allow borrowing for a legitimate purpose, provided the borrower meets the bank's requirements and has sufficient deposits to cover the loan exposure.
Electronic process
Loan terms can be accepted electronically using a personal PIN, creating a binding agreement.
Deposit-backed
Eligible savings or fixed deposits must cover the loan exposure and serve as collateral.
Flexible term range
The published repayment term ranges from 3 to 24 months, with agreed monthly instalments.
Eligibility & requirements
Before applying, customers should review the following conditions from the official Speed Loan document:
- Hold deposits in a savings account or fixed deposit account sufficient to cover the loan exposure.
- Agree to the electronic loan terms and PIN confirmation process.
- Complete the bank's loan requirements and provide any applicable security.
- Repay the loan according to the agreed monthly instalment schedule.
Published loan conditions
- Purpose: Any legitimate purpose.
- Repayment term: 3–24 months.
- Processing fee: 3% of the principal, deducted from the loan amount.
- Interest: The source document states 2% charged at the end of each month.
- Repayments: Agreed monthly instalments.
- Security: Savings or fixed-deposit collateral.
These figures are from MiBank's publicly hosted terms document dated 2020. Confirm current rates and conditions with MiBank before publishing or applying.
How the process works
Review eligibility
Check that your eligible account deposits can support the requested loan.
Read & accept
Review the full terms and follow the bank's authorised electronic acceptance process.
Complete requirements
If approved, complete any outstanding requirements before funds are transferred to your nominated account.
Repayments, fees & important conditions
- Interest accrues monthly under the published agreement.
- Late instalments may incur a daily penalty fee; the amount is not specified in the document.
- MiBank may apply eligible deposits against overdue payments in accordance with the agreement.
- Default may result in notices, recovery action and legal proceedings.
- Cancellation after approval and funding may result in significant charges under the published terms.
Always read the full document, especially clauses on default, set-off and cancellation, before accepting a loan.
Read before you apply
Download the complete Mobile Banking – Speed Loan Terms and Conditions to understand your obligations and the bank's rights.
Download Terms & Conditions ↗Frequently asked questions
Do I need savings or a fixed deposit?
Yes. The published eligibility criteria require deposits in a savings or fixed-deposit account to cover the loan exposure.
How long can I repay a Speed Loan?
The published document specifies repayment terms of 3 to 24 months, subject to the agreement.
Can I have multiple Speed Loans?
The published terms state that repeat or multiple loans are not offered under this loan category.
How do I confirm the current interest rate?
Contact MiBank directly. The publicly available terms document may not reflect current pricing or product availability.
Need assistance with Speed Loan?
Speak with MiBank to confirm eligibility, product availability, current fees and how to apply through authorised banking channels.
Contact MiBank ↗Call 16789 (Digicel)