From low cashflow to unexpected costs, a line of credit can keep your business afloat or running
A revolving line of credit can be used when there are unforeseen expenses or to transfer money to
an over-drawn checking account. While your line of credit is in the draw period, you'll be
able to withdraw funds and make payments. Since it's a revolving line of credit, you'll
be able to withdraw funds again and again as you repay them. A local and dedicated Commercial
Banking Officer will work with you to determine the right terms on a line of credit for your
In addition, Magnifi Financial partners with several agencies to obtain GAP financing and
low-cost solutions for your business' needs. Participation with these agencies help provide
cost-effective solutions to your business. Some of the agencies Magnifi Financial participates
Small Business Administration (SBA) - Click here to learn about our SBA Preferred
The Initiative Foundation
Local Economic Development Associations
US Department of Agriculture (USDA)
As the largest commercial-lending credit union in Minnesota, we are able to provide our business
members with low loan rates.
Magnifi Financial has a variety of terms available for a business line of credit so that the
credit amount and repayment terms fit your needs.
Use Over and Over
As a revolving line of credit, you can use the borrowed funds over and over. Pay down your
account, then use the funds on another project.
Your Options Are Endless
Many businesses use
fixed-term loans for the following purposes.
Office supplies or
Covering seasonal cashflow
Fund emergency costs
Fill out our online form with some information about
your business and the products or services of interest. Your local Commercial Banking Officer will
be in touch within 1-2 business days.
Sometimes, sometimes not. If you have already found your vehicle to purchase, we can set up financing right away and you won't need a pre-qualification letter. However, if you get pre-qualified and then shop around for vehicles, we'll send you a pre-qualification letter to bring to dealerships. Some dealerships may also contact us to confirm financing as a business practice.
Your pre-qualification offer is typically valid for 60 days with Magnifi. If we have not heard from you about purchasing a vehicle within those 60 days, then your loan application will be closed and you will need to reapply if you decide to obtain financing after the expiration date.
That's great! Go ahead and fill out an application and we'll help you get the financing together as quickly as possible. If you are working with a dealership, we'll just need the Purchase Agreement and Insurance Card. Our lending staff will help walk through everything with you to get you on the road faster.
We have several methods for you to make your loan payments:
• Magnifi Digital Banking or Mobile App: You can transfer funds from your Magnifi or external checking/savings account into your loan account.
• Online: Use our online loan payment system to set up a single or recurring payment with your debit/credit card or routing/account number.
• Mail: Send a check to: PO Box 232, Glenwood, MN 56334. Please include your Account Number and Loan ID. You will not receive a payment receipt by mail but you can verify the transaction within Digital Banking.
• Branch: Visit any Magnifi location to make a payment.
You can avoid paying as much interest if you make larger or additional payments on your vehicle loan. This will pay down the principal of the loan which means you pay less interest and you could pay off your loan quicker. However, this does not advance your due dates... Meaning, if you make twice the payment amount one month, you will still need to make a payment on the same due date the following month.
Frequently Asked Questions
We have several methods for you to make your loan payments: Magnifi Financial
Internet Banking: You can transfer funds from your Magnifi Financial
checking/savings account into your loan account. Learn more here. Magnifi Financial Mobile
App: You can transfer funds from your Magnifi Financial checking/savings
account into your loan account. Learn more
here. Phone: (888) 330-8482 Pay over the phone with a debit card
or Magnifi Financial account transfer. Mail: PO Box 190, St. Joseph,
MN 56374. Please include your Account Number and Loan ID. You will not receive a payment
receipt by mail but you can verify the transaction within Internet
Banking. Branch: Visit any Magnifi Financial location to make a
Great question! Our members can qualify for membership very easily. You will just need to
work, worship, go to school, or volunteer in one of the 18 counties of our field of
membership. So, when you open your account with us, you will open a one-time $5.00 “Share”
account which makes you a member of Magnifi Financial and an equal owner of our credit
union. And if you ever decide to close your account, you will receive your $5 deposit
back. You can learn more here.
Yes, Magnifi Financial offers additional protection for members to add on to their loans in the event that something unexpected occurs.
Work with your assigned Magnifi Financial team member to discuss the right options for you.