MiFinance Small Loans

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Borrowers can apply online with MiFinance for up to $2,000 and cover those immediate expenses.

For people who have an emergency expense that you need to cover, MiFinance might be able help you get the financing they need. MiFinance has flexible eligibility criteria based on each applicant's ability to repay the loan. If someone is over the age of 18, earns over $400 per Week and has been employed for at least three months, they can apply for up to $2,000. If they have an ABN and need to cover business expenses, they might consider MiFinance’s ABN Loan, available for up to $2,000.

$2,000

Maximum loan amount

Next Business Day

Turnaround time

3-6 Months

Term of loan

How does a short term loan from MiFinance work?

Customers can apply for this loan online and select any amount between $500 and $2,000. When someone submits their details, their criteria will be assessed and they'll be approved for an amount based on their income and expenses. The bank details required from the applicant will usually be sufficient to verify their income, but sometimes a call will be made to their employer. If someone is approved, their loan will be deposited straight into their bank account. Transfer times may vary depending on the loan customer's bank.

Key features of a MiFinance Short Term Loan

  • Loan amount. Loan customers can borrow any amount between $500 and $2,000.
  • Repayment terms. Terms are set based on an applicant's income frequency – weekly, fortnightly and monthly payments are available.
  • Eligibility. Customers can apply for a loan if they are over the age of 18 and earn $400 per Week per week. If someone receives Centrelink payments, at least half of their income has to come from elsewhere. They also need to have been employed for at least three months.
  • Purpose of the loan. Applicants can use the loan for anything, from car repairs to a forgotten bill.

Compare Other Short Term Loans

Whilst we don't compare this loan directly, here are some other loans that are similar.

Updated February 19th, 2020
Name Product Maximum Loan Amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Nimble Short Term Loan
$2,000
62 days to 3 months
1 hour - conditions apply
$15
15% of loan amount + 3% of loan amount each month
$372
Finder Exclusive: 25% discount on the establishment fee (now 15%) and monthly fee (now 3%)
A loan up to $2,000 with terms up to 62 days to 3 months. Centrelink cannot be your primary source of income.
Sunshine Short Term Loans
$2,000
9-12 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-12 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Wallet Wizard Smart Loan (Up to 2K)
$2,000
Up to 2 years
3 hours - conditions apply
$10
47.8%
$316.70
Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.
Safe Financial Small Loan
$5,000
22 - 52 weeks
Same day - conditions apply
$35
Up to $2,000 - 20% establishment fee + 4% monthly.

Above $2,000 - $400 + from 8.7% to 48% APR
$396
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
Fair Go Finance Small Loan
$2,000
3-12 months
1 business day
$35
Establishment fee from 20% of loan amount + monthly fee from 4%
$354
A small loan between $500 and $2,000 that can be funded in 24 hours.
Speckle Small Loan
$2,000
3 to 12 months
1 business day
$5
10% of loan amount + 2% of loan amount each month
$348
A small loan up to $2,000 from a lender backed by NAB. Transparent eligibility criteria and competitive costs.

Compare up to 4 providers

How much will the loan cost?

What successful applicants will pay:

  • An establishment fee of 20% of the principal loan amount
  • A monthly fee of 4% of the principal loan amount

What they might pay:

  • If someone misses a payment or a direct debit is dishonoured, they'll be charged $30
  • If someone calls to reduce a payment, the fee is $20.

How to apply

Applicants who are interested in this loan and meet the eligibility criteria can go direct to the MiFinance website and submit an online application. Applicants must be:

  • Over the age of 18
  • A permanent Australian resident or citizen
  • Earning at least $400 per week
  • Paid into their bank account
  • Able to afford the repayments
  • Not receiving more than half their income from benefits

Information that will be required to prove the above is as follows:

  • Personal details including the applicant's name, address and a form of ID
  • Their employment status and income type (including benefits)
  • Information regarding their monthly expenses
  • Their banking details
  • How much they're looking to borrow and for what purpose

MiFinance’s short term loan solution is one to consider if for those who are in need of emergency cash, but as there are other lenders in the market, so all borrowers should compare their options before submitting an application.

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