MiFinance Small Loans

Borrow between $500 to $2,000. Repayment windows are from 3 to 6 months. This loan comes with high fees and charges.

MiFinance’s eligibility criteria is based on your ability to repay the loan. They expect you to have a regular income for at least 3 months before applying. This short-term or payday loan allows you to borrow from $500 up to $2,000. The repayment window is short, ranging from 3 to 6 months. The loan is also expensive, featuring an upfront establishment fee of 20% and a monthly fee of 4% of the loan amount. The comparison rate is 138.37% p.a. Payday loans are not a long-term financial solution and should only be used in case of emergencies.


Maximum loan amount

Next Business Day

Turnaround time

3 to 6 months

Term of loan

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Are you struggling financially?

If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support.

⚠️ Warning about Borrowing

payday-warningDo you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

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 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.

What are the risks of short term loans?

  • Unaffordable repayments. Short term loans are an expensive way to borrow money and should only be used as a last resort. Check the size of each repayment and ensure you will be able to pay it on time. Unaffordable repayments can lead to late fees that will only make things worse.
  • High rates and fees. Rates and fees on short term loans are high but there are rules in place so be sure to check your lender is not charging you more than ASIC allows. Also, look at what you would be charged if you are late on a payment or if you default on the loan altogether.
  • Unreputable lenders. All Australian lenders should be accredited by ASIC. Check for a credit licence on the ASIC Register and ensure that the lender is easily contactable.
  • Impact on credit score. Every loan application shows up on credit reports. While lenders might not consider credit history, applying for lots of loans within a short period can have a negative impact on your credit score in the future.

Compare Other Short Term Loans

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

Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
9-14 weeks
30 minutes - conditions apply
20% of loan amount + 4% of loan amount each month
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Nimble Short Term Loan
62 days to 9 months
1 hour - conditions apply
20% of loan amount + 4% of loan amount each month
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Safe Financial Small Loan
22 - 52 weeks
Same day - conditions apply
Up to $2,000 - 20% establishment fee + 4% monthly.

Above $2,000 - $400 + loan management fee of up to $399 + from 8.7% to 48% APR
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
Fair Go Finance Small Loan
1 to 12 months
24 to 48 hours
Establishment Fee of $18 – $400
A small loan between $300 and $2,000 that can be funded in 24 hours.
Jacaranda Finance Personal Loan
9 to 24 months
Under 1 hour - conditions apply
$0 - $1,000 depending on credit
Borrow up to $10,000 and get access to your funds in as little as 1 hour.

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 for those who are in need of emergency cash. However, there are other lenders in the market, so, all borrowers need to compare their options before submitting an application.

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