MiFinance offers two types of short-term loans, a cash loan up to $2,000 and an ABN business loan up to $1,000. You don't need an ABN to be eligible for the cash loan, but you will need one if you want the loan for business purposes.
This loan is expensive and comes with high fees and charges, including an establishment fee of 20% of the loan amount and a monthly fee of 4%. Payday loans are not a long-term financial solution and can lead to further debt.
Compare other loans
Whilst we don't compare this loan, you compare other, similar loans in the table below.
You can apply for two types of loans from MiFinance depending on what best meets your needs:
Short Term Cash Loan. If you’ve been employed for at least three months and are over the age of 18, you can apply for up to $2,000 . Your repayments will be weekly, fortnightly or monthly, depending on how often you get paid, and you will receive the loan directly into your bank account.
ABN Loan. Sub-contractors and sole traders with an ABN that need up to $1,000 for business needs can apply for an ABN Loan from MiFinance. Repayment terms are 16-30 days.
What features come with a MiFinance loan?
Quick application and turnaround. Applying is quick and is all handled online. Once you are approved the money is sent to your nominated bank account.
Loan amount. Borrow up to $1,000 with an ABN Loan and up to $2,000 with a Short Term Cash Loan.
Lending criteria. You can apply for either loan if you are over the age of 18, earn at least $400 per week and can afford the repayments. You will need an ABN to apply for the ABN loan.
How much do the loans cost?
Short Term Cash Loan
Establishment fee - of the principal loan amount
Monthly fee - 4% of the principal loan amount
ABN Loan
20% of the principal loan amount
Late fees and charges
Missed repayment fee - $30
Reduced payment request fee - $20
Are MiFinance loans safe?
You can access MiFinance’s credit guide, privacy policy and other similar documents directly from its website. It also display its Australian Credit Licence Number and ABN on its website so you can check it against ASIC’s registers. MiFinance is also transparent with its fee structure and contact information.
How you can apply for a MiFinance loan
Before you click ‘Go to Site’ to get your application started, make sure you meet the eligibility criteria:
You’re over the age of 18
You earn at least $400 a week
You’re paid into a bank account
If applying for the Short Term Cash Loan, you have been employed for at least three months
If applying for the ABN Loan, you have an ABN
More than half of your income can’t be from benefits
If you meet the above criteria, get the following information ready so you can complete your application:
Personal details. Your name, address, contact information and proof of your identity.
Employment. Your employment status.
Benefits and other income. List any benefits or other income you receive.
Expenses. List how much you spend on loan repayments, rent, transport, food, etc.
Banking details. Your BSB, account number and account name will be required.
MiFinance can help you get the loan you need, whether it be for your business or personal needs. Make sure you compare this loan with other similar offerings before you apply so you know you’ve found the best financing for you.
Elizabeth Barry is the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review.
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