MiFinance

• Short-term loans up to $2,000
• Low-interest starting from 48%
• Repayment up to 6 months

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Mifinance - Easy and fast loan applications

In order to apply, they will need you to supply a 90-day bank statement that proves you have a regular income and are currently employed.

The process can be completed online and because the loan is for business expenses you can claim their fees as tax expenses.

Cheap and easy

Their ABN business loans are easy to apply for and will be granted if they can see that your business will be able to comfortably pay back the loan amount.

You will be given a month to pay back the short-term loan. The interest rate is very favourable and charged at 20% for 30 days and you don’t need to list any item as collateral to secure your loan.

Warning against borrowing

It is very simple to get a loan and very easy to fall into a borrowing trap. Before you decide to take out an emergency loan you should make sure that taking a loan is in your best interest and only apply for the loan if are sure that you will be able to pay back the loan easily and that paying it back won’t adversely affect your finances.

You should only borrow money if you really need to and only borrow as much as you need or you will end up wasting the money and not solving any of your money problems.

Help with your finances

If you need help with managing your finances call toll free 1800 007 007 to speak to an independent financial counsellor.

You could contact your gas, electricity or water provider to negotiate a payment plan that you will be able to follow.

Government benefits

If you receive Government benefits you can arrange to get an advance from Centrelink instead of a payday loan that might push you further into debt.

Visit the MoneySmart website to find out about other options available and how to make small loans work for you.  Or visit www.humanservices.gov.au/advancepayments

You can’t pay what now?

If you can’t pay back the loan or have difficulty making a payment, please contact them, they want to help you, but they can only assist you if you let them know. 

If you contact them, they will be able to negotiate a more favourable repayment schedule that you will be able to stick to they will charge you a $20 payment reduction fee in order to make this agreement.

If you miss a payment and you don’t let them know in advance you will be charged a penalty fee of $30. If they haven’t heard from you within 60 days that your loan is overdue then they will hand you over to a collection agency and they may have extra fees and charges. This may adversely affect your credit score.

Loans don’t roll over

Their loans do not roll over so there are no renewal fees. If you would like to apply for a loan after you have repaid your own loan in full, you may reapply.

Your past loan repayments will count in your favour and you will be approved for a loan more easily. Click on the returning customer tab so they can give you the same service that you are used to.

MiFinance financial services are a responsible lender and will ensure that granting a loan is in your best interest.

Contact them   

Contact them online or call 1800 825 805 or send them an email at apply@mifinance.com.au

MiFinance is a trusted & reliable provider of short-term loans

In our review, MiFinance adheres to the compliance criteria in accordance with the National Consumer Credit Protection Act 2009, where the granting the loan will not cause financial distress to the consumer.

✅ MiFinance is a registered credit provider in Australia: ACL 389029