Admin Log out


Do you have a question you would like to ask?
Send us a note at

How MyFinance MarketPlace works

How wefinance works


    1) What is MyFinance MarketPlace?

    MyFinance is a financial marketplace that matches people who are seeking for loans, investments and people who are willing to lend money at an interest rate where both benefit. Loans come from the borrowers’ related networks and from the community of lenders subscribed to MyFinance. By lending, investing and borrowing using real identity, there are fewer uncertainties and less overall risk, with all of the benefit enjoyed by real people instead of letting the bank keeping most of the interest.

    2) Do I have to lend to or borrow from people I know personally?

    Not necessarily. As a borrower, there's no obligation to share your listing with any person in particular. Borrowers seek initial funding from their display of information in the listing page to get lenders who are interested to participate directly. The borrower have the choice to either respond or ignore a message from a lender seeking more information from their profile page.

    3) Why should I lend money, or borrow money from people in the Myfinance Community?

    a) You both can save a lot of money by doing so, and MyFinance can help make it easy and comfortable. For borrowers who are unable to obtain loans from banks due to difficult credit judgements such as a) having a good credit record but because of being a guarantor in the past to someone who has defaulted in a loan, the borrower is now blacklisted.
    b) having good income but are not recognized by the banks because of certain unmet conditions. Such as income not contributing to EPF, income not contributing to tax, income from payment vouchers which are not carbonised, and others.
    c) individuals having side incomes without proper official salary documentations but sufficient for a micro loan, which are not the target focus group of banks’ customers.
    d) borrowers looking for short term loans with a small amount like a few thousand or even a few hundred for a few months, are conditions which do not fit the eligibility criteria for a banks’ personal loan.

    Lenders on MyFinance have the option to know more about their borrowers profile than a simple credit score. A banks’ reliance on credit history can be very unjust and rigid at times, and borrowers are less likely to default on loans when their reputation is at stake. There are borrowers that do not mind having to pay for a loan with a different interest scheme rather than not having a loan at all. Lenders earn a return and the community benefit of helping someone in need of a loan.

    4) I don't want loans to make my friendships awkward.

    We know how you feel. Some of the biggest problems when mixing friends and financing come from borrowing and lending money conversations. This is why MyFinance aims to help you for this very main reason. You can borrow from an extended network of people who are not your friends, yet. But they trust in your capability to refinance your payments, or for some, believing in your investments.

    5) I do not want anyone knowing I need to refinance the debts I have.

    We understand that you might not feel comfortable revealing issues on debts to people you do not know. MyFinance is designed specially for people who not know you in person until you have authorized or approved the potential lender to view your profile. Of course, you are the best judge of what feels right for you. The more information you're willing to share, the more comfortable lenders will be, but ultimately you control what information you share in your profile listing.

    6) Are there fees associated with lending or borrowing with MyFinance?

    MyFinance is completely free for both our borrowers and lenders. We are a financial MarketPlace for people interested in borrowing, lending, investing, donating and helping others. In the future, we may offer additional services or introduce a fee structure, but any loan made on MyFinance today will be fee-free for the life of the loan.

    7) What happens if a borrower is unable to make a payment on his or her loan?

    If a borrower defaults on their loan, we have a list of collection agencies you can contact to retrieve the remaining amount of your loan. However, it is important to understand that not making your payments on time violates your loan contract and you should discuss special arrangements with your lenders before simply not paying your loans.


    1) How do lenders benefit by using MyFinance?

    Lenders benefit by earning a financial return while helping real people save money.

    2) Are there any risks to lending in the MyFinance MarketPlace?

    Yes. As with most options when investing your money, there are risks to making loans from the MyFinance MarketPlace. MyFinance is a platform designed to help facilitate both the creation and fulfillment of loans, but MyFinance is not a party to the loans themselves. You should examine your options carefully when considering making loans using MyFinance and only lend money to individuals you believe pose an acceptable level of risk.

    3) When should I not lend?

    Your judgment is crucial in your lending decisions. You shouldn't lend money to someone you don't believ has the repayment capacity. Consider making small loans, instead of a huge amount to a single individual to spread the risk associated to lending.


    1) How do borrowers benefit by using MyFinance?

    Borrowers can get a loan or pay a lower rate on their debt by borrowing from the MyFinance lenders network. Their interest is paid to supporters in their community instead of a bank. Additionally, borrowing in MyFinance can be faster and easier than other methods, and the proceeds can be used at the borrower's discretion.

    2) When should I not borrow with MyFinance?

    MyFinance is designed to facilitate personal loans, typically where the borrower has a large one-time expense (such as medical expenses, a court bail fees, accidental repairs to home or vehicle, settling huge summonses, etc) and concrete plans to be able to pay off their loan (usually via a job they are already working at or have lined up). MyFinance is not designed for borrowers considering bankruptcy.

    3) Can everyone see my loan listing?

    Your listing will be very general and will not contain confidential information except for information related to the objective and purpose for the loan. Personal information can only be seen with the authorized access given to the lender when the potential lender indicates an interest in your general profile. We encourage you to share your general information as much as possible to increase your chances of success.

    4) Can I choose lenders, or reject a lender?

    You have control over who can see your private profile, since the display listings are only general information of borrowers in the MyFinance site, and it's only accessible through an authorized access of information you share. However, it is also adviseable to know more of your lenders’ information by requesting for an authorized access to the lenders profile before committing to any loan arrangement.

    5) How do I become a MyFinance borrower?

    We are currently accepting applications for our next batch of borrowers. If you'd like to borrow, fill in our borrower application!


    1) Is my personal information safe on MyFinance?

    Yes. We take the security of your personal information extremely seriously. No sensitive personal information is revealed during any MyFinance transaction and we don't sell or share your personal information with third parties unless specifically requested by any statutory regulated authorities under national security laws.


    1) What can I do if I have a dispute over a loan or a borrower stops making payments?

    Every loan made on MyFinance is a contract between a borrower and lender. Borrowers and lenders both will have copies of an enforceable contract and can pursue conventional legal means for collections if they want. MyFinance wants the best possible outcome for both borrowers and lenders and pledges to help mediate if difficulties arise, such as working out modified payment plans if borrowers encounter unexpected issues with repayment. MyFinance does not engage in collections or formal credit reporting and isn't a party to your contract.