FAQ
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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.
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.
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.
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.
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.
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.