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Review Summary: Fynanz is an innovative marketplace where students get some of the most competitive rates on private student loans. Students apply for loans which are funded by individual lenders’ Family, friends, alumni and others. Learn More About Fynanz Now |
Fynanz is not currently accepting new borrower or lender applications.
The Fynanz OpenLoan is a people-to-people private student loan that may only be used to pay for qualified educational expenses, which includes:
- Tuition & fees
- Room and board
- Books / computer
- Living expenses & travel – even study abroad
- Examination fees or examination preparation course
- All other education expenses, even past due tuition bills
A student in need of education financing creates a loan request on the Fynanz website for an OpenLoan. Once the request is approved by Fynanz, the listing is posted on the online auction marketplace. Individual lenders who are also members of the Fynanz community, such as family, friends, alumni and others, competitively bid to fund the loan.
Quick Stats
| Best social lending community for | : | Students who can’t obtain sufficient subsidized loans and lenders seeking a bit more safety than they would receive in a direct loan to a student. |
| Loan size | : | $2,500 – $20,000 |
| Loan duration | : | 5, 7 or 10 years |
| Interest rates | : | 3.5 – 9.1% |
| Borrower requirements | : | Not currently accepting new borrowers. |
| Lender requirements | : | Not currently accepting new lenders. |
| Minimum investment | : | N/A |
Likes:
- Exclusive focus on the complex world of student loans
- Good platform for formalizing loans between family members or friends.
Dislikes:
- Students, as a group, are generally considered to be high risk borrowers.
- Fynanz is not currently accepting new borrowers or lenders.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.