• Subscribe
  • Contact Us
  • About LendIt Fintech News
  • Home
  • Menu Item
  • Menu Item
  • Menu Item
  • Menu Item

Lend Academy

LendIt Fintech News: Daily Coverage of Fintech & Online Lending


  • Editorial
  • Daily News
  • Podcast
  • Investor Forum
  • Events

Fynanz Review

November 27, 2008 By Peter Renton Leave a Comment

Views: 12

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.

Filed Under: Reviews Tagged With: Fynanz

Views: 12

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Investor Intelligence

Peter Renton's Returns

Investor Forum

Lending Club Review

Prosper Review

Investor Resources

Most Popular Editorials

The Pure Marketplace Lending Model is Dead, the Hybrid Takes its Place

The 2018 Lending Club and Prosper Tax Guide

My Returns at Lending Club and Prosper

Map of Available States for Lending Club and Prosper Investors

Banks and Marketplace Lending Platforms: Ideal Partners?

Subscribe to the Podcast

Subscribe to the Lend Academy Podcast on iTunes
Subscribe to the Lend Academy Podcast
List of Podcast Episodes

Archives

Follow @LendAcademy Follow @LendIt

ABOUT LENDIT FINTECH NEWS

LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

We are a team of fintech enthusiasts who have been covering the industry for many years. With a deep knowledge of online lending, digital banking, blockchain, artificial intelligence and more our team covers the daily news and writes in-depth editorials.

Recent Editorials

  • Top 10 Fintech News Stories for the Week Ending March 6, 2021
  • Podcast 288: Leigh Phillips of SaverLife
  • The MLA and OLPI Merge to Form the American Fintech Council
  • Marcus Co-Founder Leaving for New Walmart Fintech Initiative
  • Top 10 Fintech News Stories for the Week Ending February 27, 2021

Copyright © 2021 · Metro Pro Theme on Genesis Framework · WordPress · Log in