Fynanz is a new social lending program designed for student loans. Students and parents can request a loan and lenders will make loan offers covering all or part of the loan request. Unlike a typical student loan from a bank, the money lent through Fynanz comes from private individuals.
One benefit of Fynanz for borrowers is that the typical loan received through Fynanz has an interest rate that is 1% to 1.5% lower than typical bank rates. Another benefit of Fynanz is that it rewards good students by offering lower interest rates to students with outstanding grades. Finally, Fynanz lowers the interest rate on your loan by 1%for every 10% of principal repaid.
For individuals interested in lending money through Fynanz, Fynanz provides loan guarantees up to 100% of the value of a loan. Fynanz’s lender program should eliminate many of the typical worries associated with social lending.