Fynanz Debut!

Hello all,

Welcome to the Fynanz Blog, where we discuss things related to higher education, P2P lending and hopefully answer any questions you may have about Fynanz and our private student loan for higher education, the OpenLoan.

Fynanz is the first People-to-People lending site designed especially for college students. Right now, borrowers must be residents of Florida and New York though they may attend an eligible school in any state. Lenders may reside in any state. Keep any eye out for more states and schools as we continue to expand. Some interesting points about the Fynanz OpenLoan:

1. Borrowers can set their own rates and the amount they wish to borrow. Lenders bid on funding the loan in a competitive auction process. This helps keep rates low. Borrowers can enlist family, friends and alumni from their school to bid on their loans. Keep in mind friends and family have priority in the bidding process, so this will also help keep rates reasonable.

2. When looking at a borrower, Fynanz not does not only consider the credit of a borrower or cosigner, but also the student's academic criteria. By combining these two, we come up with FACS, or Fynanz Academic Credit Score, our proprietary underwriting system to predict likelihood of borrower default on a loan. Each loan application is assigned a FACS grade, and this helps lenders determine what level of risk they are comfortable with and the level of return they would like on any money lent. Cosigners are encouraged for borrowers who do not have two years of job history or verifiable income.

3. Fynanz also guarantees loans up to 100% of the amount lent, helping give lenders greater security and enabling them to bid on more loans for borrowers. Lenders can bid as little as $50 to get started.

Feel free to check out the site, or shoot any questions you might have my way. That's why we are here! You can also email us at customer.care@fynanz.com

Thanks,
Neal Coxworth
Director of Marketplace Development
www.fynanz.com