A bid is an offer by a lender to fund a loan listing at a specified amount and a specified interest rate. Lenders may bid on either a portion or the entire requested loan amount. The bid process for a loan listing will continue until one of the following occurs:

1. Loan request is either fully or partially funded and the borrower decides to end the bid process and have the loan funded (a partial loan funding cannot take place until the bid amounts equal to at least $2,500 or the minimum loan amount of the state).
2. The borrower decides to cancel the loan request
3. The loan listing expires

Lenders have the ability to review all loan listings in the Fynanz marketplace and post bids on loans they find interesting. A bid, once placed, is a lender’s commitment to fund a loan at a specified amount and interest rate. If a lender already has money in their Fynanz account, the amount necessary to cover the bid amount must remain on deposit for as long as a bid is determined to be a Winning Bid.

Winning Bids will be determined according to the bid priority process outlined in the “Tabulating Winning Bids & Bid Priority” section. A loan may be funded by the borrower once the sum of all bid amounts is equal to at least half the requested loan amount. All winning bids will be shown in the bid history section of the loan listing.

To expedite the bid process for new lenders or lenders without funds in their Fynanz account, Fynanz has implemented the concept of the Pledge Bid. A Pledge Bid provides lenders the opportunity to place bids on listings they find attractive before the transfer of money to their Fynanz account. Money must be transferred into a lender’s Fynanz account 5 days before the loan listing expires, or the pledge bid will be canceled.

New lenders are automatically provided a Pledge Limit, or a line of credit until money is transferred into the Fynanz account, of $500 to place Pledge Bids. Therefore, the total "lending power" for a lender is the cash balance currently in their Fynanz account, plus $500.

Lender Cash Balance	Pledge Limit	Lending Power
$0	$500	$500
$250	$500	$750
$500	$500	$1,000