Signing up is easy. Fill out an application, disclosing the following information:

• Loan amount requested
• Desired interest rate
• Bank account information for verification
• Personal interests and academic ambitions

A borrower must have a bank account to be eligible for a Fynanz OpenLoan – Fynanz will verify a borrower's bank account information by depositing two small amounts into the designated bank account, then withdrawing them. Once this is completed, lenders will be able to view a borrower's listing and start bidding on the loan. Once the bidding process for a loan is complete, the loan will be funded and the borrower will receive a check in less than 2 weeks. The check will be payable to the borrower and the school. Most borrowers will need a cosigner if they are under the age of 21, without full-time employment or a verifiable source of income. Cosigners are held to the same eligibility standards as borrowers and must have two years of verifiable income and employment history. Cosigners will have ultimate responsibility for repaying the loan if the borrower fails to make payments.

• Cosigner Obligations – A cosigner is obligated to make loan payments if the borrower fails to make a payment and has exhausted all available deferment and/or forbearance options.
• Cosigner Release – Fynanz understands the large commitment of the cosigner. Therefore, once the borrower has become financially responsible and made 24 on-time payments, the cosigner is eligible to be released of their obligations. All loan terms remain the same once this occurs.

In certain circumstances, students in their junior and senior years of study may be eligible for an OpenLoan without requiring a cosigner, as long as they meet a minimum level of creditworthiness. Fynanz requires borrowers make all payments through automated withdrawals from a designated bank account through electronic funds transfers. This helps to make the payment process more efficient. Borrowers may choose between different repayment options. A borrower may choose either a) academic deferment (Deferred Repayment Option), or to make interest payments on the loan while enrolled in school at least half time (Interest Paid Option).

If academic deferment is chosen, the borrower will be required to make a $25 per month Good Faith payment while in deferment. These Good Faith payments not only help to build the credit history of the borrower, but also help build trust with the lenders, making them more likely to fund future loans. The $25 payment, although minimal, will help to reduce the debt burden when you enter repayment status. However, for those students who can afford the Interest Paid option, we recommend this as borrowers will decrease the amount of interest expense over the life of the loan.

• Deferred Repayment Option – Monthly $25 Good Faith payments are due while the student is in deferment status. Deferment lasts while the borrower is enrolled in school at least half-time and then includes a 6-month grace period once the student leaves school. Unpaid interest accrues during deferment and is capitalized (or added) to the outstanding loan amount at the end of the deferment period. After deferment, and once the borrower enters repayment status, the borrower now starts making regular monthly payments until the entire loan balance is repaid.
• Interest Paid Option – The borrower is responsible for paying interest under this option while enrolled in school. Six months after leaving school, the borrower is responsible for making both interest and principal payments. This option will most likely save the borrower money compared to the ‘Deferred Repayment’ option because the borrower will pay the full interest expense while enrolled in school and interest will not need to be capitalized prior to entering repayment status. A cosigner may make interest payments on the loan while the borrower is in school.

Fynanz realizes that some students may not find jobs immediately after graduation. Therefore, we offer the option to make interest-only payments for the first 2 years while in repayment. This option is available regardless of the repayment option chosen, Deferred Repayment or Interest Paid. Fynanz allow borrowers a temporary suspension of regular monthly interest and principal payments, due to economic hardship. Repayment of principal and interest resumes once forbearance ends.

• Borrowers may receive up to 18 months of forbearance over the life of the loan, consisting of two periods of nine months duration, but only one 9-month period may be taken per calendar year.
• Interest continues to accrue while in forbearance, and is capitalized (or added) to the loan principal balance once the borrower resumes regular repayment status.
• Once repayment resumes, the current principal balance of the loan will be adjusted to a larger amount to account for interest accrued, but not paid, during forbearance.
• A new higher payment amount will be calculated for the borrower.
• In some instances, the borrower may make occasional partial or full payments while in forbearance, which are credited to a lenders account accordingly.

	Deferred Repayment	Interest-Only Repayment
Loan Amount Requested	$10,000	$10,000
FACS Grade	Gold Honors	Gold Honors
Upfront Fee	2.90%	2.90%
Loan Principal Amount1	$10,300	$10,300
Interest Rate Margin 4.70% + Base Rate 3.77%	8.47%	8.47%
Repayment Period	240 Months	240 Months
30 months of Payments in Deferment2	$0	$72.70
Initial Monthly Payment in Repayment	$108.08	$89.19
1% Guarantee Fee Removed (Loan Balance: $9,000) New Monthly Payment	Month 146 $118.56	Month 94 $84.02
APR	8.43%	8.50%
Total Finance Charge	$15,042.59	$12,371.98
Interest Saved	------	$2,671
Total Amount Paid	$25,342.59	$22,671.98