Signing up is easy. Register online and provide bank account information. Fynanz will verify account information by depositing and withdrawing two small amounts to ensure that the funds flow properly.

Lenders in the Fynanz marketplace have the ability to bid on loan listings posted on the Fynanz website. Once a lender bids on a loan listing, the bid represents a commitment to lend money to the borrower.

As soon as a lender is signed-up and the bank account information is verified, a lender will be able to bid against a $500 Pledge Limit in their Fynanz account. Think of Pledge Limits as a bidding credit line. Pledge Bids allow a lender to bid on loan listings when the lender does not yet have funds in their Fynanz account. If a pledge bid was made, a lender must transfer money into the Fynanz account 5 days prior to the date the loan listing is scheduled to expire.

Upon successful registration, a lender is ready to begin bidding on loan listings posted on the Fynanz website. Each listing represents a borrower's loan request including the desired loan amount and interest rate, school, major, year of study, FACS grade, and other relevant information.

Information provided in the loan listing should be used to evaluate a borrower and assist in making a lending decision. Once a listing is selected for bidding, the lender provides a desired bid amount and the minimum interest rate the lender is willing to accept.

Borrower payments will be transferred by Fynanz to each lender's respective Fynanz account. Fynanz takes care of all the servicing and administration for you. If a loan is in deferment, we will compute the monthly interest on the loan and update your account. Lenders should understand that borrowers have two different repayment options available to them. The initial payments that the lender will receive will vary depending on which repayment option a borrower chooses.

Borrowers may choose between different repayment options. A borrower may choose either a) academic deferment (Deferred Repayment Option), or b) to make interest payments on the loan while enrolled in school at least half time (Interest Paid Option). Under this option, while a borrower is enrolled in school, a lender receives a prorated portion of the monthly $25 Good Faith payments. Unpaid interest will continue to accrue during this time. Once a borrower graduates or drops below half-time the borrower enters the six month grace period, during which time they continue to make the monthly $25 Good Faith payments – unpaid interest continues to accrue during this period.

Once the grace period ends, the borrower enters repayment status and is required to make full interest and principal payments. Once repayment begins, any interest accrued during the deferment and grace periods is capitalized (or added to the borrower’s principal balance).

A new payment schedule is recalculated and the borrower must begin making new monthly payments. Scroll below to see how an example of this repayment option. The borrower is responsible for making interest payments while enrolled in school.