The OpenLoan is a people-to-people private student loan that may only be used to pay for qualified educational expenses, which includes:

• Tuition & fees
• Room and board
• Books / computer
• Living expenses & travel - even study abroad
• Examination fees or examination preperation course
• All other education expenses, even past due tuition bills

A student in need of education financing creates a loan request on the Fynanz website for an OpenLoan. Once the request is approved by Fynanz, the listing is posted on the online auction marketplace. Individual lenders who are also members of the Fynanz community, such as family, friends, alumni and others, competitively bid to fund the loan.

With the growing acceptance of people-to-people lending, applying the internet auction process to student lending achieves two goals: supporting higher education through an alternative type of student loan financing, and providing attractive returns to the lenders.
Outlined below are some of the basic features of an OpenLoan:

A borrower who does not meet the eligibility criteria outlined above will need a cosigner. The cosigner will be held to the same eligibility standards that apply to the borrower. Fynanz offers three different options loan durations based on the amount of the OpenLoan. They are:

• For requested loan amounts greater than $6500, borrowers have the option of selecting 5, 7, or 10 year repayment terms.
• For requested loan amounts of $6500 or less, borrowers have the option of 5 or 7 years

However, a borrower can prepay the loan, partially or in full, at anytime without incurring any fees or penalty.

• Maximum Individual Loan Amount: $20,000 per loan/$40,000 yearly
• Minimum Individual Loan Amount: $2,500 per loan or higher based on state limitations.

• Undergraduate Degree: $120,000
• Graduate Degree: $160,000

As a borrower you may receive up to 4 loans per calendar year, with a minimum of 60 days between each loan request. Your other OpenLoan obligations must be current, with no delinquencies in the last three monthly payments.

Taking out a loan can be a difficult decision. Fynanz helps reduce the burden on borrowers by offering two benefits:

Withdrawal of OpenLoan Listing – You may withdraw a loan listing at any time before it expires, since the loan listing is a request, not a commitment, to borrow through Fynanz.

Unique Cancellation Benefit of the OpenLoan – If you find an alternative or less expensive way to finance your education, you may cancel the loan once it has been funded, as long as the full amount of the loan is returned to Fynanz within 30 days of the approval date.