Borrowers and lenders sign-up on the Fynanz website and provide personal and bank account information. If necessary, a borrower chooses a cosigner, who will be held to the same personal and bank account disclosure requirements as the borrower. Fynanz will verify all personal identity and bank account information for all transaction participants (borrowers, cosigners, and lenders).

As part of the initial sign-up process, all transaction participants are required to sign all appropriate loan transaction documentation.

Once the identity and bank information is verified, a lender will now be a member of the Fynanz marketplace and will have access to start viewing loan requests and placing bids.

Fynanz calculates a proprietary FACS Score for each borrower’s loan listing to determine which FACS Grade the loan listing will be assigned.

Once a borrower is approved for the Fynanz marketplace based on the underwriting process, the borrower then creates a loan listing on the Fynanz website with the requested loan terms and description. Fynanz will approve all loan listings prior to being posted.

A borrower’s loan request is posted online and the bidding process begins. Lenders may view the loan requests and place bids. Once the bid process is successfully completed, Fynanz will determine the winning bidders, conduct a pre-funding loan review to verify the loan amount and then send a check payable, in most cases, to both the borrower and school. Funds will be disbursed payable to the borrower only when the loan request is for qualified education expenses not directly payable to the school and is found to be reasonable based on the program and school of attendance.