Members Cooperative Credit Union Joins cuStudentLoans.org Private Student Lending Network

New York, NY, November 11, 2009 – Fynanz Inc., a leading provider of turn-key private student lending solutions to credit unions and technology provider that powers the cuStudentLoans.org lending network, today announced that Members Cooperative Credit Union has joined the Fynanz network as the first credit union partner in Minnesota. They join the growing number of credit unions leveraging the Fynanz platform to offer private student loans to their members.

“We are looking forward to having Members Cooperative Credit Union participate in the cuStudentLoans.org private student lending network,” said Vince Passione, CEO of Fynanz. “The addition of Members Cooperative CU is important to Fynanz as we expand our national footprint. The credit unions participating in the network make education financing possible for a growing number of students and having Members Cooperative Credit Union as a partner will be beneficial to all involved.”

Fynanz enables credit unions of all asset sizes and fields of membership to enter the private student lending business and originate private student loans. Private student loans are used to fill the funding gap that remains for many students after exhausting all other forms of financial aid such as grants, scholarships and federal student loans.

“We are very excited to start offering a private student lending product that will allow us to attract a larger number of younger members by helping them fund their education,” said Robbie Thompson, Members Cooperative Credit Union VP and General Counsel. “Credit Unions have historically not been very involved in the private student loan marketplace and this has hurt their ability to retain and attract young members. We think that this program, coupled with a number of our other youth focused initiatives, will help us better meet the needs of younger members. Hopefully, other credit unions will see the benefits of this program and participate as well, thus making credit unions the first choice of students when looking to fund their education.”

The private student loans offered by Members Cooperative Credit Union and the other credit unions participating in cuStudentLoans.org are available to students enrolled at least half-time in degree granting programs and feature very competitive interest rates, in-school deferred payment, no-cosigner option for certain juniors and seniors, cosigner release and a 1% interest rate reduction during repayment.

The Fynanz technology platform currently powers the cuStudentLoans.org portal as well as private student lending centers for credit unions.

About Fynanz, Inc.

Fynanz develops turn-key technology solutions that integrate all aspects of loan marketing, origination, underwriting and servicing for private student loans. Fynanz positions credit unions as leaders in education financing. Partnering with Fynanz helps credit unions easily establish a private student loan program which assists them in attracting Gen Y members and cultivating lifelong member relationships. The Fynanz underwriting model, Fynanz Academic Credit Score (FACS), assesses both credit bureau data and student borrower academic attributes when scoring and pricing loans. Credit unions may decide to hold the entire loan on their own balance sheet or participate to others, either way they realize the long term economic return of the loan relationship. Fynanz currently serves 20+ credit unions across the country. Visit www.fynanz.com or call 1-877-581-9019 to learn how you can partner with Fynanz.

About Members Cooperative Credit Union

Members Cooperative Credit Union offers local service, smart financial products and dynamic education programs to the Duluth, Cloquet, Aitkin, and McGregor communities. MCCU is proud to be the largest credit union in Northern Minnesota, uniting communities since 1936 and serving its member/owners with multiple locations in theregion. For more information on MCCU, visit membersccu.org or call 218-625-8500.

This entry was posted on Wednesday, November 11th, 2009 at 5:36 pm and is filed under Press. You can follow any responses to this entry through the RSS 2.0 feed.You can leave a response, or trackback from your own site.