Fynanz Lets Students Get Low Interest Education Loans From Individual Lenders

Fynanz is a student loans marketplace where the U.S. students in need for funding their further education create loan listing and people interested in lending bid on the listings.

Students can create profile and loan listing free of cost on Fynanz.  The normal profiles include information about the schools they attended, the grade scores and other personal details.  Profiles with more reputed schools and higher grades attract bids from more lenders resulting in lower rate of interest for students.

To make it secure for lenders, Fynanz has put credit analysis in place which looks at the credit history of students along with their educational profile.  Fynanz also secures the loan with a Guarantee Fund which ensures that the lenders get the maximum amount of their money back in case of a default.

Fynanz charges 1% of the total loan as a fee which is deducted from the loan amount itself and the students are not required to pay anything out of their pocket.  Students can also get tax benefits on the interest paid for the loans raised through Fynanz.

Keeping the current credit crunch in mind, Fynanz is a good alternative for students who could have been declined by banks or those who are looking for low interest alternatives.

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Posted by Vikrant on May 5 2008. Filed under Asides. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry