Taken from their website:
|Fynanz is a people-to-people lending community, dedicated to helping students obtain private student loans to pay for college.
There are social networks for friendships, romance, and careers, as well as people-to-people lending for personal and international microloans. Why not apply these concepts to help students secure financing to pay for the increasing cost of college? Fynanz has created a social people-to-people lending marketplace for students to acquire private financing to further their education.
Our mission is to provide students with an alternative to traditional private student loans. Fynanz not only helps students obtain education financing, but also provides lenders the opportunity to invest in education.
Through an online auction marketplace, Fynanz provides students the opportunity to obtain attractive financing where students request their desired loan terms and lenders competitively bid on the loan requests. The lenders are therefore not traditional financial institutions such as banks, but rather friends and family of the borrower, alumni of a particular school, and other individuals interested in making loans to students.
I THINK THIS IS A BRILLIANT IDEA!! Now they just need to lower college costs because really, people, its just going to get higher and its already ridiculous.
That being said this makes me seriously think about getting my butt back in school.