Products and Services Offered Through This Provider
Private student loans
Who is Fynanz?
Fynanz, Inc. is a leading technology provider of custom private student lending programs. The company’s innovative technology puts credit unions in the private student lending business without the need to purchase or install any software. This end-to-end solution includes complete origination, underwriting, servicing and marketing. Fynanz also powers cuStudentLoans.org, a private lending marketplace. Fynanz was founded in 2007 and is based in New York City.
How do credit unions benefit from this strategic alliance?
Over the past ten years, millions of American students and families are increasingly turning to private loans as the cost of higher education continues to outpace increases in federal student loan program limits. Fynanz helps your credit union grow your loan portfolio and extend your reach into the crucial high school and college demographic groups.
Credit unions receive exceptional benefits, including immediate data on portfolio performance, while offering an attractive loan to borrowers. Private student loans put your credit union’s capital to work, provides an avenue for attracting new members, and supports the higher education goals of your members and their families.
Why this provider over another?
- cuStudentLoans.org, a unique direct-to-consumer marketing engine, gives all participating credit unions exposure to new members
- The Fynanz Academic Credit Score (FACS) takes into account academic criteria as well as credit data to help mitigate risk
- Students apply for a new loan each year, giving them the opportunity to obtain a lower rate if their FACS improves
- In-school servicing, with monthly payments made while students are still in school, helps students increase financial literacy and build their credit
- Monthly email billing and notifications to both borrower and co-signer help reduce default rates
- With more than 2,800 schools, cuStudentLoans.org has the largest network of eligible participating schools
- Fynanz has an eduLink connection between lenders and schools for funds disbursements
Ready to get started?
- Contact Rick Govek, CUNA Strategic Services alliance manager, at 800-356-9655, ext. 4189, or rgovek@cuna.com
More information about Fynanz products and solutions:
The Fynanz Student Loan Platform:
- Web based private student loan platform
- Enhanced underwriting using FACS (Fynanz Academic Credit Score)
- In-school servicing
- Certified loans and underwriting
- Email billing and notifications
- 24x7 online access to account information for both credit unions and borrowers
Underwriting
- Eligible school list of 2,800+ schools and growing
- Customizable credit rules
- Fynanz Academic Credit Score (FACS) takes into account academic criteria as well as credit data
Origination
- Electronic signature and online loan jacket
- Compliance with the most recent laws (Title X, HEOA, Reg. Z)
- Data exchange with schools and insurance provider
Servicing
- In-school servicing
- Customizable “borrower benefits”
- Web-based full service offering
