Online solution for student loans

A new service is to be introduced to assist college students to get loans. Fynanz, as the service is called, is the first P2P marketplace in the USA destined exclusively to students.

In view of post-credit crunch conditions banks and other credit institutions are refusing to give loans to some student borrowers. Thus a significant number of students now is searching new ways to get the college loan.

Fynanz site enables students to create an online listing with their educational profile, along with a loan and rate request. The amount of unsecured loans that may be requested varies from $2500 to $20,000 and should be repaid within 10-20 years.

Then lenders consider the applications taking into account the student's academic record and background, as well as credit ratings.

"For the first time, students and their parents have control over the student loan process," says Chirag Chaman, founder, Fynanz. "Not only are students given a clear explanation of the costs and terms of their loan; lenders will also have a complete picture of who receives their loan."