A new person-to-person social lending web site aimed at college students struggling to find loans in the post-credit crunch market has launched in the United States, Finextra.com reports. The new Fynanz service is thought to be the first P2P marketplace in the U.S. dedicated solely to student loans. Owing to the current financial credit crunch, traditional lenders such as banks and credit unions are now declining some student borrowers who previously would have qualified for college loans, says Fynanz, so increasing numbers of students who seek financial aid annually are now looking for alternatives. The new site allows borrowers to create an online listing with their educational profile, along with a loan and rate request. Students can request unsecured loans from $2500 to $20,000, to be repaid over 10 to 20 years…

Click here for the full story

About the Author:

eSchool News