Fynanz, Inc. to Offer Private Student Loan Program Through New Alliance With CUNA Strategic Services

NEW YORK, Feb. 22 /PRNewswire/ -- A new alliance between CUNA Strategic Services and Fynanz, Inc. will help credit unions get a piece of the private student loan market to help them attract new members and assist borrowers with financing their tuition and achieving their higher education goals. Private student loans provide value to students in need of education financing while helping credit unions develop lasting relationships with younger members, which helps them build members for life. 

"Fynanz provides the powerful combination of helping credit unions grow their loan portfolios and increase their reach into the high school and college demographic," said Wes Millar, senior vice president for CUNA Strategic Services. "The youth market is critical to credit unions' growth." 

Fynanz CEO/Founder Vince Passione said, "Our alliance will help us develop even more customized loan solutions that diversify credit union portfolios and attract new members."  

Fynanz offers both custom private student loan programs and end-to-end solutions. All programs come with marketing through cuStudentLoans.org, a private student loan, web-based marketplace. The programs also include:

• Proprietary Fynanz Academic Credit Score (FACS) to help mitigate risk
• Students apply for a new loan each year, giving students the chance to obtain a lower rate if their FACS improves
• In-school servicing with a monthly payment made while students are still in school, helping students increase financial literacy and build their credit
• Monthly email billing and notifications to both borrower and co-signer to help reduce default rates and increase awareness of financial obligation
• eduLink connection between lenders and schools for funds disbursements

Fynanz recently closed $6.5 million in Series A funding from investors.   

About Fynanz, Inc.

Fynanz Inc. is a leading technology provider of custom private student lending programs and turn-key solutions. Fynanz pioneered innovative technology that easily puts lenders into the private student lending business without the need to purchase or install any software. This end-to-end integrated solution includes complete origination, underwriting, servicing and marketing. Fynanz also powers cuStudentLoans.org, a private lending marketplace, and currently serves more than 30 credit unions across the country. For more information, call (800) 881-8985, or visit www.fynanz.com.

About CUNA Strategic Services

CUNA Strategic Services Inc., owned jointly by Credit Union National Association (CUNA) and the state leagues, saved credit unions $46 million in 2008 through its national pricing programs. It provides credit unions with access to high quality products, services, and technologies delivered with a competitive advantage made possible through volume pricing and strategic program development. For more information, call (800) 356-8010, and press 3, or visit cunastrategicservices.com. 

SOURCE Fynanz, Inc.