Under a similar program, Fynanz is offering a 5% bonus to lenders under a promotion they call their 'higher education stimulus package.' Fynanz is a new peer to peer lending company with a focus on student loans. We interviewed their CEO earlier this year and covered the launch in March.
In addition to the 5% bonus, Fynanz is rolling out a referral program where new referred lenders receive a $25 lending bonus. Both parties get the $25 bonus. These referal bonuses have been very popular with Prosper, Lending Club and Revolution Money Exchange. For example, one reader talking about RME commented, "Set my account up-no prob this morning. Set one up for my wife too-$25.00 for me--$25.00 for her and I got a $10 refer fee. Easiest $60.00 I ever made." By signing up for Fynanz using a referral link and then signing up your spouse, you have already made $75. To get the initial $25 bonus when signing up you must use a referral link such as this one:
Here is the full announcement from Fynanz:
Fynanz Higher Ed Stimulus Package
At Fynanz, we're concerned about the recent economic challenges that Americans face, and specifically, the impact they're having on students. We strongly believe that the opportunity to advance oneself through education is a core American right. As such, we're excited to provide relief with the Fynanz Higher Ed Stimulus Package.
This stimulus package won't be debated in Congress or delivered to the President for consideration. We're cutting out the bureaucracy by putting students' interests first and releasing this robust package without delay. All members of the Fynanz community should know that this package is making student lending more attractive for lenders - at NO additional cost to borrowers. Here are the details…
1. $25 Lending Bonus*
Fynanz will give registered users (whether they’re a lender or a borrower) a $25 Lending Bonus when they refer a friend who lends to at least to one borrower. Additionally, referred friends will receive a $25 Lending Bonus as well. So, spread the word – Every lender you refer earns you a Lending Bonus. Every lender you refer gets a Lending Bonus.
2. Get 3% Lending Bonus!
Education is the most important investment a person can make. Your support encourages students to make that investment and we want to help you extend as much support as you can.
That's why we're giving lenders a Lending Bonus. When you lend $3,000 or more in the Fynanz Student Loan Marketplace, you'll receive a 3% Lending Bonus*.
PS: You don't have to do anything special. Just become a lender and lend. We're keeping track.
3. Get 5% Lending Bonus
And when you refer 5 friends that lend at least $50 each, we'll increase the 3% Lending Bonus by 2% retroactively*. That's a 5% Lending Bonus – our way of saying thank you for helping students and growing the community!
Yes! As per #1 above you also get an additional $125 Lending Bonus for referring 5 lenders...
*The Fine Print
- Only registered lenders who have lent to at least one borrower in the Fynanz marketplace, and borrowers who have borrowed through the Fynanz marketplace are eligible to receive the Lending Bonus.
- Lending Bonus is non-transferrable, not redeemable for cash and can only be used to bid on loans listed in the Fynanz Student Loan Marketplace. Lending Bonus will appear in your account as a separate line item. Fynanz will compute the Lending Bonus due to you at the end of each month.
- Winning bids must be placed by September 15, 2008 to be eligible for Lending Bonus calculation. Lending Bonus must be used to bid on loans prior to December 31, 2008.
Lending Bonus is earned on the aggregate amount you lend across all the loans you make, provided you have lent at least $3,000 in loans between April 15, 2008 and September 15, 2008 up to a maximum of $50,000 in aggregate loans.
- To get the additional 2% Lending Bonus you must refer 5 or more new lenders to Fynanz, and each must lend a minimum of $50. The additional 2% Lending Bonus will be credited retroactively to the full amount you lent from April 15, 2008 to September 15, 2008.
The first month after opening there was only one open loan request but there are now 17 students looking for help. When Fynanz launched in March their CEO told us, "We expect the momentum to pick up in early May and grow steadily through August and September," Chaman said. Fynanz is enticing new lenders in preparation for a surge in loans over the next couple of months.
Sign up for Fynanz using this link and receive a $25 bonus.