Tuesday, April 8, 2008

It's a slow time over at Fynanz

My new-found friends over at Fynanz seems to be off to a spectacularly slow start. They've opened to the public on March 20th (if I read their blog right) and yet there are only one real loan listing on their website.

Hopefully things will eventually pick up when students start looking to finance Summer of Fall university classes. Right now I'd imagine students are focusing on getting through the current term.

I'm still unsure about the length of the loans. I'm on the one live listing they have (as are 8 other bidders) and that's for 10 years. That's an awfully long time.

I may bid my other $50 that I have over there if another loan comes live), but I don't know how much money I'd be really willing to tie up for 10 or 20 years at a time.

If ever there was a marketplace that could do with trading loans, I'd say Finanz was it. I wonder if, in due time, we might see Fynanz loans traded on Prosper Marketplace?

1 comment:

Anonymous said...

I think they intentionally launched during a slow period. From my blog post about their launch:

"Fynanz purposely launched during a student loan 'off season' to ensure they have the technology right and all their systems are tested. 'We expect the momentum to pick up in early May and grow steadily through August and September,' Chaman said."

Still, I was also hoping for more loans.