How are winning bids decided?
Winning bids are determined as follows: First, the interest rate offered, from lowest to highest. Second, the type of lender. If two or more bids are offered at the same interest rate, then the lender with the higher “bid priority” wins. Third, the time the bid was placed among lenders of the same type, if the lenders offered the same interest rate. Fynanz has a “bid priority” that ranks the four types of lenders in the following order: the highest priority lenders are friends and family of the borrower; then alumni of the borrower’s school; third are unaffiliated lenders; and fourth is Fynanz itself.
