What happens if a student returns a loan after it has been disbursed?
Students have 30 days to legally return any disbursed loan received from Fynanz. Because all students have this option, Fynanz will wait for 30-45 days prior to assigning loans to lenders so that we can allow for any returns which may occur. During this time, a lender’s bid status will show up as “Pending Sale” in the Lending Summary section. If a return does occur, all bids will be refunded to the lenders. If no return occurs within the 30 days, the notes will be assigned to the appropriate lenders and any interest accrued during this time period will also be assigned to the lender as well. The loan’s status will then be changed from “Pending Sale” to the appropriate classification.
