Low Cost Student Loans through Social Networking
GreenNote is an innovative new company that has been created to help students obtain loans for education via social networking rather than through traditional lending methods.
Nobel laureate Mohammad Yunnus and the Grameen Bank showed the world how small amounts of money deployed to the right people for the right purpose can change lives. GreenNote is applying this concept to address one the greatest challenge faced by today’s students—the rising cost of post-secondary education.
Using the GreenNote online platform, students connect with their social network—friends, family, friends of family, community leaders and others—to ask for small student loans. GreenNote helps formalize everything into legally binding loans and handles all the details from loan documentation through repayment.
The benefits are significant. Students gain access to low-cost loans, currently at 6.8% compared to private lending alternatives that typically range from 8.5% to 20%. The lenders, individuals in the social network, also earn a return on their money while helping a student get an education.
GreenNote generates revenue by collecting a one-time documentation fee from the students and a small management fee from the lenders. GreenNote is backed by Menlo Ventures and other prominent investors, and our platform is patent pending.
Check it out at www.greennote.com