About lender
Prodigy Finance is a leading fintech firm that specializes in offering student loans for international students looking to pursue higher education abroad. By providing tailored loan applications, Prodigy Finance assists students in meeting their financial needs, covering tuition fees, living expenses, and other associated costs. The company's dedicated team works closely with lenders to ensure that international students have access to the support they need to achieve their academic goals. Additionally, Prodigy Finance offers solutions that help students understand their loan terms and repayment options, ensuring they are ready to take control of their finances. With Prodigy Finance, international students can register, apply for a loan, and get the assistance they need directly, all by clicking a few buttons.
Features
- Wide Range of Schools. Prodigy Finance collaborates with over 1,380 schools across 18 countries, offering funding options for graduate degrees at over 426 universities worldwide.
- Focus on First-Generation Graduates. Many of Prodigy Finance's borrowers are first-generation graduate students, highlighting the company's dedication to supporting individuals who may not have traditional access to funding for their education.
- Funding Model. Prodigy Finance utilizes a unique funding model, raising funds annually to provide loans to students. While this approach may require some waiting time for students to be matched with available funding, it ensures a sustainable and ongoing source of support.
- International Reach. Prodigy Finance's global presence allows it to cater to the needs of international students from various countries, particularly those interested in pursuing graduate studies in the United States.
Pros and cons
Pros
Cons
Reliability
Prodigy Finance appears to be reliable based on its incorporation in the United Kingdom and registration with the Office of the Information Commissioner. Its official incorporation details, including its company number and registered address, provide transparency and accountability, which are important factors in assessing the reliability of a financial institution.
How to apply for a Prodigy Finance loan
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Go to the Prodigy Finance Website. Visit the official website of Prodigy Finance by typing "Prodigy Finance" into your web browser's search bar or directly entering the URL.
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Click on "Apply Now". Once you're on the Prodigy Finance homepage, locate the "Apply Now" button or link. This is usually prominently displayed on the website's main page or in the navigation menu.
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Create an Account. If you're a new user, you'll need to create an account with Prodigy Finance. Enter your name, phone number, and email, create a password, and click on the "Create Account" option, then follow the on-screen instructions to provide your personal information. Make sure to read and agree to the terms and conditions before proceeding.
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Complete the Loan Application. After creating an account or if you already have an existing account, log in to your Prodigy Finance account. Navigate to the loan application section, where you'll be required to provide detailed information about yourself, your academic program, and your financial situation.
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Review and Submit. Once you've filled out the loan application form with accurate information, carefully review all the details to ensure everything is correct. Make any necessary revisions or updates if required. After verifying the accuracy of your application, click on the "Submit" or "Apply" button to officially submit your loan application to Prodigy Finance for review.
Conditions
- Variable APR. The variable Annual Percentage Rate (APR) for Prodigy Finance loans is approximately 14.68%. This rate may fluctuate based on market conditions during the loan term.
- Loan Amounts. While specific loan amounts are not disclosed, Prodigy Finance generally offers loans covering as much as tuition costs for eligible borrowers. The actual loan amount may vary depending on factors such as the borrower's financial profile, academic program, and the selected institution.
- Loan Terms. Prodigy Finance offers flexible loan terms ranging from 7 to 20 years. Borrowers have the option to choose a repayment period that best suits their financial situation and preferences, allowing for manageable monthly payments over the duration of the loan.
Requirements
- Age To qualify for a Prodigy Finance loan, applicants must be at least 18 years of age at the time of application.
- Residence. Prodigy Finance extends its loan services to students from specific eligible countries who are pursuing their education in another eligible country. Eligible countries and participating educational institutions may vary, so applicants should review the list provided by Prodigy Finance to ensure their eligibility.
- Program. Applicants must have received acceptance into an eligible graduate degree program and college to qualify for a Prodigy Finance loan. It's important to note that applicants can obtain a loan quote from Prodigy Finance before receiving formal acceptance into their desired program. However, final loan approval will be contingent upon formal acceptance into the graduate program.
Ways to receive the money
When you secure a loan from Prodigy Finance that includes funds for living expenses, the entire loan amount (covering both tuition and living expenses) will be disbursed directly to your school. Subsequently, your school will allocate the portion designated for living expenses to your personal bank account. This streamlined process ensures that you receive the necessary funds for both your educational costs and living expenses efficiently and securely.
Products
Prodigy Finance primarily offers one type of loan: graduate student private loans. These loans are specifically designed for individuals who are studying abroad, covering a wide range of post-graduate education degrees. Unlike some lenders that may have separate loan programs for specific fields of study such as business or medical school, Prodigy Finance consolidates all post-graduate education degrees into one comprehensive funding program. This approach simplifies the loan application process for borrowers and ensures that students from various academic backgrounds have access to the financial support they need to pursue their educational goals abroad.
Other Student Loans
Reasons you may be denied for a Prodigy Finance loan
- Ineligibility for International Students. If you are not an international student studying abroad, you may not meet the eligibility criteria set by Prodigy Finance.
- Insufficient Data. Prodigy Finance relies on various data points to assess applicants' creditworthiness and eligibility for loans. If there is insufficient or inadequate data available to evaluate your financial profile, your application may be denied.
- High Debt-to-Income Ratio. If you already have a significant amount of debt relative to your income, Prodigy Finance may deem you as having a high debt-to-income ratio, which could impact your ability to repay the loan.
- Failure to Meet Application Requirements. If you fail to meet the specific application requirements outlined by Prodigy Finance, such as providing accurate information or submitting required documentation, your application may be denied.
- Limited Funding Availability. Prodigy Finance operates on a funding model where loan availability is dependent on the availability of funds raised annually. If there is limited funding available at the time of your application, you may be denied services until additional funds become available.
How to repay a Prodigy Finance loan
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Deferment. While you're in school and for a six-month period after you graduate (known as the "grace period"), you have the option of deferment. During this time, you are not required to make payments, although you can choose to do so if you prefer. It's important to note that interest will continue to accrue on your loan during deferment.
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Full Repayment. After the six-month grace period has passed, you will begin making payments on the 28th of each month. Since Prodigy Finance loans are variable-rate, your monthly payment amount may fluctuate based on market conditions. It's essential to budget accordingly and be prepared for potential changes in your monthly payment amount.
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College Avenue
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Editorial opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional resources
- Prodigy Finance Customer Reviews
