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How does the Loan Process work?

 

 

Application: Visit the Prodigy Finance website Get A Loan page to select the school you want to attend from the drop down menu. Once you complete your application and accept the loan terms, please upload also your admission letter to your dashboard.

Review & Provisional Offer: Once our Credit Committee has reviewed the details of your application and determines the loan affordability post-graduation, you will receive a response from them in a maximum of 5 working days. If approved, this is called a Provisional Offer, and is conditional that you’ll later provide documents to verify the financial information in your original application.

Verification: Upload all the verification documents online, starting with your official identification (passport) and your proof of admission to the course that you’d like to join.

Electronic Signature of Loan Agreement: Once you have completed the previous steps you will receive a notification to sign your loan agreement electronically.

Funds disbursed to the University: After you have signed your loan agreement, we process all the information and send the loan money to the corresponding University/School to cover either tuition (total or partial, according to your loan amount) or tuition and living expenses (this varies from school to school – please visit the School corresponding page on our site to discover the maximum loan amount we can offer and the use of the loan in each school).

Education and Grace Period: Every loan has a grace period; the duration of this period depends on your specific school and course. Please refer to your school’s loan page on our website or to your loan agreement to determine the terms corresponding to your programme. In most cases, the grace periods for Full-time courses is the study period + 6 months after classes end and for Part-time courses is 3 months after the final disbursement to the school.

Loan Repayment: Immediately after the grace period finishes, you will receive a notification to start the corresponding payment of your loan. The loan agreement will clearly state the first repayment date.

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