How does the Loan Process work?

'You’ve been accepted into grad school – congratulations! Now it’s time to secure your funding.

Creating an Application: Check that we support your school, then register, start and submit your application, all through our online platform.

Application Review & Provisional Offer: If your application is successful we’ll review and respond with a Provisional Offer instantly, though this can take up to 5 days. To understand how we make our credit decisions, click here.

Verification: Next we need to verify the information you provided in your application; to do this we will request that you upload supporting documents.

Loan Approved: Congratulations! After successful verification you will receive a Loan Agreement Letter. You may use this document as proof of funds in your visa application.

Signing your Loan Agreement: We will contact you once you arrive in your country of study to e-sign your agreement. It will be counter-signed by Prodigy Finance, making the agreement binding on both parties.

Disbursing funds: We will disburse the funds directly to your school, removing all hassle so you can focus on getting to campus.

Study and Grace Period:
• Full time students: repayment begins 6 months from class end date
• Part time students: repayment begins 3 months from final disbursement date

Loan Repayment: Your loan agreement will state the date that your first repayment is due, and you will receive monthly statements with the exact repayment amount due. For more information on loan repayment click here.

Was this article helpful?
6 out of 9 found this helpful
Have more questions? Submit a request


Please sign in to leave a comment.