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The 9.3% average Annual Percentage Rate is the average rate offered to our customers for student loans in 2019. The actual rate offered will depend on your circumstances, loan amount and term, and may differ from the average APR.
Our student loan is offered with a variable interest rate made up of two parts: a fixed margin rate and a variable base rate. For the base rate, we use difference reference rates depending on the currency of the loan (USD, EUR or GBP), which are the benchmarks used by lenders around the world and vary with market fluctuations.
To qualify, borrowers must meet Prodigy Finance eligibility and underwriting requirements.
Prodigy Finance reserves the right to vary or discontinue its student loan product at any time without notice.
Representative example of Annual Percentage Rate:
Loan size: USD 45,000
Variable interest rate: 6.12% plus 3-month USD LIBOR (LIBOR varies over the duration of the loan). As of 1st October 2019, USD LIBOR is 2.01%
Admin fee: 4% (USD 1,800)
Duration: Repayment period of 10 years with a grace period of 6 months from the end of studies
Prodigy Services Limited is incorporated in the United Kingdom (Company Number 10201413) with its registered address at Palladium House 1-4 Argyll Street, London, W1F 7LD. Prodigy Services is an appointed representative of Sapia Partners LLP which is authorised and regulated by the Financial Conduct Authority. Prodigy Services Limited promotes offers of securities for third party issuers to eligible investors.