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5 easy steps to a Prodigy Finance loan

Adele Theart - February 27, 2018

7 Steps to a Prodigy Finance Loan

Anyone who has applied for a loan knows the process can be arduous and frustrating. 

This is accentuated at big banks, which tend towards the bureaucratic and impersonal. At Prodigy Finance, we’ve revolutionised this process – streamlining as much as possible while still maintaining the highest quality.

We often receive similar questions from our applicants,  which is why we’ve compiled our five steps to getting a Prodigy Finance loan

It used to be seven steps, but over the years, we've worked to make it even easier for students to sort their finances, so they can secure their study visas, and get into the classroom without undue stress. 

1. Apply online

Our application is entirely online and only takes about 30 minutes to complete

Applicants can even save their application to complete it later. If you need to stop so you can double check your information - or for any other reason, that's absolutely not a problem. 

We’ve worked hard to make the platform simple and user-friendly. Time and time again, we hear how easy the platform is for new applicants to complete

2. Get a rate

Qualified applicants typically receive conditional approval for their loan within two business days, and the offer remains valid for two weeks.

Every loan offer is personal, taking into account your personal financial history, as well as the university, programme, and degree you hope to pursue. 

And, if you have any questions before or after you receive your offer, you can reach out easily; every applicant has a team member committed to answering concerns and guiding borrowers through the process. 

3. Upload supporting documents

Once you've decided to accept your offer, loans are finalised with electronic scans of the required documentation:

  • Proof of identity (your passport)
  • Proof of admission
  • Credit report
  • Proof of address
  • Proof of income
  • Proof of savings (if applicable)
  • Proof of scholarships or company sponsorship (if applicable)
  • Financial aid form (if applicable)

* In some countries, obtaining a credit report is second-nature, but that's not a universal norm. If you're unsure of where to secure your credit report, you can check this list, broken into country bureaus.

4. Sign Loan Agreement on arrival at the school

Upon arrival at the school students, must e-sign their loan agreement so your funds can be disbursed. For legal reasons, this step can only be completed once a student arrives on campus

You'll be busy getting organised, but it's an important step and can't be forgotten in the excitement. If students fail to complete this step the loan offer will be withdrawn. 

Luckily, Prodigy Finance often has one or two staff members present on campus during this time to assist students. If you have any questions about this step, you can ask them directly. 

5. Disbursement of funds

All loan funds are transferred directly to the school. You'll avoid the hassle and fees associated with currency transfers and the stress of ensuring an international wire makes it through before payment deadlines. 

If there are excess funds after all tuition fees have been settled, the school will pay this sum out to the student’s personal bank account.

If you're expecting your Prodigy Finance loan to cover part of your living expenses, you should reach out to the bursar's or financial aid office at your university as soon as possible. They'll be able to advise you regarding payment dates and processes so you're not left stranded. 

That's it. But, if you have more questions, you may want to check the FAQs. If you can't find what you're looking for, you can always reach out to us on info@prodigyfinance.com.


Ready to get a Prodigy Finance loan?

The application process is swift and straightforward - and there's absolutely no obligation to accept a provisional loan offer. 


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