5 steps to a Prodigy Finance international student loan in 2023

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Prodigy Finance - May, 14 2024

5 min read

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Our mission is to make quality education accessible for all - globally.

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 5 steps to getting a Prodigy Finance Education loan.

It used to be 7 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 for your international student loan 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. Just take a look at this video to hear how Prodigy Finance borrowers explain it in their own words.

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2. Get your Prodigy Finance loan rate

Qualified applicants typically receive conditional approval for their loan within 2 business days, and the offer remains valid for 2 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 education loan documentation:

The primary documents required for a prodigy finance loan are:

  • 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 out this complete guide; it'll tell you exactly how to get your credit report.

4. Sign your Loan Agreement when you arrive on campus

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Upon arrival at the school, most students must e-sign their loan agreement so your funds can be disbursed. For legal reasons, this step can only be completed by most students once they arrive 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 your international student loan

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.

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

Prodigy Finance eligibility & loan process

Prodigy Finance believes that “education should not be a barrier to education” and you are eligible if:

  1. You are looking to study abroad
  2. You are admitted to one of the schools and programmes that we support
  3. You belong to one of the countries we support (Check out the list of unsupported regions here)

If you satisfy the criteria, you can apply online and get a quote.

What are the countries that Prodigy finance supports?

You can apply for a prodigy finance loan if you belong to one of the eligible countries. We cannot not support a few regions. So if your country is not listed in the list, it is an eligible county.

How to get a loan from Prodigy finance?

To know more about the prodigy finance loan process, you can visit the student loan page, which explains the entire loan process step by step. It will give you a clear idea on how to apply for a student loan, when to upload the required documents for the education loan, eligibility criteria and how the funds will be disbursed.

Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority.

What next? Find out more about Prodigy Finance’s education loans or check out the list of schools we support.

For any other information about Prodigy Finance, or our student loan process, if you require the credit report, or access more information about the schools supported by Prodigy Finance, feel free to check out or browse our site, or register for a webinar to have your questions answered by one of our team.

Post updated for accuracy and freshness on February 14, 2020. Originally published on December 12, 2016.

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© Prodigy Finance Limited 2007 - 2024. All Rights Reserved. Prodigy Finance Limited is incorporated in the United Kingdom (Company Number 05912562) with its registered address at 85 Great Portland Street, London, W1W 7LT and registered with the Office of the Information Commissioner (Reg. No. Z9851854). Prodigy Finance is authorised and regulated by the Financial Conduct Authority (firm registration number 709641) for certain consumer credit activities. Prodigy Finance loans are offered to eligible borrowers and these loans are governed by English law. Prodigy Finance Servicing, LLC is incorporated in the state of Delaware, USA, is an affiliate of Prodigy Finance Limited and conducts the business of servicing of loans for residents of certain US states. NMLS # 2155440 (Prodigy Finance Servicing, LLC) and NMLS #1611590 (Prodigy Finance Limited) (www.nmlsconsumeraccess.org). View Prodigy Finance's lending, servicing and collection licenses.