Prodigy Finance loan benefits for masters programmes

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Prodigy Finance - May, 20 2024

4 min read

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At Prodigy Finance, we're committed to helping international talent to achieve their education dreams. We offer international student loans to qualified individuals attending top master's programmes in the US.

Prodigy Finance international student loans for masters programmes

Prodigy Finance may be an international student loan provider, but we’re definitely not like the traditional lenders you may have worked with in the past.

We offer benefits to our borrowers that you’re not going to find anywhere else - and we keep community at our core. From application to graduation (and beyond), take a look at what makes Prodigy Finance and its loans unique.

A forward-looking model for larger loan amounts

Unlike traditional lenders, Prodigy Finance doesn’t look only at your financial history. We do that, of course; but, more importantly, we consider the impact your master’s degree will have on your future earnings. Our proprietary-risk model accounts for the larger salary you’ll earn after your degree.

What does this mean for you?

For many borrowers, this means they qualify for larger loan amounts than they would if only historic data is used.

  • No co-signer loans- You will never be asked for a co-signer, nor will anyone else be contacted if there are problems with your loan.

  • No collateral loans - There’s no need to come up with your property or anyone else’s, as per global student loan norms.

  • Swift, fully-online process - The application process takes less than 30 minutes and can be completed anywhere with a reliable internet connection.

You’ll know within a week whether you qualify - and the amount of your provisional loan offer.

If you wish to accept your Prodigy Finance loan offer, confirmation documents are uploaded to your personal dashboard; no need to post originals.

The Prodigy Finance loan application process

Want to know how the Prodigy Finance loan process works before you begin your application? These FAQs answer the questions we're often asked. Or, watch this video for a first-hand view from Prodigy Finance borrowers:

Prodigy Finance interest rates, fees, disbursal and repayments

Prodigy Finance international student loans are a financial product and you need to take time to understand the conditions and responsibility of your loan.

Variable interest rates and APR

Prodigy Finance uses variable interest rates. As with all variable interest rates, our are comprised of two parts:

  • A base rate (variable), and
  • Your fixed rate margin (determined by your personal financial situation)

There are several base rate options, such as Prime, MCLR, and LIBOR. We use LIBOR because it is independently determined and transparently reported.

While the base rate changes according to market conditions, your fixed margin does not and Prodigy Finance will not adjust this at a later point.

Prodigy Finance charges one fee per loan, nothing’s hiding in the fine print. An admin fee of a maximum of 5% of your loan is charged once per loan. As long as your account remains in good standing (for example, you haven’t missed a payment), this is the only fee Prodigy Finance charges. You won’t be charged handling, Forex, sanction letter fees, or life insurance.

Your interest rate plus the admin fee combined is the APR (annual percentage rate) on your Prodigy Finance loan.

APR is legally mandated in countries like the US and UK as it provides a complete picture of the cost of your loan.

Prodigy Finance loan currency, disbursal and repayment

  • Loans in USD, EUR and GBP - Prodigy Finance provides loans in USD, EUR and GBP depending on the country of study. Some schools may allow for a choice of currency.

  • Funds disbursed directly to the school - You won’t be responsible for sending money to your university; Prodigy Finance disburses loans directly to the universities.

  • Living expenses - If your loan includes money for living expenses, the school will forward this on to you.

  • No penalty for early repayment - Want to save on the interest you pay over the life of your loan? Pay it off early. And don’t worry, there’s never a penalty for prepayments or early repayments.

  • Credit reporting - Hoping to develop a credit history in your host country? Prodigy Finance reports payments made by US residents to Experian and UK residents to TransUnion.

  • As long as you continue to make at least the minimum payments on time, your Prodigy Finance loan will positively impact your future credit options.

Prodigy Finance pre-study benefits

With a Prodigy Finance international study loan, you can reduce the size of your loan - even after it’s been approved until you arrive in your host country.

We know you’ll be trying to get as many scholarships and fellowships as possible to alleviate the cost of your education.

And, we want you to do just that, all while knowing your finances are sorted - just in case.

  • Prodigy Finance loan letter - We provide our borrowers with a loan letter (known as a sanction letter in some countries) as proof of finances for visa processing. Soft copies are free of charge and are available as soon as your loan is approved.

  • Visa guides - We’ve got guides to help you through the process of securing international study visas. Want guidance now? Check out these guides:

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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) ( View Prodigy Finance's lending, servicing and collection licenses.