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Prodigy Finance FAQ: What is APR and the difference between my interest rate?

Prodigy Finance - February 26, 2020

Interested in a Prodigy Finance loan? Here's your chance to learn more about APR and interest rates on international student loans.

This short video might answer all your questions. Take a moment to watch it now.


What is APR? How is APR different from interest rate?


The Annual Percentage Rate, or APR, refers to the annual cost of your loan. The APR includes all costs of financing your loan, the effect of compounding interest, and any administration or origination fees. 

It is not the rate at which your interest accrues on your loan. 

APR is a great tool for comparing offers between banks and other loan providers because it takes everything into account. 

If you’re unsure about your interest rate and APR, please send us an email. We’re more than happy to talk you through it. Or, watch this short video:


Understanding the APR on your international student loan

What will my APR be?

Your APR, just like your interest rate, is unique to you. The only way to know what your interest rate or APR would be on a Prodigy Finance loan is to apply for one. 

If you want to know more about interest rates, APR or how to compare loan offers, these guides are a great start:

Have more questions about APR, interest rates or Prodigy Finance loans?

We’re here to help with any additional concerns you have regarding APR, interest rates, or the Prodigy Finance loan application process.

If you any questions regarding Prodigy Finance, our loans, APR or interest rates, feel free to send us an email on info@prodigyfinance.com or check our FAQs pages to see if your question has already been answered.

Interested in a Prodigy Finance Loan?

Prodigy Finance offers no cosigner, collateral-free loans to eligible international students attending supported universities across the globe. If you're considering postgraduate study, you might want to consider a Prodigy Finance loan.

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

Post updated for accuracy and freshness on February 26, 2020. Originally published on September 5, 2018.


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