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Prodigy Finance FAQ: Why do I need to re-apply even if I was pre approved?

Prodigy Finance - October 29, 2019

Interested in a Prodigy Finance loan? Here's your chance to learn more about second year loans and reapplying after pre-approval.

This short video should answer your questions - or check out the other videos on this page if there's something you'd still like to know: 

Prodigy Finance: I'm only conditionally approved for my second year funding. What does that mean?

I’m in a two-year program and I’ve been approved for my first year, and only conditionally approved for my second year. What does that mean?

When you apply for a loan for a two-year programme, we will ask you to fill out a budget for your entire course duration - that’s for both years. And, after submitting your loan application, you will receive a credit decision for both these years. 

However, the credit decision for your second year is a pre-approval offer. This means funds are reserved for you and you need to apply for your second year loan closer to the time. At that stage, you can also let us know if anything material has changed in your application or credit profile.

Why do I need to re-apply for second year, even if I was pre-approved?

When you apply for a loan for a two-year programme, only your first-year loan will be fully verified. Your second year loan will be pre-approved. This means we’ll ask you to reconfirm your details closer to the time. 

At that stage, you can also tell us if any aspect of your application has changed, such as a full-time job offer. We can then reassess your offer. 

But don’t worry; if nothing has changed in your profile, your offer will remain as is and we will only ask for some updated documents.

Prodigy Finance: Why do I need to re-apply even if I was pre approved?

I would like to get more in my second year than I was pre approved for. Is this possible?

If you’d like to get a higher loan in your second year than your original, pre-approved amount, we’re happy to reassess your application and check whether we can provide you with an increase. 

Some factors that can help include a full-time job offer upon graduation and improved finances, such as repaying liabilities. 

Prodigy Finance: I would like to get more in my second year than I was pre approved for

If you have more questions regarding Prodigy Finance loans, 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 October 29, 2019. Originally published on November 7, 2018.

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