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Prodigy Finance FAQ: How does Prodigy disburse the funds and when?

Prodigy Finance - November 07, 2019

Interested in a Prodigy Finance loan? Here's your chance to learn more about Forex risk and taking a loan in a different currency than your school.

This video will answer many of your questions in about 30 seconds: 


Prodigy Finance: How are funds disbursed and when?


Prodigy Finance will disburse all your funds directly to your school. We’ll coordinate with your school to make sure tuition fee deadlines are met and that you don't incur any additional interest or late fees

So, rest assured, you do not have to do anything.

How does Prodigy Finance disburse the funds and when?

How will I receive the funds for my living expenses?

For several schools, we are also able to cover part of your living expenses. If that’s the case for your school and you intend on using part of your loan to cover living expenses, you don’t need to give us your bank details, as Prodigy Finance disburses all funds directly to your school. 

The school will credit your tuition fee; any funds in excess of this will be sent to your personal bank account by the school. 

If you have any questions with regards to when and how you’ll get your living expenses, please get in touch with the financial aid office at your school.

 

Prodigy Finance: I am using all, or some, funds for living expenses – how will I receive the funds?

Prodigy Finance disburses all funds directly to your school according to their deadlines. This cuts down on your stress levels as you prepare for your studies - and the hassle and cost of transferring money internationally.

However, we’re only able to disburse your loan to your school after you’ve signed your loan agreement

Depending on your home and host countries, you may only be able to complete this step after arriving on campus. 

If you’re worried that you’ll arrive after or very close to the payment deadlines set by your school, it’s best to send us an email, as soon as possible, explaining your situation. In many cases, we’re able to work with your university to avoid extra fees or late payment charges, but we’ll need to provide the school with enough time to make alternative arrangements. 

Still have questions?

We’re ready to answer any 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 November 6, 2019. Originally published on November 21, 2018.


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