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How to repay your Prodigy Finance loan anywhere, at any time

Prodigy Finance - September 20, 2018

Make payments using the Prodigy Finance app

Prodigy Finance helps top international students like you get to the world’s best schools. We focus on the finances so you can focus on your education. Part of making it a seamless process is ensuring you can repay when and where it suits you.

We’ve been hard at work to simplify repayments and we’ve developed an improved way for you to pay. Soon you’ll be able to access your loans online or through our iOS app.

At any time, you’ll be able to:

  • Access your most recent statement.
  • View your payment options with step-by-step instructions.
  • Make an in-app payment if you’re repaying a USD loan from a US bank account.

This guide will help you navigate the app in three easy steps. Watch these videos to see how it works.

1. How to view and manage your loan

Login to see information about your loan and your latest statement

You’ll find the reference number for your loan, the next amount due for each loan, and details for any payments you’ve already initiated. 

You can also check statements from previous periods, your outstanding balance and details like term and interest rate.

 

Prodigy Finance app repayment


If you have more than one Prodigy Finance loan, swipe right to see information about each of your loans, including their payment status.

Not sure what you’re looking at? Here’s a quick guide to payment statuses:

  • Payment pending = No payment has been initiated. Your payment needs to be in our account by the 28th of the month. Make sure you give yourself at least 8 business days for the amount due to reach us.
  • Payment initiated = Your payment is on the way.
  • Payment received = We’ve received your payment and your “amount due” will be reduced. This means if we received the full amount for the month, your amount due will be 0.
  • Payment failed = Something went wrong and your payment was not sent. Please contact our team if you need help.
  • Paid off = Your loan has been settled!

2. How to pay

When you’ve logged in, you can browse payment options for your loan, as well as instructions on how to get started. 


Remember, payment options depend on your loan currency and the country you’re paying from


Prodigy Finance app repayment 2

Make sure your preferred payment option is available in the country you’re paying from and check that your payment will be sent in the currency of your loan. If you use your own provider for currency exchange, shop around for the best rates. 

3. How to make a direct debit (ACH) payment

Anyone with a USD loan paying from a US bank account can make a direct debit (ACH) payment from the app. Here’s how you can make an ACH payment:

  • Select the one-time ACH option
  • Confirm the summary of the payment details
  • Enter your bank account information
  • Authorise the payment.

You’ll see a message to confirm that your payment has gone through.

 

Prodigy Finance app repayment


Keep in mind that direct debit payments can take up to 8 business days to clear and must be in our bank accounts by the 28ᵗʰ of each month. Make sure you’ve initiated payment before the 20ᵗʰ of each month so it’s received on time.

If you don’t see this option listed but you think you might be eligible, feel free to reach out. Have more questions about repaying your Prodigy Finance loan? Contact our team via email, phone or chat.


Want to be one of the first to get the app?

Join our waiting list by giving us your most up-to-date contact details. We’ll then give you early access before the global launch.


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