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Prodigy Finance repayment: How to repay your loan anywhere, 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 our repayments process and we’ve developed an improved way for you to pay. You're now able to access your loans online through our app on both iOS and Android.

At any time, you’ll be able to:

  • Access your statements.

  • View your payment options with step-by-step instructions.

  • Make direct debit payments if you’re repaying from an eligible country or region.

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

Sign in to see information about your loan and your latest statement

You’ll find the reference number for your loan (starting with PDG), 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.

If you have more than one Prodigy Finance loan, you'll see your disbursed loans listed at the top of the home screen. Tap each loan to see detailed information.

2. How to pay

You can browse payment options for your loan by selecting 'Pay' and choosing which loan you'd like to make a payment towards.


Remember, your student loan 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 Prodigy payments will be sent in the currency of your loan. If you use your own provider for currency exchange, shop around for the best rates.

Once you've made a payment via the app, you can view the status - 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! 

3. How to make a direct debit or auto debit payment

A direct debit payment option is available for customers making payments in USD from a US bank account, in GBP from a UK bank account, or EUR payments from a European bank account. Here's how:

  • Tap 'Pay' from any screen on the app
  • Choose the loan you want to make a payment towards (or choose to make one payment towards multiple loans)
  • Select 'Direct debit' as how you want to pay
  • Choose to pay your monthly amount due, or you can type in a custom amount
  • Now, you'll have the option to set up the debit as an automatic monthly payment
  • Enter your bank account details
  • Review the summary on the payment confirmation screen, and authorise the payment

You’ll see a message to confirm that your Prodigy Finance 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 Prodigy Finance loan repayments? Contact our team via email, phone or chat.

Prodigy Finance early repayment

There’s no penalty for making early payments towards your loan. You're welcome to do this during your study period, grace period, or simply make extra payments during the repayment period.


Want to get the Prodigy Finance app for easy repayments?


Note: This article was updated on 19 March 2021.


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