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Prodigy Finance FAQ: How to make a single combined payment

Trevor Watson - October 08, 2018

Prodigy Finance how to make a single combined payment

Prodigy Finance repayments are becoming easier - especially for those borrowers with multiple loans in a single currency.

If you’re one of those borrowers - whether you’re still studying or you’re already in your repayment cycle - you’ll soon be able to make repayments into a single account with a unique reference number. We’ll do the work of allocating the correct funds to the right accounts. 

Making a Prodigy Finance combined payment

Currently, you receive statements for each of your loan accounts - and this won’t change. You’ll still be able to keep track of where you are with each loan. 

As per usual, you’ll see PDG reference numbers for each loan; refinance borrowers will see the RF reference they’re accustomed to. 

Prodigy Finance combined payments how to read statements

TIP: Be sure to check that you have the correct bank account details, even if you wish to continue making separate payments into each of your different loan accounts. 

The switch to combined payments requires account changes and yours are likely to change.

When you become eligible to make a combined payment, you’ll also receive another email a few days later. This one will contain instructions for making a combined payment.

If you wish to make a single combined payment for the minimum due on all your loans (in the same currency), you will need to use the PF reference number and pay into the account provided in your combined payment instruction email

Prodigy Finance single combined payment instructions

TIP: It’s critical to use the PF reference number. If you use a single PDG or RF reference number, the entire amount will be allocated to that loan and you’ll fall behind on your other loans.

When making a single combined payment using the PF reference number, we’ll allocate the funds according to the amounts given on your latest monthly statements. Once you’ve made that single payment, you’re done for the month. 

Single combined payment FAQs

What happens if I pay more than the minimum due on my statements?

Prodigy Finance will make an upward pro rata adjustment, and each of your loans will have a proportionately higher amount allocated to them.

Also, you’ll save on the total cost of your student loans by doing so, and we never charge penalties for early repayments.

What happens if I pay less than the minimum due on my statements?

Prodigy Finance will make a downward pro rata adjustment, and each of your loans will receive a proportionately lower amount.

If this is the case, you’ll need to make another payment to remain in good standing on your loans. 

What happens if I want to continue making separate payments into separate accounts? 

Go for it. We understand that you have a system that works for you. Although we think a single combined payment is more straightforward, the choice is still yours. You’ll make each payment using the relevant PDG or RF reference numbers provided on your statements. Just be sure to check that you use the updated bank account details, so your repayments go to the right place. 

What if I still have questions about making a single combined payment?

Don’t hesitate to reach out. Please send an email to payments@prodigyfinance.com, and we’ll get back to you quickly with the answers you need.

Want to learn more about the benefits of a Prodigy Finance loan?

At Prodigy Finance, we want to make the entire post-graduate education experience as easy and rewarding as possible. We offer plenty of benefits to help you on your way, including housing discounts, career services and network building.


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