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Why Misha and Sudhir Raina chose an online lender

Prodigy Finance - June 03, 2019

Sudhir Raina family picture

Misha, Dolly, Sudhir and Mekhla Raina

In the US alone, there are over 1 million international students¹, and the number of students - at any level, headed to any country - continues to grow. And many of them, especially at the post-graduate level need education loans to get them from acceptance to degree.

This was exactly the situation Misha Raina faced after her acceptance to the MBA programme at the University of Wisconsin’s School of Business. So she did what many people do; she headed to banks in her home country to secure an international student loan so she could fund her education.

But, it wasn’t as easy as that, as her father, Sudhir Raina, soon discovered. 

“My daughter applied for a local education loan after showing ownership of a flat in a prime locality. Despite this, banks made her run around in circles and continually postponed the process by withholding the necessary forms for personal details and collateral.”

Certainly, the experience is frustrating, but it’s not uncommon. Many future international students face the exact same battle as Misha and Sudhir. But, it’s important to check with banks and other financial institutions in your home and host countries alongside online loan providers to make the best decision.

Online funding options offer quick and easy processes

Mekhla Raina selfie

Misha Raina

One of the biggest struggles Misha faced was the constant back and forth to the nearest branch of a bank in home country. She was ready with the necessary collateral and was in a hurry to sort out an education loan to confirm her spot at the University of Wisconsin’s School of Business and secure her F-1 study visa for the United States.

As with Misha, if you’re working with a bank or other financial institution based in your home country, you should plan on a few trips to the local branch to finalise your paperwork, even if you begin the process online.

Repeat visits to their local bank wasn’t the reason Misha and Sudhir turned to Prodigy Finance for a loan - it was because they simply couldn’t move the process forward, no matter how many visits they made.

Once they stumbled on Prodigy Finance, Sudhir and Misha were pleased to find it wasn’t just a quick and easy online application; there was also a difference in the requirements needed to take a loan. Misha was able to secure the loan on her own - and didn’t need to leverage the flat as collateral

You too may also find there’s a difference in the paperwork required by traditional lenders and online providers. You may need to source documents you may not have dealt with in the past, such as a credit report. But, you’re also less likely to need information on your family’s finances. 

Ultimately, the online process, which doesn’t involve shifting hard copies of paperwork or dealing with other types of financial products (such as savings accounts) is often speedier, which is a bonus for anyone needing to accept their admission to a school and submit their visa application in a hurry

What is a credit report? 

A credit report is simply an overview of your financial wellness and history. If you need more information on what a credit report is, how to get one in your country or why you need one in the first place, check out these guides:

International students have a few different options for study loans: 

Home country loans

Pro: Work with trusted providers


  • May need collateral or co-signers
  • Will need to convert currency
  • May not secure the amount needed

Host country loans

Pro: Available in the currency of study


  • Will need a co-signer in the host country
  • Repayment may be difficult if you return home after graduation

International online loans

Pro: Quick, easy, cross-border lending


  • New, different way of banking

While working with online lenders may be unusual for borrowers from some parts of the world, it’s become increasingly normal in others. And, for those that undertake online loans - even when skeptical at first - it’s often the best solution for their studies.

Sometimes, it’s the only option.

Commitment-free quotes for education loans

Although not the deciding factor for the Raina family when Misha applied for her Prodigy Finance loan, there are plenty of reasons to apply for an education loan with an online funding option. A few of these hidden benefits might be important when you’re deciding on the best study loan for you:

Apply before admission

While it may not apply to all online lenders, with Prodigy Finance you can apply for a loan before you’ve been accepted. You can see how much you’ll qualify for and begin planning your finances well in advance. 

Impact-free credit checks

There are 2 types of credit report inquiries: those that may negatively impact your credit score and report, and those that don’t. Prodigy Finance loan inquiries don’t impact your score. Learn more about that here.

Compare loan offers

The best financial decisions are made when you’ve looked at every option. Even if you go with another loan, a commitment- free quote from and online loan provider can only help you make the right choice.

No need to sacrifice customer service

In Misha and Sudhir’s case, face-to-face meetings at the banks didn’t end with a loan, even though that’s where it began. But they don’t feel as though they’ve lost out on any personal touches or customer service

"I’ve appreciated the role of Prodigy Finance in helping my daughter realise her dream of doing an MBA from the famed Wisconsin Business School in the US by granting her a hassle-free loan within a very short period. This was in contrast to the non-cooperative attitude of local banks and large lenders."

At Prodigy Finance, you’ll also find we make ourselves available for more than just financial queries.

  • Our loan letters (called sanction letters in some countries) are issued swiftly as we know how critical they are to providing your school with proof of funding, not to mention the embassy or consulate where you apply for your visa.
  • Speaking of visas, we provide complete guides to our borrowers to assist them through the process.
  • Prodigy Finance also assists with phone plans and finding accommodation by linking you to great deals through our partners - each chosen for their understanding of the difficulty international students face.

And, you’ll be happy to know that Misha has accepted her Prodigy Finance offer and will soon have her MBA from her dream school. You might be the next. 

Want to know more about working with an online lender?

Join us for a webinar with a Prodigy Finance borrower who also had questions about the process - and the platform - and is now totally happy to answer yours. 

¹ iie.org/Why-IIE/Announcements/2018/11/2018-11-13-Number-of-International-Students-Reaches-New-High

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