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Application Review

Once our Credit Committee has assessed the details of your application, you will receive a Provisional Offer. If you choose to continue with the offer, we’ll ask you to upload the documents needed to verify the details in your application.

When you choose to move forward with one application, we’ll automatically consider all of your other applications as withdrawn.

If you decide to continue with the loan process and upload your verification documents, the loan agreement is not yet a binding contract. You can withdraw your application at any point before signing the final loan agreement. Continuing with the loan process simply means that funds are reserved for you, and that you’ll proceed to the next step.

Once you receive a Provisional Offer, you have two weeks to accept your loan offer or to withdraw your application. If you withdraw your application or do not meet the deadline, we’ll release those funds so they may be assigned to other deserving candidates. If you’d like to re-apply in the future, we’ll ask you to start a new application.

Interest rates are decided using a wide range of factors. Nearly every facet of your application will help decide both your interest rate and loan amount. These factors include pre-study salary, which school you're attending, outstanding liabilities or debt, countries of residence and nationality, other market rates you may have access to, and so forth. While interest rates may vary, we strive to make our rates as affordable as possible for our student borrowers.

Want to know why you were downsized? Watch this video and listen to one of our colleagues explain what factors could help improve the offer we have made.

If your loan offer has expired, the provisional offer is no longer guaranteed. The funds will no longer be reserved for you and may be reallocated to another deserving student.

If your provisional offer has expired, but you want to proceed with the loan, please get in touch as soon as possible. We will be happy to reinstate the loan offer provided there are funds available and we have sufficient time to complete the administrative process before the start of class.

Please keep in mind that Prodigy Finance raises funds from the alumni community and as such, the funding pool is limited. When allocating funds, our credit committee also needs to consider a number of dynamic portfolio parameters, and loan offers can therefore only be guaranteed for a short period.