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When you choose to move forward with one application, we’ll automatically consider all of your other applications as withdrawn.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.
Investing - Risk Policy
Investment is restricted to high net worth and sophisticated investors who can demonstrate that they have sufficient knowledge and experience to understand the risks of investing. Risks include the potential loss of capital and limited liquidity. Capital at risk. Investments are long term and it may not be possible to sell your investment prior to maturity. See our full Risk Warning and Terms and Conditions.
© Prodigy Finance Limited 2007 - 2017. All Rights Reserved. Prodigy Finance Limited is incorporated in the United Kingdom (Company Number 05912562) with its registered address at Palladium House 1-4 Argyll Street, London, W1F 7LD and registered with the Office of the Information Commissioner (Reg. No. Z9851854). Prodigy Finance is authorised and regulated by the Financial Conduct Authority (firm registration number 709641) for certain consumer credit activities and for investment activities for investors who have agreed to its terms. Prodigy Finance loans are offered to eligible borrowers who are studying outside of their country of residence and the loans are governed by English law.
Prodigy Services Limited is incorporated in the United Kingdom (Company Number 10201413) with its registered address at Palladium House 1-4 Argyll Street, London, W1F 7LD. Prodigy Services is an appointed representative of BriceAmery Capital Limited which is authorised and regulated by the Financial Conduct Authority. Prodigy Services Limited promotes offers of securities for third party issuers to eligible investors.