We will calculate your monthly payment amount by taking your balance (including accumulated interest), dividing it by the number of months over which you are due to repay, and adding the interest that has been applied in the previous month.
You’ll start receiving monthly statements after the funds are first sent to your school. This will include your payment due date, the amount due, and instructions on how to repay your loan.
Full time students begin repayment 6 months from class end date.
Part time students begin repayment 3 months from final disbursement date.
Yes, you should. While a balance remains on your loan it serves no purpose to skip payment as this will only cause your minimum obligation to increase and it is best to keep it as low as possible.
No, unfortunately the terms of the loan cannot be restructured or renegotiated. It's not possible to change the currency of your loan, because your loan is essentially an asset that is denominated in a specific currency. The investors who helped to fund your education have invested in the same currency.
You can repay and settle your loan in full or make early payments at any time without any fees or costs.
We understand that life happens, and we want to support you as much as we can. If you’re experiencing financial difficulties and can’t repay your loan, please contact us immediately at firstname.lastname@example.org so we can work with you to attempt to find a solution.
If you don’t pay your monthly amount your loan will fall into arrears, and eventually into default. If you go into default, we’ll need to begin legal enforcement through arbitration. If this happens you’ll need to cover all reasonable costs and legal fees that we may incur.
When you take out a loan in a currency that is different from the currency of your post-study salary, you may be affected by changes in foreign exchange rates. Watch this video to hear what FX Risk is and how it might impact you.
When making your monthly payments please remember to:
We have three repayment methods that you can choose from:
We send monthly statements by email which include your balance and repayment amount due. Please contact us at email@example.com if you have changed your email address.
We can issue a tax certificate listing transactions on your account including payments received, interest, admin fees and late fees. Beyond this we are unable to advise on tax matters and advise that you speak to a local tax attorney.
Tax may apply whenever you make payments of interest to a lender in a different country from the one in which you are currently (or, in some cases, have previously been) located. We’re not able to give you any tax advice and we are not responsible for your tax arrangements but as responsible lenders we wanted to let you know about tax you may owe as a result of taking out a Prodigy loan. You may need to pay the tax authority in the country you’re paying from, or in a country that you’ve previously had a connection with, and different countries may have different levels of tax so the amount you pay, if any, may vary depending on your location. We’re doing our utmost to minimise the amount of tax payable by our borrowers by applying for reliefs or exemptions from tax in various countries. To date, we have secured exemptions in the United States and United Kingdom and we’re hoping to add to this list quickly going forward. Should you require further information regarding the reliefs or exemptions we have secured, you can contact us at firstname.lastname@example.org.
If you’ve got questions about who, when or how you should pay tax, you’ll need to reach out to your local tax authority or a tax advisor who will be able to help you.
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 - 2019. 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 Sapia Partners LLP which is authorised and regulated by the Financial Conduct Authority. Prodigy Services Limited promotes offers of securities for third party issuers to eligible investors.