FAQs

Repay a Loan

Repay a Loan

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 payments@prodigyfinance.com 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:

  • Include your unique payment reference number (shown on your statement in red)
  • Make payments in the currency of your loan
  • Ensure payment arrives in time for the due date

We have three repayment methods that you can choose from:

  1. Flywire: our recommended payment method. On your monthly statement, simply click the link to the Flywire payment portal and select the currency of your loan. You can then pay using direct bank transfer, Master or Visa Credit Card, Debit Card or with country-specific local payment services. More details can be found here.

  2. Direct bank transfer: we can only accept payments in the currency of your loan so please convert your payment before making the transfer. Our bank details can be found on your monthly statement along with routing instructions. If you wish to set up direct debit orders, please arrange this with your bank directly.

  3. International payment vendors: You can also make use of international payment facilitators like Worldpay, Transferwise, CurrencyFair and more. There are many to choose from, so be sure to check that yours allows transfers into the UK, where our bank accounts are held. We are unable to accept repayment via PayPal as it is against their policy.

We send monthly statements by email which include your balance and repayment amount due. Please contact us at info@prodigyfinance.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 info@prodigyfinance.com.

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. 

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