FAQs

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Uploading Your Documents

Should you receive a provisional offer from Prodigy Finance, you will be required to provide the following supporting documents AFTER accepting the loan offer. Please gather and prepare these supporting documents in advance to speed loan processing. You do NOT need to upload any of the above until prompted by your dashboard. 

  • Passport
  • Proof of Admission, in the form of a letter from your school (email confirmations are also accepted)
  • Proof of residential address
  • Proof of salary, as per your last employment prior to the start of your studies (salary slips and/or bank statements showing your last 3 salary deposits)
  • Proof of savings or funds (if applicable)
  • Proof of family support (if applicable)
  • Proof of scholarships or company sponsorship (if applicable)
  • Credit report
  • Financial Aid Form (if applicable): Many US Universities require you to complete a Financial Aid Form provided by the school before your loan can be certified by the school. Please contact the Financial Aid team at your school to inquire about and complete these forms.

 

You can upload your profile picture in the “My Profile” section on your dashboard. This image is visible to our credit committee as well as the individuals investing in your loan, so we highly recommend a clear and professional picture, preferably showing your head and shoulders only.

You will be asked to provide the following based on your status:

  • If you are a full-time student you will be asked to upload: 
    • Three months’ salary slips within the last six months and one bank statement (this must correspond to one of your salary slips).
  • If you are a part-time student, you will be asked to upload: 
    • Three months’ salary slips within the last six months and one bank statement (this must correspond to one of your salary slips).
  • If you are self-employed, you will be asked to upload: 
    • Latest Income Tax Return. 
    • Or, the last three months’ bank statements and three months’ proof of income (this can include invoices and contracts).

We prefer the documents to be in English. If in a foreign language, adequate translation is required. In most cases, your own translation is suitable. You are welcome to use a freelance translator service such as Elance.com, as long as you include the full name and contact details of the translator. We periodically have our foreign language documents verified. In some instances we may require a certified English translation; however, your own translation will facilitate the processing of your loan in the interim.

Internet bank statements must be paper documents or e-statements delivered to you by the issuer. Internet banking screenshots or unofficial statements will not be accepted.

Watch this video and listen to one of our colleagues explain what you can do to proof your income when you're self employed or can't provide salary slips.

A clear colour scan of your passport(s). If you are carrying more than one passport, please ensure that all of them are scanned and that the machine readable zone (coded information below the picture on the identification page) is clearly visible. Please note that we just require the identification page and do not need to see a copy of every page.

This photo will be visible to our credit committee and, should you receive a loan offer, to investors funding your loan. We recommend a clear, professional picture (preferably head and shoulders) of yourself only. A file with the following extension is allowed: jpg, jpeg, png and pdf.

Please upload a high quality scan of your letter of admission from your school which shows you have been admitted into your chosen programme, or a screenshot of your acceptance letter showing your full name and course details. We’re happy to use a pdf export of the admissions email. A file with the following extension is allowed: jpg, jpeg, png and pdf.

Depending on the duration of unemployment, our credit committee may choose to take your gross annual salary from your last employment into account during the assessment of your application.

Should this be the case, you will need to provide us with salary slips from the final 3 months of your last employment.  In addition to salary slips, we require the full contact details of your HR manager or employer.

If you did not receive salary slips, you are welcome to provide us with an official letter from your previous employer stating the position held, dates of employment and your gross annual income.

In addition to salary slips (or employer letter), you will need to provide bank statements for the corresponding 3 months, highlighting your incoming salary.  Bank statements must be accompanied by full contact details of your bank/relationship manager.

We may request that you provide proof of savings as per the amount provided in your application. This requirement will be indicated by a task on your dashboard.  Please upload relevant documents to your dashboard to complete this task.

If you have already made payments to the school, you may include confirmation of such payments as part of your proof of savings.  This will include transfer receipts or a paid invoice from the school with the accompanying bank statement showing the outgoing payment from your account.

You will be required to upload a scan of an official document that proves your address. Examples include: utility bills, bank statements, official government documents, or similar documents sent to your residential address. If documents are not available in English, a certified English translation may speed up the process. However, our ID Verification Team supports a wide range of languages so in most cases a translation is not required. Should your documents be in an unsupported language, we will let you know.

The document must carry your name and must have your current residential address on it (the same address identifying you in the draft Loan Agreement). It cannot be more than 3 months old.

We are required to review this document and have a copy on file to ensure our compliance with the Money Laundering Regulation 2007.

Want to know why we ask for a proof of address? Watch this video and listen to one of our colleagues explain why we need a recent proof of address.

If you currently live with your parents, you may be able to submit a utility bill in their name with a birth certificate or similar document confirming your relationship along with a letter from them confirming your residence. However, if time allows, we recommend that you ask your bank to send an account statement to your residential address. We can extend the due date on this task to accommodate the delay. Please email us in advance at info@prodigyfinance.com to coordinate this action.

Want to know what to do if you still live with your parents and bills are not in your name? Watch this video and listen to one of our colleagues explain what to do

The process for obtaining a credit report differs in each country and many of the sources for a credit report are listed in the next section on Credit Report Resources. If you are unclear of the relevant process, we advise you to reach out to your local bank; they should be able to assist you, or point you in the right direction for the applicable processes in your country.

Watch this video and listen to one of our colleagues explain why it's important to provide us with a credit report, even if you have never taken out credit before.

After accepting a provisional offer, you will be required to obtain and upload the electronic copies of your credit files. You may be able to obtain these via one of the resources listed below.

However, it is extremely difficult to stay abreast of changes in processes and agencies worldwide, and it is therefore possible that some of these options may no longer be available. In that case, please visit your local bank for guidance as to how you can obtain your personal credit file. Also feel free to reach out to us  at info@prodigyfinance.com with any additional information or guidance that may help other applicants from your home country in the future. 

 

Argentinahttp://www.veraz.com.ar OR http://www.experian.com.ar

Armenia - http://www.acra.am

Australiahttp://www.mycreditfile.com.au OR http://dnb.com.au

Azerbaijan - Centralized Credit Registry Service Of Central Bank Of The Republic Of Azerbaijan. Please contact your local bank for instructions on how to obtain this document.

Bahrain - https://www.benefit.bh

Bangladeshhttp://www.bangladesh-bank.org

Belgium - http://www.nbb.be

Brazilhttp://www.serasaconsumidor.com.br/ (select the option "Serasa AntiFraude")

BulgariaCentral Credit Register of the Bulgarian National Bank

Canadahttp://www.transunion.ca OR http://www.consumer.equifax.ca

Chilehttp://www.dicom.cl

China - People's Bank of China (ID card required)

Colombiahttps://www.datacredito.com.co OR http://www.colconectada.com/consultar-cifin

Costa Ricahttp://www.equifax.com

Cote d'Ivoire - https://backcheckgroup.com/shop/governance-risk-and-compliance-checks/personal-credit-report-cote-divoire/

Czech RepublicCzech Banking Credit Bureau OR CreditInfo Czech Republic

Denmark - http://www.experian.dk

Dominican RepublicTransunion OR DataCredito

Ecuador - http://www.equifax.com

Egypt - Egyptian Credit Bureau (You will need to visit any of the member banks with your national ID card.)

El Salvador: http://www.equifax.com/home/es_sv

Estonia - http://www.krediidiinfo.ee

Francehttp://www.experian.fr

Georgia - http://www.creditinfo.ge

Germanyhttps://www.meineschufa.de

Ghanahttp://www.xdsdataghana.com

Greecehttp://www.tiresias.gr

Guatemala - please reach out to us at info@prodigyfinance.com to request our assistance

Hondurashttps://www.transunion.com.do/ICS/pages/home.xhtml

Hong Konghttp://www.transunion.hk

Hungary - http://www.bisz.hu

India - CIBIL (Request your CIBIL Score Including CIR) 

IndonesiaBiro Informasi Kredit

Iran - http://www.irancreditscoring.com

IrelandIrish Credit Bureau

Italyhttp://www.infocomas.com

Jamaica - Creditinfo Jamaica

Japanhttp://www.jicc.co.jp

JordanJordan Credit Union

KazakhstanFirst Credit Bureau (CreditInfo)

Kenya - http://www.transunionitc.co.za OR www.metropol.co.ke

KuwaitCredit Information Network (Ci-Net)

Kyrgyzstanhttp://www.ishenim.kg

Lebanon - Complete the attached Release Form to give us permission to perform a background and credit check on you from our side.

Macedonia - http://www.mkb.mk

Madagascar - https://backcheckgroup.com/shop/governance-risk-and-compliance-checks/personal-credit-report-madagascar/

Malaysiahttp://creditbureau.bnm.gov.my

Mauritius - You can get this MCIB (Mauritius Credit Information Bureau), but you must call in person at the MCIB and make a formal request. 

Mexicohttp://www.burodecredito.com.mx

Mozambiquehttp://www.crbafrica.com

Nepal - http://www.cibnepal.org.np

Netherlandshttp://www.experian.nl

New Zealandhttp://www.centrix.co.nzhttps://www.checkyourcredit.co.nz; and http://www.mycreditfile.co.nz

Nigeriahttp://www.crccreditbureau.com OR http://www.xdscreditbureau.com

Norwayhttp://www.experian.no

Pakistan - Request your Credit Information Report from your bank, or complete the attached Release Form to give us permission to perform a background and credit check on you from our side.

Panama - https://www.intelidat.com/

Paraguay - www.informconf.com.py

Peruhttp://www.equifax.com

Philippineshttp://www.cibi.com.ph

PolandBIK Biuro Informacji Kredytowej (Request the PLUS Report WITH Score.)

PortugalEquifax Iberica (Credinformações)

Qatar - Visit the Customer Service Center at Qatar Credit Bureau and apply for a Credit Report. You will need to present your original ID card, fill in a credit information report request form and attach a copy of your ID card.

Romaniahttp://www.birouldecredit.ro

RussiaExperian-Interfax

Saudi Arabiahttp://www.simah.com

Singaporehttp://www.creditbureau.com.sg

Slovakiahttp://www.scb.sk

South Africahttp://www.transunion.co.za

South KoreaNational Information & Credit Evaluation, IncKorea Information Service, IncSeoul Credit Rating & Information, IncKorea Credit Bureau; or your local bank.

Spainhttp://www.equifax.es

Sri Lankahttp://www.crib.lk

Swedenhttps://www.uc.se

Switzerlandhttp://www.dnb.ch

Thailand - https://www.ncb.co.th OR http://www.scb.co.th/en/home

Trinidad and Tobagohttp://www.transunion.co.tt

Turkey https://www.findeks.com

Uganda - www.compuscan.co.ug

Ukraine - First Credit Bureau Ukraine; International Bureau of Credit Histories; OR IBCH.

United Arab EmiratesAl Etihad Credit Bureau

United KingdomExperian or Equifax

United States -  US students are able to obtain a FREE annual credit report from www.freecreditreport.com which you have access to for up to 6 months. You can also receive a credit report at Experian beyond 6 months for a fee.

Uruguay - www.clearing.com.uy

Venezuelahttp://sudeban.gob.ve

Vietnamhttp://www.pcb.vn

Zambiahttp://www.crbafrica.com

ZimbabweFinancial Clearing Bureau

Note: If the report is issued in a language other than English, you will be required to submit the original document as well as a full English translation by a certified translator. We recommend http://gengo.com/ for translations to English.

Watch this video and listen to one of our colleagues explain why it's important to provide us with a credit report, even if you have never taken out credit before.

We may request that you provide proof of family contribution as per the amount in your application. This requirement will be indicated by a task on your dashboard.

To show proof of family contribution or gifts, please upload official savings or investment account statements of the person making the contribution or gift, showing the availability of funds to the amount as per your application. Also include contact details and a letter from the relevant family member(s)/contributor stating the amount of funds that will be made available to you, as well as any terms related to the repayment thereof (interest rate, number of payments, and term of repayment).

Yes, please download from the link at the end of this article the template you should use to show the family contribution/gift letter. 

Please note that if the accompanying bank or investment statements are in a joint account, the family contribution letter must include details of both account holders.

Please upload the letters you received confirming your scholarship from the business school and/or confirmation of sponsorship from your employer. This can be a school letter, employer letter, or similar document on official letterhead.

A letter of good standing is an official letter from the bank responsible for your credit facilities. This must be an original letter on the bank’s letterhead and must include your credit history with their institution. The letter should include information with regards to the length of time you have held an account with the bank, and provide confirmation of any outstanding loans, credit cards or debt facilities.

Please include the full name of a bank manager, relationship manager, employer, or other person who will be able to verify these documents if necessary.

Your application should reflect amounts in the currency of the loan programme (as per Prodigy’s website). When you upload your proof of savings, you can do so in your native currency. Our support team will convert amounts to the correct currency. Including a letter to clarify the amounts in different accounts and the currencies of each will help the team to find the relevant information faster, leading to a shorter turnaround time and loan finalisation.

It is important to note that tasks requiring a file upload will be locked once any files are uploaded. If you’d like to upload more than one file for a locked task, please email info@prodigyfinance.com. To upload multiple files, you need to attach them via the pop-up interface and submit all of them together. 

Our ID Verification Team supports a wide range of languages, so you may not need to upload a translation for your documents. In the rare instance where a translation is required, we will let you know. Should translation be required, you are welcome to use a freelance service such as Elance.com provided you include the full name and contact details of the translator.

For your Loan offer: In the interest of fairness towards all applicants, we generally do not extend the deadline on the acceptance of the loan offer. However, if you reach out to explain your situation, we may be able to provide some more time. Please, email info@prodigyfinance.com to request an extension.

Remember, you can withdraw your loan at a later stage; you will only sign the legally binding final loan agreement upon arrival on campus at the start of class.

For Supporting Documentation: We understand that some students may experience difficulty providing the required documentation within desired time frames and we do our utmost to accommodate extensions where necessary. However, as the success of the loan programme depends on open communication within the community, should you fail to meet the deadlines without prior contact, we reserve the right to withdraw your loan offer and reallocate the funds to another deserving student.

We can extend task deadlines with advance notice.  Should you need more time to upload all of the required supporting documentation, please email info@prodigyfinance.com to request an extension.

Once you complete all of the tasks on your dashboard, our team will check all of the documents that you’ve uploaded and will let you know if anything extra is required. Assuming everything is in order, you will receive confirmation of your loan from Prodigy Finance. The final loan agreement will appear for signature on your dashboard.

Should you require documentation to prove your funds for visa purposes or financial guarantee to the school, we will issue you with a Loan Confirmation letter. We’ll only send this letter after you’ve completed all of the steps for your loan application and your loan agreement has been finalised.

An electronic copy of your Loan Confirmation letter will be uploaded to your dashboard and can be used as financial guarantee for the school. In some instances, this electronic copy may be used for your visa application. 

 If you’re attending a school in the UK, we advise you use your original Loan Confirmation letter when applying for your visa. We can send this letter via DHL at an additional fee of GBP 25. Expected delivery time via DHL is 3 business days. We’ll provide you with a tracking number as soon as the document has been collected by DHL. If it has not been delivered within 1 week from the date of collection, we will send another copy via DHL at no additional charge to you.

You will only sign the final loan agreement electronically after you arrive on campus, before the start of class.  The loan duration, as well as the 14-day withdrawal period, will start on the day that we execute the agreement by countersigning the document.  This happens as soon as we receive your signed copy via EchoSign. Interest only accrues from the date of disbursement.

Want to know more about what happens when your loan has been approved? Watch this video and listen to one of our colleagues explain the next steps to you.

One month before we release the funds to your school, you’ll receive an email that your final loan agreement is ready to sign. When you receive the message, all you’ll need to do is log on to the Prodigy Finance dashboard and follow the instructions to sign. The entire signature process is done electronically – there’s no need to print paper copies.  

Before you travel to campus, please let us know which email address and phone number you’ll use while studying. If we do not have your current email address, we won’t be able to send the final version of your loan agreement to sign online.

Want to know more about the signing process? Watch this video and listen to one of our colleague explain how signing your loan agreement works

For all programs starting in 2016 to present, 100% of the administration fee will be amortized and added to the principle of the loan. There are no upfront fees. The administration fee is charged on the date of disbursement of the loan. In the case of multiple disbursements, the full fee will be charged on the first disbursement date. Our standard product has a fully amortized administration fee, meaning that the fee is added to the principal loan amount on this date – there is no cash payment by the borrower to Prodigy Finance.

Amortization is the process of extending a payment on a fixed duration of time. Specific to your Prodigy loan, we “fully amortize” your administrative fee. When your administrative fee is added to the loan amount, the payments of this fee are spread out evenly across your regularly-scheduled monthly payments.

Should you require documentation to prove your funds for visa purposes or financial guarantee to the school, we will issue you with a Loan Confirmation letter. Please note that we will only issue you with such a letter after all of the administrative steps of your loan application are complete and your loan has been finalised.

Watch this video and listen to one of our colleagues explain how to get a loan confirmation letter that you can use to support your VISA application.

You will need to obtain a more recent document dated within the last 3 months, such as a recent bank or credit card statement, or utility bill.

A few things my have changed - we have recently refreshed our Loan Agreement documents, so these might look a bit different.

In terms of loan details, your fixed margin should remain the same as previously quoted. However, please do note that LIBOR base rates do change each quarter of the year - the last update being completed on 8th July 2017. Due to a change in this base rate your APR and total cost of the loan may have changed.

Watch this video and listen to one of our colleagues explain what you can do to proof your income when you're self employed or can't provide salary slips.

Watch this video and listen to one of our colleagues explain why we need your proof of address and that of one of your family members.

Watch this video and listen to one of our colleagues explain why we need your proof of address and can't accept a copy of your passport to verify your residency