Getting a Prodigy Finance loan - what you need to know [INFOGRAPHIC]

Considering an international master’s degree?
You’re in the right place to find information on applications, dealing with foreign study challenges, and – of course – figuring out how to finance your international education

We know international education isn’t always a smooth path. Just studying for the GMAT, GRE, LSAT, or TOEFL is time-consuming and sometimes tricky. We aim to provide you with resources to help you succeed. But, assisting international students to fund their grad school degrees remains at the core of Prodigy Finance’s operation.
Why?
If you’re like the majority of Prodigy Finance-funded students, you don’t have many options when it comes to paying for your international master's degree.
Whether your school directed you to our site or you’ve done the research on your own, this is what you need to know now about Prodigy Finance

How much can Prodigy Finance offer?

• Each university and programme has a different set of terms for the acceptance of Prodigy Finance loans. Some allow these finances to cover only tuition; others permit as much as the full cost of attendance (tuition plus living expenses). Check your programme’s parameters before applying for your loan to ensure you can cover the complete cost of your education.
• In addition to university agreements, personal loan amounts are linked to pre-study salary, university and programme, outstanding liabilities and debt, countries of residence and nationality, and more.
• Everyone’s interest rate is personal and based on a range of factors, including credit history. This amount is floated on top of the relevant LIBOR rate as the standard base. LIBOR rates are variable and updated monthly. Interest and APR rates can be difficult to understand; watch this video or ask for a deeper explanation from our service team.
• While Prodigy Finance looks at your previous salary, the amount offered is based on your potential earnings post-graduation. This usually allows for a higher loan offer than local banks can provide.
  Applying for a loan doesn’t mean you must accept an offer. And, there’s no cost to apply.  
   

  What's the Prodigy Finance application process like?

  • You can apply for a Prodigy Finance loan from anywhere in the world. Well, anywhere you have a secure internet connection. The process is facilitated online, and hard copies of documents aren’t required.

  • The processing teams work with students from around the world every day. They’re quite adept at understanding documentation differences and pointing you in the right direction.

  • You should expect a provisional loan offer within a week. After confirming this offer, you’ll need to upload supporting documentation. Most loans are completed within a month.

  • You will need to obtain a credit report and pass a background check against Know Your Customer (KYC), Anti Money Laundering (AML) and Politically Exposed Persons (PEP) criteria.

  • You'll create a login to the Prodigy Finance dashboard which will guide you through the process. Our operations team will reach out quickly; you'll have a direct contact for any questions you may have.

  Students pursuing a 2-year degree will apply for a loan for the first year and pre-approval for a loan for the second year in one go. You'll need to reapply for a loan for your second year to account for any financial changes which occurred during the first year even if you have pre-approval. 

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