Prodigy Finance charges a maximum administration fee of 5% of the total loan amount.
How is the Admin fee charged?
The administration fee is charged once at the time that we issue (or originate) a loan. However, you’re never required to pay this fee upfront. This fee is added to your total loan amount and is spread evenly across the monthly payments.
You can review this in your Loan Agreement.
Example of how the admin fee is charged
For example, let's say that you take a loan of USD 40,000. We’ll send USD 40,000 to your school and then record your opening balance as USD 42,000. Interest is calculated on this amount. To find out more about how we calculate interest, please click here.