The Provisional Offer is a non-binding and conditional offer that informs us that you are ready to move forward with your loan application and provide your supporting documents.
As the offer is non-binding, this means that you are able to withdraw or request changes to the loan amounts on your offer throughout your journey. If you wish to do either of these, please do reach out to us at info@prodigyfinance.com.
How long is the Provisional Offer valid for?
You have two weeks to accept your Provisional Offer otherwise your application will expire. If you accept your offer, you’ll move on to the next stage, verification, where you will be required to provide your supporting documentation.
If two weeks pass and your Provisional Offer expires, you’ll need to submit a new application. However we cannot guarantee that the offer will remain the same as the expired offer.
Can I apply if I haven't been admitted yet?
Yes, you can! Our application process helps you determine your eligibility for funding and to get a customized quote.
Our Provisional Offer:
You don't need to be admitted to apply and you can submit multiple applications to explore your funding options for different schools or courses. Remember, a quote is just a provisional offer for funding and does not bind you to any kind of agreement with Prodigy Finance. It's a great way to find out how we can support you without making a final commitment.
Once you have been admitted to a course:
If you have your admit letter, you can move forward by uploading this to your dashboard. Remember, you would have needed to accept your Provisional Offer to get to the stage where we verify documents like the admission letter.
Here are a few next steps to get started:
- Register to create a Prodigy Finance account so you can get a customized quote
- Visit our website to see which schools we support and to learn more about the Prodigy Finance process
We’re here to support you and welcome any further questions you may have.
Is there a penalty for cancelling my loan?
We know that there might be times when you need to withdraw your application. Here's a few different scenarios about what your options are:
When can you have your loan withdrawn?
You can withdraw your loan application any time before you sign the final loan agreement. There is absolutely no penalty for withdrawing.
If your loan agreement has been signed by both us and you, you'll have two weeks to withdraw from the agreement. If you'd like to withdraw, you can write to us at info@prodigyfinance.com.
Deadline for withdrawing your loan with Prodigy Finance
The deadline for withdrawing your loan is within 2 weeks of both parties signing the loan agreement.
If you request to withdraw your loan after we have set up your funds to be sent to your school, we unfortunately won't be able to stop the funds from being sent at this point. Not to worry as we'll work with your school on returning the funds as soon as possible to ensure you are not implicated by this and your withdrawal is still actioned within the 14 day period.
We'll be sure to review all costs associated with the loan once the funds have been returned to us if the withdrawal request was made within the 14 day period.
If you do not withdraw from the agreement within two weeks of signing, we'll send your funds to your school. Once that's happened, the agreement is official. You won't be able to withdraw at this point.
What happens if I want to withdraw my loan after two weeks from signing?
By this time we would have already sent your funds to your school. This means that in order to withdraw from the loan agreement now, we'd need to work with you and your school in order for them to return the funds to us.
If you have any future/upcoming disbursements these would need to be cancelled by you with your school so that we know not to send any upcoming disbursements.
Only once we've received the funds that your school is returning, will we look to review the interest that has been charged on your loan.
Remember, you can settle your loan at any time by paying the full amount of the loan plus any interest that has accrued.
If you want any information related to the Prodigy Finance supported schools before you make your decision, or if the question is simply, “What loans am I eligible for?”, simply check out one of our Support pages or visit our Study Centre to read more about how Prodigy Finance can help you in the next stage of your career journey.
Also, if you have some questions about Prodigy Finance charging any hidden fees, whether your full cost of studies will be covered, whether forex rates will affect your interest, or if you’ll receive a tax break or not, here is an article that provides as good a Prodigy Finance review as possible.
For any other information about Prodigy Finance, or our student loan process, feel free to browse through our site or register for a webinar to have your questions answered by one of our team members before you apply for our student loan.