We know that sometimes you might need to withdraw your application. Here's a look at some of the different scenarios you might encounter when it comes to withdrawing your loan:
When can you have your loan withdrawn?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.