You're welcome to settle of your Prodigy Finance loan earlier than expected, and you won't be charged any penalties for doing so.
To settle your loan, follow these simple steps:
- Let us know your intention to settle your loan and in what month. Please email this information to firstname.lastname@example.org.
- We'll provide you with a loan settlement amount/value that will be valid for the next 28 days. (The balance on your statement is not your settlement value, as it doesn't include the interest for the current cycle/month). Please remember that for the amount/value to remain valid, the funds also need to be received by Prodigy Finance within these 28 days.
- As soon as the funds are received, we'll update your loan status to settled.
- Once the status of your loan has changed, we'll send you a settlement confirmation letter to confirm that you don’t have to make any more payments toward the respective loan.
How long does it take to receive a settlement confirmation letter?
The Prodigy Finance payment cycle runs from the 8th to the 7th of every month.
- We're only able to provide settlement confirmation letters at the end of the cycle that the loan was settled in. This means that depending on when payment is received, you would only receive the confirmation letter in the following cycle.