How do I settle my loan?

You’re welcome to settle off your Prodigy Finance loan earlier than expected, and you won't be charged any penalties for doing so. 

Please note: We don’t currently offer refinancing of any other loans you may have taken with other lenders. Our focus is on providing new loans to support your studies, rather than refinancing existing debt.

Here is a quick guide on how to settle/close off your loan with Prodigy Finance.

• Settling your loan in three easy steps

• Settlement amount vs outstanding balance

• Paid your outstanding balance on your loan 

Settling your loan in three easy steps

1. Let us know your intention to settle: Email us to confirm that you’d like to settle your loan, and let us know which month you plan to do this.
2. Receive your settlement offer: We’ll send you an official settlement amount, valid for 28 days. To keep the offer valid, your payment must be received within this 28-day period.
3. Pay the settlement amount: Once we receive your payment, we’ll begin closing your loan. By the 15th of the following month, we’ll send you a settlement confirmation letter. This letter is your official proof that your loan has been fully closed with us — it’s that simple!

If you’ve already made your final payment, just sit tight and keep an eye on your inbox for that confirmation.

Settlement amount vs outstanding balance – what’s the difference?

It’s important to understand the difference:

• Outstanding balance
  This reflects what was due at your last billing cycle (as shown on your statement).
• Settlement amount
  This is the total amount required to fully close your loan. It includes up to 28 days of daily interest.

This is standard practice and ensures:

• Your loan can be settled without delays
• You have enough time to make your final payment
• You don’t need to request a new quote if there’s a short delay in payment

Paid your outstanding balance on your loan

If you've made payment based on your last statement’s outstanding balance, your loan may not yet be fully settled, as additional factors such as accrued interest or recent transactions may impact the final settlement amount.

If you’ve already made a payment based on your last statement’s outstanding balance, please contact us here, and our team will guide you through the next steps to complete your settlement.

Our team will guide you through the next steps to ensure your loan is settled correctly.