Conditional loan confirmation letter
- Available earlier in the process, after your identity has been verified
- Can sometimes be used for visa or I-20 applications
- Acceptance depends on the requirements of the school or visa authority
Final loan confirmation letter
- Available after your application has been matched to funding and you’ve confirmed your intent to proceed
- Confirmation includes accepting the match and paying the processing fee of up to USD 500
- Confirms that funds are reserved for you
- Commonly used for visa applications
What is a loan confirmation letter?
A loan confirmation letter (sometimes called a sanction letter or letter of approved funds) confirms that Prodigy Finance has approved your loan and allocated funds to your application.
This letter is not a legally binding document, but it can be used as proof of funding for visa or immigration purposes.
When will my loan letters be available?
Conditional letter
After your identity has been verified, your conditional loan confirmation letter will be available on your Prodigy Finance dashboard under the files section.
Final Loan Confirmation Letter (sanction letter)
Your final loan confirmation letter will be available once:
- Your application has been matched to funding
- You’ve accepted the match and paid the processing fee of up to USD 500, confirming your interest in continuing with the loan
- your final loan confirmation letter will be available on your Prodigy Finance dashboard under the files section.
Can I use my final loan confirmation letter for visa purposes?
Yes. You can use your Prodigy Finance loan confirmation letter as proof of funding to support your visa application.
Please note:
- The letter does not guarantee that your visa application will be approved
- Visa decisions are made by the relevant immigration authority
Do you provide hard copies of the letter?
No. We currently provide electronic copies only, which are accepted for visa appointments.
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.