Yes. You’re welcome to pay more than your required monthly instalment at any time, and there are no penalties for doing so.
Please note: You can’t reduce your monthly instalment on its own. The only way to lower your monthly payment is by making an advanced payment and selecting re-amortization.
What is an advanced payment?
An advanced payment is any payment that is two times or more than your contractual monthly instalment.
Advanced payments made during Grace:
If you make an advanced payment during your grace period, your loan will automatically be re-amortized when full repayment begins. This ensures your remaining balance is repaid in equal instalments over the full repayment term.
Advanced payments made during Repayment
If you make an advanced payment during the repayment period, you have two options:
1. Do nothing (default)
Your loan status will move “ahead,” meaning your next payment due date is pushed forward. This will be reflected on your next statement.
If you prefer to continue making monthly payments to repay your loan sooner, you’re welcome to do so.
2. Loan re-amortization
If you’d like your monthly instalment reduced for the remainder of your loan term, you must request re-amortization by contacting after your advanced payment has been received.
Please email payments@prodigyfinance.com once you’ve received the payment confirmation email confirming that we have received your advanced payment.
Your loan term will remain unchanged, and you’ll need to continue making monthly payments to ensure your loan remains on schedule.
Important to remember
Your loan agreement sets out your repayment structure and terms. Always refer to your dashboard and loan agreement for the most accurate and up-to-date information.
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