You're welcome to pay more than the monthly due installment or make advanced payments on your Prodigy Finance loan without incurring any penalties.
- What is an advanced payment?
- Advanced payments made during Grace:
- Advanced payments made during Repayment:
What is an advanced payment?
Advanced payments are any payments made towards a loan that are 2 times or more your contractual monthly installment.
Advanced payments made during Grace:
If you'd like to make an advanced payment while you are still in your grace period, we will automatically re-amortize your loan upon entering into repayment. This will ensure that your loan is paid off in equal installments over the full repayment term of the loan.
Advanced payments made during Repayment:
If you'd like to make an advanced payment of anything 2 times or more than your contractual monthly installment, you will have the following options available to you:
1. Do nothing
This is the default option we’ll use. This will move the loan status ‘ahead’ and allow you to postpone your payment to a later date, which will show up on your next statement. However, if you prefer to keep making monthly payments to pay off your loan sooner, you’re more than welcome to do that.
2. Loan re-amortization:
This will help keep your loan status 'on schedule' by lowering the monthly payment due for the rest of your loan term.
As your loan term remains unchanged, you’ll need to continue making monthly payments to ensure that your loan remains on schedule.
If you'd like to have your loan re-amortized, please contact us at payments@prodigyfinance.com after you receive the payment confirmation email indicating that we have received your advanced payment.