If your plans change and you’d like to adjust your loan amount later in the application, you can easily do so by submitting a new application with your updated loan amount.
While your loan amount can’t be changed once you’ve accepted your provisional offer, you can still request updates to your disbursement details or choose to cancel your loan if needed.
Can I cancel my loan?
Yes — there is no penalty for cancelling your loan, provided you do so within the allowed timeframes.
Before signing your loan agreement
You can withdraw your loan application at any time before signing your final loan agreement, with no penalty.
After signing your loan agreement
Once both you and Prodigy Finance have signed the loan agreement, you have 14 days (two weeks) to withdraw.
If you withdraw within this period:
- Please notify us as soon as possible so we can withdraw your application and, avoid any additional interest from accruing.
- You will also need to contact your school and instruct them to return the funds to Prodigy Finance.
- Once funds are returned, we’ll review any interest charged
If funds have already been scheduled for disbursement, we may not be able to stop the transfer, but your withdrawal can still be actioned within the 14-day period. If you'd like to withdraw, you can write to us at info@prodigyfinance.com.
After the 14-day withdrawal period
If more than 14 days have passed since signing:
- By this time, the funds have already been sent to your school. You will need to contact your school and instruct them to return the funds to Prodigy Finance.
- Your loan agreement becomes official
- Any future/upcoming disbursements must be cancelled with us
- Interest will continue to accrue until the returned funds are received
You can still choose to settle your loan early at any time by repaying the outstanding balance plus any accrued interest.
Can I increase my loan amount?
Whether you can increase your loan amount depends on:
- The amount you accepted in your offer, and
- The maximum amount we’re able to offer you based on your application
If you’ve already been offered the maximum loan amount, it’s unlikely we’ll be able to increase it. As a responsible lender, we aim to ensure you’re not overburdened with debt.
An increase may be possible if:
- You didn’t request the maximum amount originally, or
- Your financial situation has changed
If your loan has already been disbursed and you need additional funding, you may be able to apply for a top-up loan.
Can I decrease my loan amount?
In some cases, you may be able to reduce your loan amount. However:
- Each school has a minimum loan threshold, and
- We need to ensure you can still meet the cost of your studies
Because of this, not all reductions are possible.
To check what options are available, contact us at info@prodigyfinance.com.
Important
Cancelling a future disbursement is not the same as withdrawing from your loan agreement. For information about changing or cancelling an upcoming disbursement, please see: When and how will I receive my loan funds?
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.