Prodigy Finance provides loans to international students by raising funds from a varied group of investors and then turning those into loans. This model allows us to provide loans based on future potential, instead of focusing on your current financial situation.
Each year, the investors we work with set the criteria for using the funds they provide. They define the markets their funds can be used for according to characteristics like school, area of study, and geographic location. In some cases, they also indicate the proportion of the loans which can be used towards a specific market, in order to ensure they’re investing in a diverse range of student groups.
We endeavour to work with a diverse community of investors to provide loans to as many different markets as possible. However, the impact of COVID-19 on financial markets have limited our ability to secure a diverse group of investors. This year we have raised the funds required to cover the demand for loans, but due to the conditions associated with that funding, we’re temporarily unable to accept applications for the 2020/21 academic year from select markets.
We want to invest in each of you, and will continue to seek new funding for a wider range of markets in the upcoming academic year.
We are also pleased to confirm that our newest investor, the US International Development Finance Corporation, remains steadfast in their commitment to partner with us to provide loans in 2020, and beyond. You can read more about the markets we’ll be supporting together on the DFC website.