Once your application is complete and all required documents have been verified, it moves into the matching stage. This is the final step before you decide whether to take a Prodigy Finance loan.
What is matching?
Prodigy Finance is not a bank. The loans we offer are funded by a diverse group of community investors and institutions that share our mission of making education more accessible.
Each group of funders provides capital with specific conditions attached. These conditions are a standard part of how funding works and help determine which applications can be matched in each round.
How does the matching process work?
Once your application is successfully verified, we’ll begin matching your loan to available funding.
Here’s what happens:
- Applications in the matching stage are reviewed weekly
- Matching depends on the criteria set by available funders
- We aim to match applications in line with class start dates
- Matching is the last step before you commit to taking the loan.
When will my application be matched?
Applications are matched to available funding on a weekly basis.
If you’re not matched straight away, your application stays active and continues to be considered in future matching rounds. Many applications are matched closer to the course start date.
You can check your current matching status and schedule in your dashboard.
What happens when my application is matched?
If your application is matched to available funding, you’ll receive an email notification.
You’ll then have 14 days to let us know how you’d like to proceed:
Accept the match
- Funds will be reserved for you once you pay a processing fee of up to USD 500
- You’ll receive a Loan Confirmation Letter (letter of approved funds), which you can use for your visa application
- You’ll complete a few remaining tasks on your dashboard
- Your next step will be to review and sign your loan agreement electronically once you arrive on campus
Your loan is only confirmed once you’ve signed the loan agreement and Prodigy Finance has countersigned.
I’m not sure yet
- Funds will not be reserved for you
- Your application will automatically be considered in the next matching round
- We can’t guarantee which future round you’ll be matched in, as this depends on available funding criteria
- You can choose this option up to two times.
Withdraw your application
If you no longer need funding, you must let us know so we can withdraw your application and make those funds available to other students who need them.
You can:
- Let us know by contacting our support team, or
- Withdraw your application directly from your Prodigy Finance dashboard
If your application has not been matched and you also choose not to continue, please let us know so we can remove you from the matching stage and assist other students in need of funding.
What happens if I’m not matched?
If your application wasn’t matched in the most recent round:
- Your application remains active
- You’ll continue to be considered for funding in future weekly matching rounds
There’s no action needed from you unless we request additional information.
Important things to know
- A funding match is valid for 14 days
- You can skip a match twice before your application is automatically withdrawn
- Accepting a match does not finalise your loan
- Your loan is finalised only after the loan agreement is signed and countersigned
- If you’re matched but no longer want the loan, please let us know so that the funds can be made available to another student in need
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.