If your loan has been approved, congratulations! You’re almost at the final step. Below is a clear overview of what happens next, including signing your loan agreement and receiving your funds.
What does “loan approved” mean?
Your loan is considered approved once:
- You’ve accepted your funding match, and
- Any required reviews have been completed
At this stage, funds are reserved for you, but your loan is not finalised yet. Your loan is only confirmed once you’ve signed your final loan agreement, and Prodigy Finance has countersigned it.
If you’re attending a school in the United States
If you’re studying in the US, here’s what to expect after your loan is approved:
- You’ll be asked to provide your tuition disbursement details (amounts and dates)
- Based on your school’s schedule, we’ll set a preliminary disbursement date
- Shortly before funds are due to be sent, we’ll make your loan agreement available for signing
- Once you’ve e-signed your agreement:
- We’ll countersign it
- Tuition funds will be released directly to your school
If your loan includes living expenses, you’ll need to open a Zolve US bank account to receive your living expenses directly.
If you’re studying outside the US:
For schools outside the US:
- Your school will let us know when they want to receive tuition funds
- Because of this, we’re not able to change the disbursement date or split payments
Once you’ve accepted your match:
- We’ll finalise your loan
- Shortly before sending funds, your loan agreement will be made available for signing
- After you sign and we countersign, tuition funds are sent directly to your school
If your loan includes living expenses:
- The living expense portion is sent to your personal bank account held in your study country
- This usually happens around one month after your tuition has been paid
When will I sign my final loan agreement?
Our online model means you’ll usually e-sign your final loan agreement once you’ve arrived on campus.
What to expect:
- We’ll email you when it’s ready
- We may ask for your travel date
- As your travel date approaches, it’ll appear in your dashboard
- You can update your travel date anytime
- Before signing, you’ll need to upload a valid visa. Your visa must cover the full duration of your studies to confirm eligibility and ensure everything’s in place.
Learn more about visa requirements here.
Once signed, you’re all set. You can focus on settling in while we handle the rest.
Unable to meet the signing deadline?
Our loans are in high demand, so it’s important to let us know as soon as possible if you’re having trouble signing your loan agreement.
If you:
- Can’t meet the signing deadline, or
- Experience issues with e-signing
Please contact us immediately. We can’t guarantee that funds will remain reserved if the agreement isn’t signed by the deadline provided.
If you no longer need funding, please let us know by emailing info@prodigyfinance.com so that the funds can be released to another student in need.
What disclosures come with my loan agreement?
Along with your loan agreement, you may receive disclosure documents, including:
- Adequate explanations, outlining who the loan is suitable for and any stricter terms
- Pre-contractual information, summarising key commercial and legal terms
- If you’re applying from or studying in the US, additional disclosures required under US federal law
These documents are provided to help you make an informed decision before signing.
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.