A loan modification is a longer-term forbearance option. It is a change to your loan repayment terms to make your payments more manageable if you're experiencing ongoing financial difficulty.
This may include adjustments such as:
● Lower monthly payments, or
● An extended repayment term
A loan modification is designed to provide more sustainable, long-term support.
Am I eligible for a loan modification?
To be considered for a loan modification, you must:
● Be currently employed full time
● Be able to demonstrate that you can afford a revised payment plan
All requests are assessed individually based on your financial situation.
Important: If your loan has been terminated, forbearance is no longer available as an option.
How do I apply for a loan modification?
To apply for a loan modification, you'll need to contact us to request an assessment.
If you're concerned about making your scheduled monthly payment, email us at payments@prodigyfinance.com or contact our team directly. It's best to reach out before you miss a payment.
What happens next:
● You'll be asked to complete a financial assessment and provide supporting documents
● We'll review your information to determine if you're eligible
● If approved, we'll work with you to agree on a revised payment plan based on what you can afford
Approval is subject to our policies and your individual circumstances.
Why do I need to complete a financial assessment?
The financial assessment helps us:
● Understand your income and expenses
● Assess what you can realistically afford
● Ensure any changes to your loan are sustainable over time
We can't proceed with a loan modification without a fully completed financial assessment.
What information will I need to provide?
You'll be asked to share details about your current financial situation, including:
● Your income
● Your monthly expenses
● Any changes in your financial circumstances
We may also ask for supporting documents to verify this information.
What supporting documents may be required?
We may ask you to provide supporting documents, such as:
● Bank statements for the last 3 months (not older than 90 days)
● Proof of address
● Proof of reduced income (if applicable)
Providing complete and accurate documents helps us assess your request and avoid delays.
What happens after I submit my assessment?
Once we receive your completed assessment and supporting documents:
● Our team will review your information
● We may contact you if additional details are needed
● We'll assess your eligibility and determine the most suitable option for your circumstances
Once the review is complete, we'll share the outcome and any next steps with you.
Will my loan be automatically modified?
No. Loan modifications are not automatic and all requests are reviewed on a case-by-case basis.
Approval depends on your financial circumstances, including your income, expenses, and ability to afford a revised payment plan.
Do I still need to make payments while my request is being reviewed?
Yes. Unless otherwise agreed, you should continue making your regular payments while your request is under review.
Missing payments may lead to arrears and could impact your credit profile.
What happens if my loan modification is approved?
If your loan modification is approved, we'll update your loan agreement to reflect the new agreed repayment terms.
Depending on your individual circumstances, this may include:
- Reducing your monthly repayments to make them more affordable.
- Extending your repayment term, where appropriate, to support a lower monthly payment.
- Updating your repayment schedule to reflect the new arrangement.
Please note that your loan has a variable interest rate, which is linked to the applicable benchmark rate. This means your interest rate may continue to change over the life of your loan in line with your loan agreement, regardless of whether your loan has been modified.
If your repayment term is extended, you may pay more interest over the life of your loan than you would have under your original repayment schedule.
Our goal is to agree to a repayment plan that is sustainable for your circumstances while helping you remain on track with your loan.
Will a loan modification affect my credit score?
We report your loan information in line with the requirements of the credit bureaus in your country.
If your loan is modified and you make your payments as agreed, your account may be reported as "on schedule" to credit bureaus, where applicable (such as in the US or UK).
Continuing to make payments on time can help maintain or improve your credit profile over time.
Need help?
If you're worried about making your next payment, please reach out as early as possible. Our team is here to support you. Simply contact us here or email payments@prodigyfinance.com