Prodigy Finance is a company that offers private loans to international graduate students. If you are interested in applying for a loan with them, you may be wondering what your chances are of being approved.
It should be clear that your chances of getting a loan will depend on several factors. Here they consider the educational institution you attend, the program of study you take, your credit history and your ability to pay.
It’s no secret that some people evaluate what type of loan to choose (in this case, student loans) and then don’t know what to do if they cannot pay the loan installment. That’s why Prodigy Finance sets certain parameters to secure your payments and be able to help you. Remember that you are not talking about a mortgage loan with a minimum amount. In this case, a student loan will be your step towards the future you are looking for.
How does the quality of the educational institution affect my chances of getting a loan from Prodigy Finance?
As mentioned above, Prodigy Finance offers private loans to international graduate students. Of course, the quality of the educational institution influences the obtaining.
It is important to note that not all educational institutions are eligible for loans. The company has a list of approved educational institutions that is updated regularly. If you attend an educational institution that is not on the list, you may not be eligible for a loan. Therefore, it is advisable to check if your educational institution is eligible before applying for a loan with them.
Which educational institutions are most accepted?
The company works with a wide range of educational institutions worldwide, including renowned universities in Europe, North America, Asia, Australia, and New Zealand. However, not all educational institutions are eligible for loans from Prodigy Finance. The company has a regularly updated list of approved educational institutions.
| Accepted institutions | |
| Oxford University | Cambridge University |
| Harvard University | Massachusetts Institute of Technology (MIT) |
| Stanford University | Columbia University |
| University of Melbourne | University of Toronto |
| University of Hong Kong | National University of Singapore |
The ability to repay is considered when obtaining a loan from Prodigy Finance
Repayment capacity is a crucial factor that is considered when evaluating when considering loan approval. In this case, the company ensures that borrowers have adequate repayment capacity to be able to repay their loans without difficulty. When applying for a loan, Prodigy Finance considers several factors, such as annual income, long-term earning capacity, and job stability.
It also considers the borrower’s current debt load, including other loans or debts they have. The company looks for borrowers who have a solid repayment capacity, meaning they can repay their loans smoothly and without late payments.
In addition, it may also require a guarantor for the loan, which helps ensure that the loan will be repaid even if the borrower is unable to do so. A guarantor is a person who agrees to repay the loan in the event the borrower is unable to do so.
Does the program of study influence the chances of obtaining a loan within the company?
The program of study you choose can have an impact on your chances of getting a loan. In general, programs of study that are considered valuable and relevant to the job market are more likely to be approved by Prodigy Finance.
In addition, programs in high-demand areas, such as science, technology, engineering, and math (STEM), may be considered more favorably.
References
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“Check Your Student Loan Eligibility | MPOWER Financing.” Check Your Student Loan Eligibility | MPOWER Financing, https://app.mpowerfinancing.com/.
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ProdigyFinance. Prodigy Finance – How It Works. YouTube, https://www.youtube.com/watch?v=OzUDcWNEu14.
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Yocket Editorial Team. “Prodigy Finance Answers Your Top 10 Education-Loan Questions | Yocket.” Yocket Study Abroad, Yocket, https://yocket.com/blog/prodigy-finance-answers-your-top-10-education-loan-questions.