Prodigy can not pay the approved loan

Thats insane. Any update from them??

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Seriously? I am amazed. Please let us know if you get any updates. It will be helpful for the betterment of future applicants

mba2020loanp

Wow

That is not good. Did you check the Terms & Conditions? Can they back out of the loan that easily?
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Wow. Crap. It is interesting about the situation. We had a discussion with them back in March and availability of financing was my main concern. They indicated that they had no issues with funds and rather expected a lack of applicants and being over funded... things changed? This is pretty crazy... I don’t understand why this would be the case in the word where interest rates are 0....

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I guess one theory could be that a lot of people stopped making their payments? Perhaps with pandemic and employment issues, there’s a shortage of funding?

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Prodigy removed schools from London from its dropdown list. That must be the reason this guy’s loan got cancelled

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According to what I know, this is not the reason.
My cohort also has loan from them but only received email that his loan payment would be postponed to Oct.
Prodigy release my loan agreement in Aug and promised that the reimbursement day would be in Mid Sep, also said the same to my school.
However, at lease 2 of my cohort have the same situation.

Prodigy is so hard to reach, they only have one shared email and a call is forever not transferable to the right person.
I arranged a call back, that's a pretty standard answer that they were not able to provide this year. Ask me to either look for other funding resources or defer my entry this year.

The thing is my school has already started. How am I able to defer? !
Also, it's too late to ask for funding from other resources in other countries now with all these travel restrictions.
Feel like being flaked by Prodigy.

Where they in London schools as well??

So sorry to hear about this. Does not sound like a situation anyone could expect or wish for anyone.

Perhaps you and the other person would be able to talk to the school administration and discuss your options? I have no clue what they would be able to offer but it would be smart to involve them in someway. Perhaps they can wait until January to collect the tuition payment. I believe There are other private companies that work with London business schools and maybe the school can help arrange financing?

Definitely a bad situation to be put into.

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So sorry to hear about this. Could you please keep us posted? Have you found an alternate solution?

My best wishes to you,
Lynn

Hey, sorry to hear your story... I just got an email to say they are experiencing significant delays and won't be able to pay my loan until December earliest...they said they secured funding but due to covid, all more complex.

I applied for a loan to cover my tuition fees (I am planning to cover my own living expenses). My first instalment due 11 December, which I can pay for using my living-expenses savings and somehow survive for a couple of months, but the second due mid-April...is there any risk there will be no funding at all? Wondering how to plan this and when to quit my job....if at all now....

Anyone knows of any other financing options?

Thanks all

Hi Magdalena1609, Are you applying for the loan for Fall 2020 or Spring 2021? I applied for Spring 2021 but now no response for the Loan confirmation letter.

If it's available can I see the Email they sent to you? I received nothing these days which makes me really worried about their situation.

Thank you!

Hi, will PM you.

I am starting in Jan, first instalment due December. Started new discussion here where I describe the situation in more detail.
https://gmatclub.com/forum/prodigy-fina ... 36030.html

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Is this just for schools in EU/UK or US schools as well?

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Anyone has updates from Prodigy?

I am starting to search how I will finance my MBA this Fall. I am skeptical to apply for Prodigy and get in a similar situation such as from this post and others posts in this forum.

If you already signed a loan contract with them, I believe what they are doing is a breach of contract. You might consider to file a complain to Financial Ombudsman Service in London online (https://www.financial-ombudsman.org.uk/)

Hi guys, any news from Prodigy? I've already been accepted to a school but am hesitant to pay the deposit if I cannot secure confirmation of funding. Thanks!

mgqa

Did you apply to them? I also see in the following topic that a few loan applications were rejected with an automated response. It is not looking good. Let me see if we can get some information from Prodigy.

https://gmatclub.com/forum/prodigy-fina ... 36030.html
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