Prodigy can not pay the approved loan

Yes i am doing that as well, although prodigy and MPower were my main hope for unsecured loan for hefty amount, thats why i was more keen towards the two.

mgqa surajbhatia09@gmail.com I have heard the following from the Prodigy representative.

This is somewhat a good information. Thank you Nikhil

Prodigy latest update is

Your application is still awaiting to be matched to a funding source. This will be done in phases and the schedule is as follows:

Matching Round 1 will take place on or around 15 April 2021.
Matching Round 2 will take place on or around 17 May 2021.
Thereafter, we'll review and match applications to available funding on a weekly basis.

So people starting in spring 2020 i would suggest to look for any other option. Prodigy is uncertain about its funds and also Mpower is not replying to any email.

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At what stage are you already with MPower? Oh no.. I thought they would be more reliable now that Prodigy is having problems.

If its possible for you, can you share your profile? So that its easy for us to relate to the situation.

Have you started your application with MPower?

I have also reached out to a few in the MPower Finance for a comment. I will revert back here on how it goes

Can you all tell me what questions you have for MPower Finance?

Just those, which we all are concerned about,
1. Are they having enough funds? Like i hope they are not declining the loans based on lack of funds.
2. If they are giving out loans, are they open to all markets (countries, courses, etc) or only to certain?
3. Are they following their "Process will take only 5-6 working days to process loans" principle?

When will the funding for loans under review will be finalized. They are boosting so much about that they can fund existing and future loans but my application is stuck since 01/21/2021 inspite of providing all documents. Either approval or rejecting is the minimum courtesy so the students dont be in a limbo.

I highly suggest INCRED, credila for student loans. Or any national bank

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But they dont give enough loan amount without collateral! That is the main issues

Well they do they give collateral free upto certain extent. But they can be relied on. I have my incred loan approved and used the same for study visa. No issues anywhere.

I have pinged MPOWER and here is what I heard back:

1.) Is MPOWER processing loans now?
Yes, MPOWER is accepting loan applications for past, current, and future semesters. This means that students accepted into business programs in December should apply and secure their full program funding from MPOWER.


2.) Is there enough funding or any issues that should be anticipated with funding
We have sufficient funding nor anticipate any issues with our funding sources. We have always and will continue to honor all funding commitments and approvals we make to our students. It is a point of pride that we are a social benefit corporation made up predominantly of international student graduates. Our mission is to remove the financial barriers to make higher education accessible and borderless. Practically, this means we evaluate students for financing based on their future potential which means we never require collateral, cosigner, or a credit history.


3.) What markets/schools are approved?
We support students at a growing list of over 350 universities in the US and Canada. Full list available here: https://www.mpowerfinancing.com/get-a-l ... e-support/


4.) Can MPOWER be used a second loan in addition to local bank or a global company such as Prodigy?
Yes, getting an MPOWER student loan does not preclude a student from accessing additional financing. That means they can use MPOWER in tandem with other financing sources. We offer competitive, fixed interest rates, visa and career support, and students are approved for the full program funding at time of final decision (i.e., an accepted MBA student could find out today how much MPOWER funding they qualify for and secure financing for the next 2 years of their MBA program). Because of these benefits, we often find students choose MPOWER as their preferred lender for those who want to study and stay in North America after graduating.


5.) How long does the process take? Is it 5-6 days as mentioned on the site?
It takes 30 seconds to check your eligibility, 30 minutes to submit an application, and less than 3 days to receive your conditional offer. A final loan approval depends on how fast students verify their application information with documentation. Altogether, yes 5-6 days or sooner as mentioned on our website, particularly if a student needs financing immediately (i.e., for a past balance or current semester).

We are also planning to do a YouTube and a couple of chat sessions with MPOWER Finance. I will get back to you all with more details.

Prodigy has approved my loan finally. Fyi my college smiths school of business queens university Canada. My application was hold since october 2020. Am starting my course in may.

The problem with mpower and prodigy is that they have limited funds so they are being very careful on whom to approve loans for the bad part is this will make your approval at the very end not having enough time to apply for visa.

I would suggest applying and confirming with multiple institutions. Now i have a loan with prodigy and Incred. Backups are always important before moving to a completely new country.

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Thanks for sharing, but thought Prodigy didn't allow its borrowers to borrow from other lenders?