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mba2020loanp
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Prodigy can not pay the approved loan 15 Sep 2020, 03:22
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Hey, I just received email from Prodigy Finance this morning, saying that they are no longer have funds available for my loan for the 2020/21 academic year.
I got my loan approved in Aug, left my job, moved to UK and now be flaked by Prodigy Finance.
Anyone else in this situation?
Which school are you attending?
How much loan did you apply?
When was your loan approved?
What's your plan?

Feel free to leave a thread or drop me a message please.
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rohitnal
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Prodigy can not pay the approved loan 18 Sep 2020, 06:06
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Thats insane. Any update from them??

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Prodigy can not pay the approved loan 18 Sep 2020, 09:11
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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
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Prodigy can not pay the approved loan 19 Sep 2020, 10:48
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mba2020loanp

Wow :dazed

That is not good. Did you check the Terms & Conditions? Can they back out of the loan that easily?
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Prodigy can not pay the approved loan 19 Sep 2020, 10:51
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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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Prodigy can not pay the approved loan 19 Sep 2020, 10:58
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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 can not pay the approved loan 19 Sep 2020, 17:59
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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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mba2020loanp
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Prodigy can not pay the approved loan 20 Sep 2020, 11:23
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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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Show more

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.
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Prodigy can not pay the approved loan 20 Sep 2020, 18:09
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mba2020loanp
rohitnal
Prodigy removed schools from London from its dropdown list. That must be the reason this guy’s loan got cancelled

Posted from my mobile device

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.
Show more


Where they in London schools as well??
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Prodigy can not pay the approved loan 20 Sep 2020, 19:31
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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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Prodigy can not pay the approved loan 20 Sep 2020, 22:52
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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
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Prodigy can not pay the approved loan 07 Oct 2020, 05:05
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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
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Prodigy can not pay the approved loan 07 Oct 2020, 20:05
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Magdalena1609
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
Show more

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!
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Prodigy can not pay the approved loan 08 Oct 2020, 00:18
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Magdalena1609
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!
Show more

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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Prodigy can not pay the approved loan 15 Nov 2020, 14:22
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mba2020loanp
Hey, I just received email from Prodigy Finance this morning, saying that they are no longer have funds available for my loan for the 2020/21 academic year.
I got my loan approved in Aug, left my job, moved to UK and now be flaked by Prodigy Finance.
Anyone else in this situation?
Which school are you attending?
How much loan did you apply?
When was your loan approved?
What's your plan?



Is there any update from Prodigy Finance?

Feel free to leave a thread or drop me a message please.
Show more

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Prodigy can not pay the approved loan 06 Dec 2020, 01:01
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Is this just for schools in EU/UK or US schools as well?

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Prodigy can not pay the approved loan 22 Jan 2021, 07:55
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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.
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Prodigy can not pay the approved loan 27 Jan 2021, 20:15
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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/)
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Prodigy can not pay the approved loan 15 Feb 2021, 04:06
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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!
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Prodigy can not pay the approved loan 16 Feb 2021, 00:28
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mgqa
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!
Show more

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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