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Re: Prodigy Finance - Finance your MBA with us [#permalink]
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I have a couple of questions

1. Does interest accumulate while we study? Or will it be frozen until after graduation?
2. Is it possible to get a quote before applying for a loan?
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
Hello, I want to avail a loan from prodigy. Wanted to know about the following :
Does prodigy finance lend for living expenses as well ?
Is there a penalty or foreclosure charge if during the tenure of loan I switch to another lender ?

Posted from my mobile device
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
What are the bankruptcy proceedings if someone defaults (not able to repay due to financial difficulties) on Prodigy Finance loans?
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
Expert Reply
makshay62 wrote:
Hello, I want to avail a loan from prodigy. Wanted to know about the following :
Does prodigy finance lend for living expenses as well ?
Is there a penalty or foreclosure charge if during the tenure of loan I switch to another lender ?

Posted from my mobile device


Yes, you can get money for the full Tuition + Living expenses, though you may only get 80% of the total package (which will at least equate to the full tuition cost)
The % of total financing you get and whether you get living expenses somewhat depends on the school.

P.S. I do not think the loan carries a pre-payment penalty per Prodigy's info here: https://support.prodigyfinance.com/hc/e ... oan-early- but you still want to read the T&C of the specific offer/loan you are applying for.
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
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ShadyMBA wrote:
What are the bankruptcy proceedings if someone defaults (not able to repay due to financial difficulties) on Prodigy Finance loans?


Wow! You join the GMATClub with the name "ShadyMBA" today and this is the first post you made. :lol:

Interesting! Tell us a bit about yourself.!
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
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TheNightKing wrote:
ShadyMBA wrote:
What are the bankruptcy proceedings if someone defaults (not able to repay due to financial difficulties) on Prodigy Finance loans?


Wow! You join the GMATClub with the name "ShadyMBA" today and this is the first post you made. :lol:

Interesting! Tell us a bit about yourself.!


It seems like a valid question and I am trying to figure out what are the actual consequences.
The only thing I have been able to find is this: https://support.prodigyfinance.com/hc/e ... y-my-loan- and this:
https://support.prodigyfinance.com/hc/e ... y-my-loan-
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
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bb wrote:
TheNightKing wrote:
ShadyMBA wrote:
What are the bankruptcy proceedings if someone defaults (not able to repay due to financial difficulties) on Prodigy Finance loans?


Wow! You join the GMATClub with the name "ShadyMBA" today and this is the first post you made. :lol:

Interesting! Tell us a bit about yourself.!


It seems like a valid question and I am trying to figure out what are the actual consequences.
The only thing I have been able to find is this


Thank you very much, bb. Everyone has a right to know the downside. If Prodigy Finance people make it more transparent, it would be great help to the community.
Of course, I don't want to reveal my identity plus I don't see an option to post anonymously.
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
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I apologise. I can surely do better than this.

Sorry and Thank you!
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
I have a small query regarding Prodigy Loan options, do they cover living expenses or cost of attendance in Europe also or that option is only valid for B-schools of US/Canada.

someone kindly shed some light on this.
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
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shubham2312 wrote:
I have a small query regarding Prodigy Loan options, do they cover living expenses or cost of attendance in Europe also or that option is only valid for B-schools of US/Canada.

someone kindly shed some light on this.



It depends on the school. You can quickly check on their website for a specific school you have in mind.
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
bb wrote:
shubham2312 wrote:
I have a small query regarding Prodigy Loan options, do they cover living expenses or cost of attendance in Europe also or that option is only valid for B-schools of US/Canada.

someone kindly shed some light on this.



It depends on the school. You can quickly check on their website for a specific school you have in mind.


thanks, bb for the reply, I guess they cover living cost only for US/Canadian B-school, any idea how an Indian Student cover living cost/ cost of attendance if his MBA program is in London specifically Cass Business school.
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
I have question regarding prodigy loan.
My question is in my case prodigy covers the tuition cost of school which is around 31000 EUR but inorder to apply for prodigy loan I already need to book the seat which costs 7000 EUR from my savings. Since the balance amount remains 24000 EUR....prodigy will still pay 31000 EUR to the school so what happens to the additional 7000 EUR given to the school.
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
does anyone have a copy of Prodigy's loan agreement that they wouldn't mind sharing?
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
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aiflavus wrote:
Hey, I'm really curious. I'm planning on contacting you guys in the future. If you care to skype sometime, I would love to contact someone in your company.


Hi there. Check out our FAQs (https://support.prodigyfinance.com/hc/en-us) , or contact us via email ( info@prodigyfinance.com) or chat and we'll get back to you as quickly as possible.
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
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AndresGuti wrote:
What are the current rates?


We assess your future earning potential based on the information provided in your application, data provided by the schools we support, and data from our past customers. This provides a unique credit model that allows us to offer you a rate without requiring a guarantee in the form of collateral or a co-signer. Find out more about how we calculate interest rates at https://support.prodigyfinance.com/hc/e ... e-decided-.
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
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ArtichokePizza wrote:
I have a couple of questions

1. Does interest accumulate while we study? Or will it be frozen until after graduation?
2. Is it possible to get a quote before applying for a loan?



1. Prodigy Finance's interest rate uses the simple interest formula, meaning that the interest rate does not compound throughout the life of the loan*. The interest rate is variable, and is made up of two components:
- a fixed margin, determined by Prodigy Finance
- a variable base rate, we use 3-month LIBOR as the base rate.
In addition to the interest rate, there is an admin fee for each loan we issue. The maximum admin fee is 5% of the total loan amount. This fee is added to your loan amount when the loan is issued and spread across your monthly payments - you're never required to pay this fee upfront.

2. Hi there. Before applying, you'll need to check if you are eligible:
1. You must be applying to study your masters abroad.
2. You must apply to study at a school we support. We support over 800 schools globally and you can see the full list here: https://prodigyfinance.com/eligibility-schools/
3. You must come from a country or state we support. For the list of regions that aren't eligible for a loan, you can have a look here: https://support.prodigyfinance.com/hc/e ... t-lend-to-
If you meet these 3 criteria, you may apply online for a quote, here: https://prodigyfinance.com/student-loans

If you’d like to find out more about Prodigy Finance or have any questions about the application process, you can head over to our detailed FAQ page: https://support.prodigyfinance.com/hc/en-us
We hope this helps :)
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
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ShadyMBA wrote:
What are the bankruptcy proceedings if someone defaults (not able to repay due to financial difficulties) on Prodigy Finance loans?


Hi there. Please visit https://support.prodigyfinance.com/hc/e ... y-my-loan- to understand what happens if someone can’t pay their loan
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Re: Prodigy Finance - Finance your MBA with us [#permalink]
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