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ecziiion
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Prodigy can not pay the approved loan 16 Feb 2021, 03:37
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Nikhil
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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!

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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Yes, I requested a proposal for both Rotman's September 2021 and Ivey's March 2022 intake. I withdrew my Ivey application because they said they weren't open yet for 2022, then I received an e-mail from them informing me that my Ivey application was denied. No news on my Rotman request yet. I'm so worried because I don't know how else I'll be able to fund my MBA.. I don't exactly have collateral or a willing co-signor, and my savings in Philippine currency are minuscule against CAD!
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Prodigy can not pay the approved loan 16 Feb 2021, 07:07
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Nikhil
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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!

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
Show more

FYI, I have reached out to our contact person from Prodigy asking if Prodigy can comment on these topics and clarify things a bit :)
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Prodigy can not pay the approved loan 16 Feb 2021, 07:09
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Yes, I requested a proposal for both Rotman's September 2021 and Ivey's March 2022 intake. I withdrew my Ivey application because they said they weren't open yet for 2022, then I received an e-mail from them informing me that my Ivey application was denied. No news on my Rotman request yet. I'm so worried because I don't know how else I'll be able to fund my MBA.. I don't exactly have collateral or a willing co-signor, and my savings in Philippine currency are minuscule against CAD!
Show more

mgqa

Sorry about your situation :( Have you considered financing from different vendors? You can check a few at the following link.

https://gmatclub.com/forum/financing-your-mba-377/
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Prodigy can not pay the approved loan 16 Feb 2021, 07:41
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Nikhil
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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!

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

FYI, I have reached out to our contact person from Prodigy asking if Prodigy can comment on these topics and clarify things a bit :)
Show more

Thank you very much, Nikhil! Hope to hear what they have to say soon <3
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Prodigy can not pay the approved loan 16 Feb 2021, 07:48
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Nikhil
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Yes, I requested a proposal for both Rotman's September 2021 and Ivey's March 2022 intake. I withdrew my Ivey application because they said they weren't open yet for 2022, then I received an e-mail from them informing me that my Ivey application was denied. No news on my Rotman request yet. I'm so worried because I don't know how else I'll be able to fund my MBA.. I don't exactly have collateral or a willing co-signor, and my savings in Philippine currency are minuscule against CAD!

mgqa

Sorry about your situation :( Have you considered financing from different vendors? You can check a few at the following link.

https://gmatclub.com/forum/financing-your-mba-377/
Show more

I'm exploring other options as well! Thank you, I'll check these out.
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Prodigy can not pay the approved loan 17 Feb 2021, 01:25
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Is there a way for me to increase my loanable amount? I asked for 97,901 USD from Prodigy which is their maximum loanable amount for my program, but they are only offering me 26,292 USD and asking me to source non-debt funds to proceed.. if I had these funds, I wouldn't be asking for a loan to begin with :(
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Prodigy can not pay the approved loan 17 Feb 2021, 05:17
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FYI, I got a reply from their spokesperson that someone from their team will comment on these topics. Hopefully soon :)
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Prodigy can not pay the approved loan 22 Feb 2021, 13:00
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I submitted the application for loan too, and i am still in review phase. I contacted with the prodigy contact, they said they have arranged for enough funds for Spring as well as Fall 2021, if they havent had arranged, my application would not have even entered the verification phase and would have terminated in the very beginning.

I want to ask if those, who faced this problem, have got their revert back yet?
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Prodigy can not pay the approved loan 22 Feb 2021, 23:35
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[email protected]
I submitted the application for loan too, and i am still in review phase. I contacted with the prodigy contact, they said they have arranged for enough funds for Spring as well as Fall 2021, if they havent had arranged, my application would not have even entered the verification phase and would have terminated in the very beginning.

I want to ask if those, who faced this problem, have got their revert back yet?
Show more


I got an offer already but the amount is too minimal.. I may opt for MPower financing instead.
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Prodigy can not pay the approved loan 22 Feb 2021, 23:38
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I have an update from Prodigy. It looks like they will send me the answers to the questions over an email and I will post them here.
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Prodigy can not pay the approved loan 23 Feb 2021, 00:45
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How good is MPOwer financing? And to what extent do they provide loans without collateral?
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Prodigy can not pay the approved loan 23 Feb 2021, 15:19
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How good is MPOwer financing? And to what extent do they provide loans without collateral?
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They do provide loans without collateral. No issues there. However, they have a few items to be aware:
1. They have a shorter list of schools they support than Prodigy
2. The max loan amounts are usually smaller than Prodigy
3. The cool thing - they can provide you a secondary loan (in addition to what you are already borrowing. E.g. if Prodigy is offering you 75% of your COA, you can borrow the other 25% from MPOWER or you can do 50/50 depending on what works) - positive!
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Prodigy can not pay the approved loan 23 Feb 2021, 22:50
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mgqa
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I submitted the application for loan too, and i am still in review phase. I contacted with the prodigy contact, they said they have arranged for enough funds for Spring as well as Fall 2021, if they havent had arranged, my application would not have even entered the verification phase and would have terminated in the very beginning.

I want to ask if those, who faced this problem, have got their revert back yet?


I got an offer already but the amount is too minimal.. I may opt for MPower financing instead.
Show more

Did you receive your offer from prodigy at the time when you posted about being worried about the loans getting rejected?

Plus how reliant has been MPower financing been for you till now? Have you received the offer yet from them?
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Prodigy can not pay the approved loan 23 Feb 2021, 22:52
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bb
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How good is MPOwer financing? And to what extent do they provide loans without collateral?


They do provide loans without collateral. No issues there. However, they have a few items to be aware:
1. They have a shorter list of schools they support than Prodigy
2. The max loan amounts are usually smaller than Prodigy
3. The cool thing - they can provide you a secondary loan (in addition to what you are already borrowing. E.g. if Prodigy is offering you 75% of your COA, you can borrow the other 25% from MPOWER or you can do 50/50 depending on what works) - positive!
Show more

Should i apply to both of them together, or should i wait for prodigy first?

Plus which one of them has more chances of loan sanctions?
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Prodigy can not pay the approved loan 23 Feb 2021, 22:59
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I don’t know that there’s a lot of reasons to wait. If anything, you may want to get ahead in the line, in case there is a line or any kind of processing time.... Just thinking out loud. I don’t think there is any disadvantage applying to both at the same time. They don’t pull your credit like they were in the United States so there’s no harm.

Posted from my mobile device
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Prodigy can not pay the approved loan 23 Feb 2021, 23:04
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I don’t know that there’s a lot of reasons to wait. If anything, you may want to get ahead in the line, in case there is a line or any kind of processing time.... Just thinking out loud. I don’t think there is any disadvantage applying to both at the same time. They don’t pull your credit like they were in the United States so there’s no harm.

Posted from my mobile device
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Which one of the two has better rate of loan sanctions?
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Prodigy can not pay the approved loan 23 Feb 2021, 23:47
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mgqa
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I submitted the application for loan too, and i am still in review phase. I contacted with the prodigy contact, they said they have arranged for enough funds for Spring as well as Fall 2021, if they havent had arranged, my application would not have even entered the verification phase and would have terminated in the very beginning.

I want to ask if those, who faced this problem, have got their revert back yet?


I got an offer already but the amount is too minimal.. I may opt for MPower financing instead.

Did you receive your offer from prodigy at the time when you posted about being worried about the loans getting rejected?

Plus how reliant has been MPower financing been for you till now? Have you received the offer yet from them?
Show more

Yes, that was precisely the reason.The maximum loanable amount for Rotman is around 90K USD but they only offered about 26K USD, subject to proof of non-debt funds for the remaining portion. No offer from MPower yet as I am still sorting out the requirements, but if ever, they can grant a maximum of 25K USD per term (25K USD x 2 = 50K USD for my 2-year program).
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Prodigy can not pay the approved loan 23 Feb 2021, 23:51
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bb
I don’t know that there’s a lot of reasons to wait. If anything, you may want to get ahead in the line, in case there is a line or any kind of processing time.... Just thinking out loud. I don’t think there is any disadvantage applying to both at the same time. They don’t pull your credit like they were in the United States so there’s no harm.

Posted from my mobile device
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Are we allowed to secure financing from other lenders after Prodigy? I thought I read somewhere that if you take out a loan from Prodigy, you can't take out a loan from other lenders.
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Prodigy can not pay the approved loan 23 Feb 2021, 23:52
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For which school you are looking for the loan?
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Prodigy can not pay the approved loan 24 Feb 2021, 00:02
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For which school you are looking for the loan?
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@ I am looking for loan for MBA program in Schulich School of Business.
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