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Prodigy can not pay the approved loan 04 Mar 2021, 22:39
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rohitnal
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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Thats good for you. When your application was on hold, what reason they gave you? I mean for me, they have got me stuck on the verification step only, hence they are not moving my application further (Reason being-They have huge amount of applications in line).

And how much loan did you secure with Incred (is it with collateral or without)?
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Prodigy can not pay the approved loan 07 Mar 2021, 11:17
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rohitnal
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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So finally, are you going to take the loan from Prodigy Finance or INCRED?
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Prodigy can not pay the approved loan 08 Mar 2021, 15:23
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Hey rohitnal, we at mpower are accepting applications for past, current, and future semesters. We raised over $25M in equity several months ago and have always honored our lending commitments. It takes 30 seconds to check your eligibility.
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Prodigy can not pay the approved loan 09 Mar 2021, 11:26
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MPOWERFinancing
Hey rohitnal, we at mpower are accepting applications for past, current, and future semesters. We raised over $25M in equity several months ago and have always honored our lending commitments. It takes 30 seconds to check your eligibility.
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My application has been under review since 01/21/2021. After submitting all the documents you take so long for even responding

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Prodigy can not pay the approved loan 09 Mar 2021, 20:19
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rohitnal
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.

Posted from my mobile device

So finally, are you going to take the loan from Prodigy Finance or INCRED?
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With prodigy due to the fact that the interest rate is currently lower than others and also the ease of disbursement.
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Prodigy can not pay the approved loan 09 Mar 2021, 22:49
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rohitnal
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rohitnal
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.

Posted from my mobile device

So finally, are you going to take the loan from Prodigy Finance or INCRED?


With prodigy due to the fact that the interest rate is currently lower than others and also the ease of disbursement.
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Are we allowed to use both? Since we dont have a guarantee that prodigy will provide the loan for next year (new application has to be started)?
Plus I heard INCRED and other indian institutions ask you to pay processing fee in advance to secure the loan offer with 7 days, did you pay that(assuming you got offer from them much earlier)?
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Prodigy can not pay the approved loan 10 Mar 2021, 05:02
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I did pay the processing fee. Incred was the sole reason i had my study visa approved on time thanks to them. Prodigy on the other hand approved my loan only after i emailed them 100 times and spoke out on social groups. Incred’s response time is quick when compared to any one in the market. You can apply for mutiple loans but in the end you should only use one.

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Prodigy can not pay the approved loan 10 Mar 2021, 10:34
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rohitnal
I did pay the processing fee. Incred was the sole reason i had my study visa approved on time thanks to them. Prodigy on the other hand approved my loan only after i emailed them 100 times and spoke out on social groups. Incred’s response time is quick when compared to any one in the market. You can apply for mutiple loans but in the end you should only use one.

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Well i applied to prodigy only because indian institutions were not giving me apt amount. But do check out, if you take it from indian institution, then you can get tax rebate on your interest payments. In short, all your interest will be refunded in tax rebate, (just saying)
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Prodigy can not pay the approved loan 10 Mar 2021, 11:28
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rohitnal
I did pay the processing fee. Incred was the sole reason i had my study visa approved on time thanks to them. Prodigy on the other hand approved my loan only after i emailed them 100 times and spoke out on social groups. Incred’s response time is quick when compared to any one in the market. You can apply for mutiple loans but in the end you should only use one.

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Well I applied to prodigy only because Indian institutions were not giving me apt amount. But do check out, if you take it from Indian institution, then you can get tax rebate on your interest payments. In short, all your interest will be refunded in tax rebate, (just saying)
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Actually, all the interest will not be refunded if your total interest and other refundable claims exceed the refundable amount limit. which was in 2019 150,000 INR. That includes medical insurance, and other insurance, PF, pension, home loan interest, certain investments etc.

Also, if one is working abroad, then the whole refund thing does not come in to the picture at all.
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Prodigy can not pay the approved loan 10 Mar 2021, 11:30
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Prodigy declined my application, saying thanks to their software and as responsible lender they thought I will have financial problems if I take this loan.
The declination response was hilarious, I had a good laugh after seeing that.

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Prodigy can not pay the approved loan 10 Mar 2021, 11:43
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Umesh14uv
Prodigy declined my application, saying thanks to their software and as responsible lender they thought I will have financial problems if I take this loan.
The declination response was hilarious, I had a good laugh after seeing that.

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You mean they declined your application based on your affordability of repayments, right? Same thing has happened to me on multiple occasions, which is why I applied to multiple schools, just to be on the safe side. In fact, I lost my deposit for a US university because I had relied on Prodigy to give me a loan this year, for which they had approved a loan last year. But, they denied me this year based on affordability of repayments. Tough luck.
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Prodigy can not pay the approved loan 10 Mar 2021, 12:15
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Umesh14uv
Prodigy declined my application, saying thanks to their software and as responsible lender they thought I will have financial problems if I take this loan.
The declination response was hilarious, I had a good laugh after seeing that.

Posted from my mobile device


You mean they declined your application based on your affordability of repayments, right? Same thing has happened to me on multiple occasions, which is why I applied to multiple schools, just to be on the safe side. In fact, I lost my deposit for a US university because I had relied on Prodigy to give me a loan this year, for which they had approved a loan last year. But, they denied me this year based on affordability of repayments. Tough luck.
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Yes, but I don't know how they assessed this affordability as the amount I applied for was very less with excellent credit history. I wanted it only for my visa application as the same amount I can save before leaving my job for my Course.
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Prodigy can not pay the approved loan 10 Mar 2021, 12:54
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Oh. That's silly and crazy!
Sorry about that - that feels annoying to be rejected from a simple application. I would be miffed but it is funny they are so silly on some level :)

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Umesh14uv
Prodigy declined my application, saying thanks to their software and as responsible lender they thought I will have financial problems if I take this loan.
The declination response was hilarious, I had a good laugh after seeing that.

Posted from my mobile device


You mean they declined your application based on your affordability of repayments, right? Same thing has happened to me on multiple occasions, which is why I applied to multiple schools, just to be on the safe side. In fact, I lost my deposit for a US university because I had relied on Prodigy to give me a loan this year, for which they had approved a loan last year. But, they denied me this year based on affordability of repayments. Tough luck.

Yes, but I don't know how they assessed this affordability as the amount I applied for was very less with excellent credit history. I wanted it only for my visa application as the same amount I can save before leaving my job for my Course.
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Prodigy can not pay the approved loan 10 Mar 2021, 13:50
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Well you guys can also look into Leap Finance. They offer loans like Prodigy Finance but only for US and Canadian universities.
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Prodigy can not pay the approved loan 10 Mar 2021, 15:23
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cnsltexord
Well you guys can also look into Leap Finance. They offer loans like Prodigy Finance but only for US and Canadian universities.
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Thank you, I already did with HDFC Credila
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Prodigy can not pay the approved loan 13 Mar 2021, 21:57
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Hi Everyone,

We have a YouTube session coming up with MPOWER Finance. Please join the session on YouTube and get any of your questions answered :)

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Prodigy can not pay the approved loan 22 Mar 2021, 22:42
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Nikhil
Hi Everyone,

We have a YouTube session coming up with MPOWER Finance. Please join the session on YouTube and get any of your questions answered :)

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Aw, I missed the session! Would you know if the USD $50,000 loanable amount is both the minimum and maximum? Or is it possible for them to grant you a lower amount, like Prodigy?

Also, would you recommend that I pay for the deposit with my school even if my loans haven't been approved yet? My entire financial plan is hinged on the assumption that MPOWERFinancing will be able to grant that amount.

Thanks!
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Prodigy can not pay the approved loan 23 Mar 2021, 00:52
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ecziiion
Nikhil
Hi Everyone,

We have a YouTube session coming up with MPOWER Finance. Please join the session on YouTube and get any of your questions answered :)


Aw, I missed the session! Would you know if the USD $50,000 loanable amount is both the minimum and maximum? Or is it possible for them to grant you a lower amount, like Prodigy?

Also, would you recommend that I pay for the deposit with my school even if my loans haven't been approved yet? My entire financial plan is hinged on the assumption that MPOWERFinancing will be able to grant that amount.

Thanks!
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MPower gives a maximum of USD 50,000 amount for an individual in a lifetime, and also note the maximum loanable amount you can secure is USD 25,000 on one application per academic year, if you want to secure the rest of the USD 25,000, you will have to raise another application next year.

The minimum amount by MPower is not USD 50,000, you can get lesser amount too (depending upon your need and your other funds arranged,like savings, scholarship,etc. for education).

I would recommend to wait till the last few days of paying the deposit (if you are completely depended upon the loan for your financial support for education), convey the same to your school and loan provider as well, so that they can take a note of that and know that you are only waiting for the loan confirmation.

I paid my deposit on the very last day of the extension period provided to me, but i didnt receive any loan confirmation till that day too. After two weeks i got accepted by a local NBFC, then prodigy also (still on waiting list though for matching for funds) but got rejected by MPower.
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Prodigy can not pay the approved loan Updated on: 23 Mar 2021, 01:22
Originally posted by ecziiion on 23 Mar 2021, 01:09.
Last edited by ecziiion on 23 Mar 2021, 01:22, edited 1 time in total.
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Thanks for your reply! Did MPower say why you were rejected? I will no longer apply for Prodigy because they offered a very minimal amount and I won't be able to secure a loan from another lender if I go with them. :(

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Nikhil
Hi Everyone,

We have a YouTube session coming up with MPOWER Finance. Please join the session on YouTube and get any of your questions answered :)


Aw, I missed the session! Would you know if the USD $50,000 loanable amount is both the minimum and maximum? Or is it possible for them to grant you a lower amount, like Prodigy?

Also, would you recommend that I pay for the deposit with my school even if my loans haven't been approved yet? My entire financial plan is hinged on the assumption that MPOWERFinancing will be able to grant that amount.

Thanks!

MPower gives a maximum of USD 50,000 amount for an individual in a lifetime, and also note the maximum loanable amount you can secure is USD 25,000 on one application per academic year, if you want to secure the rest of the USD 25,000, you will have to raise another application next year.

The minimum amount by MPower is not USD 50,000, you can get lesser amount too (depending upon your need and your other funds arranged,like savings, scholarship,etc. for education).

I would recommend to wait till the last few days of paying the deposit (if you are completely depended upon the loan for your financial support for education), convey the same to your school and loan provider as well, so that they can take a note of that and know that you are only waiting for the loan confirmation.

I paid my deposit on the very last day of the extension period provided to me, but i didnt receive any loan confirmation till that day too. After two weeks i got accepted by a local NBFC, then prodigy also (still on waiting list though for matching for funds) but got rejected by MPower.
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Prodigy can not pay the approved loan 23 Mar 2021, 01:22
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Aw, I missed the session! Would you know if the USD $50,000 loanable amount is both the minimum and maximum? Or is it possible for them to grant you a lower amount, like Prodigy?

Also, would you recommend that I pay for the deposit with my school even if my loans haven't been approved yet? My entire financial plan is hinged on the assumption that MPOWERFinancing will be able to grant that amount.

Thanks![/quote]

MPower gives a maximum of USD 50,000 amount for an individual in a lifetime, and also note the maximum loanable amount you can secure is USD 25,000 on one application per academic year, if you want to secure the rest of the USD 25,000, you will have to raise another application next year.

The minimum amount by MPower is not USD 50,000, you can get lesser amount too (depending upon your need and your other funds arranged,like savings, scholarship,etc. for education).

I would recommend to wait till the last few days of paying the deposit (if you are completely depended upon the loan for your financial support for education), convey the same to your school and loan provider as well, so that they can take a note of that and know that you are only waiting for the loan confirmation.

I paid my deposit on the very last day of the extension period provided to me, but i didnt receive any loan confirmation till that day too. After two weeks i got accepted by a local NBFC, then prodigy also (still on waiting list though for matching for funds) but got rejected by MPower.[/quote][/quote]


They said I wont be able to service the loan post the completion of my course!
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