Hi all, not sure anyone has applied for financing but it seems they are experiencing some serious problems, and not issuing loans until Jan the earliest (if at all, as they can't clarify at this stage where things might be in Jan). Is it likely they could go bust? Is it likely there might be no funding at all until late 2021? Can anyone recommend any other source of financing? Thank you!

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Prodigy Finance - anyone else also waiting?

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scaracom

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25 Mar 2021, 18:45

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gauravrafa

Unless they get more investors who fund MBA for students from India, they will put everyone from India on the waitlist and once they get the desired investors willing to invest in the Indian market, they will offer a loan.

Is that how it works though? Prodigy matches investors with specific country preferences?

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25 Mar 2021, 23:03

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scaracom

gauravrafa

Is that how it works though? Prodigy matches investors with specific country preferences?

They have put everyone on the waiting list. Nobody knows how the matching process is undertaken and what are the parameters, mostly because it is undisclosed. What is known though is that India is a market for which they haven't stopped funding, so read whatever you want into it. They have rounds in which matching of funds will occur.

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30 Mar 2021, 04:38

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gauravrafa

Is that how it works though? Prodigy matches investors with specific country preferences?

Agree.

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04 Apr 2021, 11:50

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Hey, everyone. Has anyone received any updates from Prodigy Finance regarding their application? It seems like my application status has been moved from uploading documents to matching stage. Anyone else had similar change in status?

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alpha123456

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04 Apr 2021, 12:23

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cnsltexord

I hope that they will have the funding soon for temporarily restricted markets as well. What actually happened with prodigy?

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04 Apr 2021, 12:29

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cnsltexord

I hope that they will have the funding soon for temporarily restricted markets as well. What actually happened with prodigy?

Well it's hard to know the exact reasons for suspension of funding in certain markets, but I guess, it's mostly because of the restrictions put in place by the investors.

If you look at the list, it's mostly developed economies with strong financial services market and least developed economies.

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04 Apr 2021, 12:33

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I am hoping we can a live QA on YouTube with prodigy soon. Hoping to schedule soon and have it live in 2 weeks....

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alpha123456

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04 Apr 2021, 12:49

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cnsltexord

I hope that they will have the funding soon for temporarily restricted markets as well. What actually happened with prodigy?

Yes and I thought that lending on developed markets might have been an easier decision for them?

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04 Apr 2021, 13:01

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[/quote]
Yes and I thought that lending on developed markets might have been an easier decision for them?[/quote]
Well in developed markets, the rate of interest charged is lower than developing markets. So, Prodigy may have to lower its interest rate to be competitive in developed markets, which may not be acceptable to the investors of Prodigy. Whereas, for countries like India, it can safely charge higher interest rates while maintaining the demand for its loans and also, be hopeful of getting the expected returns. It's all economics.

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Hello!
Wanted to ask how long does it take for prodigy to verify the application generally? I'm already waiting for more than 3 weeks for the verification and they answer emails very late, so If there is any problem with verification I would need to wait for 3-4 more weeks probably and have a problem with loan matching.

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08 May 2021, 10:33

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Their standard timeline is 4 weeks. My application got verified within a month, but I had applied at the very beginning.

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11 May 2021, 19:32

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Thank you!

Also - FYI - we do have a special offer from Prodigy for anyone applying this late:

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15 May 2021, 06:56

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Thank you!

Also - FYI - we do have a special offer from Prodigy for anyone applying this late:

Thank you!

However, I think I won't be eligible for that, because I started my application more than a month ago and starting a new one will just make the application process even longer.

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31 May 2021, 04:38

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Does anyone know if Prodigy finance rejects application if we can't show bank balance for living expenses calculated by their own system application? The amount their system calculates is based on expenses shown on university webpage. That amount is over exaggerated.

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31 May 2021, 05:21

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Is prodigy finance still accepting applications for fall ?

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31 May 2021, 05:39

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OxybaYoung

Is prodigy finance still accepting applications for fall ?

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if they were not accepting then the webpage would simply not create an application for a specific intake

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31 May 2021, 06:26

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Learnt something about the application which every prospective loan applicant must know.

When you create the application they will source tuition fees+Living expenses amount from university webpage and quote that amount in USD.
So the total amount it estimated turned out to be $58000. Now i only need funding for course fees which is $33000. As i proceeded with the application i was asked, how i was going to finance my living expenses which are highly over estimated. The actual amount you need to live in city(UK) is $18000 and prodigy finance estimation is $25000. How am i going to arrange additional $7000. I raised my query to customer care and they said that this is how it is....deal with it.

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31 May 2021, 06:31

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I think there’s option for the amount friends and family are willing to contribute to you, if you can get a relative who has sufficient proof for the 7k then maybe it might help

I’m not an expert, so I really don’t know if that is okay with them

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31 May 2021, 06:43

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You are right. That will work. But having already taken loans to finance my living expenses i can't arrange additional amount from anyone.

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Hi there. We’re delighted to share that in 2021 we’ve helped hundreds of students start their masters abroad with funding for Spring and Fall ‘21. The great news is that we’re now supporting additional markets, and together with a recent investment of $750M, we’re ready to fund even more international masters students in 2022 and beyond.

Plus, we’ve added 63 new courses for Spring 2021 starts, and we’re processing loans in as little as 3 business days. If you need a loan for your masters abroad, we’re here to help! All you need to do is visit our website and start your application online. If you have any questions or need help with your application, please reach out to us anytime.