Prodigy Finance

quanthopefully · 5/6/21

Hi guys,

Does anyone know any other loan sources for international students (without US cosigner)? I applied to Prodigy Finance to pay for my MFE but they said they are not accepting applications from my market (UK). Has anyone else experienced this or have any suggestions?

Thanks

MartinTo · 5/15/21

There is MPOWER Financing in US. You may apply there too.

syunus · 5/17/21

quanthopefully said:
Hi guys,

Does anyone know any other loan sources for international students (without US cosigner)? I applied to Prodigy Finance to pay for my MFE but they said they are not accepting applications from my market (UK). Has anyone else experienced this or have any suggestions?

Thanks

Which college/university did you apply?

quanthopefully · 5/17/21

MartinTo said:
There is MPOWER Financing in US. You may apply there too.

I was looking at them too but the APR seems to be a bit higher (11-12%)

quanthopefully · 5/17/21

syunus said:
Which college/university did you apply?

columbia and uchicago

MartinTo · 5/17/21

quanthopefully said:
I was looking at them too but the APR seems to be a bit higher (11-12%)

I'm afraid these are the only two options for international students. I've looked a lot, but didn't find any other options. There may be a loan from local organization, however.

syunus · 5/19/21

quanthopefully said:
columbia and uch

Strange.....I had a initial screening for quote and i also spoke with the customer care. They are providing loans for MSc students going to Cass. And i am not british or even european.

quanthopefully · 5/19/21

syunus said:
Strange.....I had a initial screening for quote and i also spoke with the customer care. They are providing loans for MSc students going to Cass. And i am not british or even european.

Interesting. I completed the application then it said at the end they weren't accepting applications in my region at this time. Maybe I am too late or I should give them a call.

syunus · 5/19/21

quanthopefully said:
Interesting. I completed the application then it said at the end they weren't accepting applications in my region at this time. Maybe I am too late or I should give them a call.

Talk to the customer care directly. They respond in 48 hours. Its better to let a human know about the application.

MartinTo · 5/28/21

syunus said:
Strange.....I had a initial screening for quote and i also spoke with the customer care. They are providing loans for MSc students going to Cass. And i am not british or even european.

I've read that donors are limiting the countries, where Prodigy provide loans. So, it's possible that currently there are not enough funds for UK/Europe/US. And interest rates are much higher in case if you are from emerging countries. So, it's a possible answer.
Still, it seems like they are under huge load, because my application is still in verification process for like 6-7 weeks.

syunus · 5/28/21

MartinTo said:
I've read that donors are limiting the countries, where Prodigy provide loans. So, it's possible that currently there are not enough funds for UK/Europe/US. And interest rates are much higher in case if you are from emerging countries. So, it's a possible answer.
Still, it seems like they are under huge load, because my application is still in verification process for like 6-7 weeks.

I realized that few days ago....and thats going to put me in trouble. My IELTS results were delayed so i don't have a unconditional offer letter which means i can't complete my prodigy loan application, which means i can't apply for visa, which means i can't resign. The induction is on 20th September and my current firm notice period is 3 months......if i don't resign in June 1st week then i will miss induction....

EverythingPOINT · 5/28/21

syunus said:
I realized that few days ago....and thats going to put me in trouble. My IELTS results were delayed so i don't have a unconditional offer letter which means i can't complete my prodigy loan application, which means i can't apply for visa, which means i can't resign. The induction is on 20th September and my current firm notice period is 3 months......if i don't resign in June 1st week then i will miss induction....

Just curious why can't you resign? Visa is not tied to your job status!

syunus · 5/28/21

EverythingPOINT said:
Just curious why can't you resign? Visa is not tied to your job status!

What if my Visa is declined? I would have lost job at an IB(not front office but pays better than any industry)....In India lB industry is very small compared to eligible applicants. I know two associates who went abroad to find work and returned after a year....then they had to wait 8-10 months to find roles at their respective previous designations. I am an entry level analyst and don't have huge savings to survive so long without a job.

MartinTo · 5/28/21

syunus said:
What if my Visa is declined? I would have lost job at an IB(not front office but pays better than any industry)....In India lB industry is very small compared to eligible applicants. I know two associates who went abroad to find work and returned after a year....then they had to wait 8-10 months to find roles at their respective previous designations. I am an entry level analyst and don't have huge savings to survive so long without a job.

There is also a chance that prodigy won't be able to give you a loan, if it's not already matched, so yeah there are substantial risks there.

EverythingPOINT · 5/29/21

syunus said:
What if my Visa is declined? I would have lost job at an IB(not front office but pays better than any industry)....In India lB industry is very small compared to eligible applicants. I know two associates who went abroad to find work and returned after a year....then they had to wait 8-10 months to find roles at their respective previous designations. I am an entry level analyst and don't have huge savings to survive so long without a job.

For a moment I thought you implied that your visa success is tied to your job status. All good now

syunus · 6/1/21

I learnt a new thing in middle of my document verification process. If i can't show savings proof for living expenses as estimated by Prodigy website then i will not be eligible for tuition loan.....now their estimated living expenses are highly over estimated. Even UKVI guideline don't want you to show that amount of bank balance for a student visa.

MartinTo · 6/1/21

syunus said:
I learnt a new thing in middle of my document verification process. If i can't show savings proof for living expenses as estimated by Prodigy website then i will not be eligible for tuition loan.....now their estimated living expenses are highly over estimated. Even UKVI guideline don't want you to show that amount of bank balance for a student visa.

They take that information from university and their I-20s. Universities mainly overestimate the expenses to be on safe side.