Prodigy Finance documents required – Prodigy Finance provides funding for international students, through which it eliminates barriers to student/education financing.
The good side of Prodigy financing is that you do not need a cosigner to receive funding, though it charges more for its private student loans than other lenders with similar options.
Prodigy funding is only available for international students, this means you cannot receive a loan to study in your home country.
Prodigy Finance works with arrays of funders, where funding is centered on the availability of being matched with a funder.
By this notice through the application, you’ll be added to a waitlist usually reviewed every week, thereafter you stand a chance to receive a loan only if you are matched with a funding source.
A strong stance you may not understand about Prodigy finance is that you are approved or denied a loan based on what you are studying and where.
There’s an idea that you’ll only get approved if you have the potential to earn high in the future.
In this guide, I will talk to you on;
Prodigy finance documents are required for students.
Be sure to provide the following documents once your application has been approved;
Haven approved your application you’ll be redirected to an automatic verification process where you are expected to complete your identity verification.
During the identity verification process, you will need to follow the system prompt;
- Proof of your identity – Here’s a copy of your passport pictured clearly and legible
- Proof of Address – Here’s a document that shows clearly your complete name and residential address. The information here should match what you provided in your application details.
Your school admission
It requires that you provide a letter or email from your school that displays your complete name, school, course of study, and an indication that you were accepted.
- The course information should be the same as the one selected in your application, however, kindly be informed that you cannot use i-20 VISA documentation as proof of school admission.
Your credit report as one of the Prodigy Finance documents required
You are required to provide a credit report that shows in detail your existing credit history, this report should be prepared by a credit agency of a specific country.
Your job offer as one of the Prodigy Finance documents required
- Students who are on full-time employment are required to provide their three months’ salary pay slips which must not be later than the last six months, and on corresponding bank statement
- For students who are studying part-time, they will have to provide 3 months’ recent salary slips dated within the last 4 months, as well as a 1-month corresponding bank statement
- Confirmation of future employment is required for students who have a post-study job offer, this employment will come in the form of the signed employment contract.
Details of savings/contributions to fund your study
In some instances, you are required to show that you have sufficient funds to support yourself.
This amount is declared as savings in your application budget.
Your official savings account statement will be suitable, this shows the available funds for the amount listed in your application.
Kindly be informed that Prodigy Finance does not accept investments in stocks as a form of savings. Payments made to your school can be accepted as part of your proof of savings.
Confirm your sponsorship/scholarship
If you are on a sponsorship or scholarship, Prodigy Finance will require an official letterhead from the source of the sponsorship/scholarship.
Where you are granted non-state tuition, you will be required to provide a letter advising that your tuition will be that of an in-state student with all the relevant information on it.
Prodigy finance eligible countries
A handful of countries are not supported by Prodigy Finance, however, the below countries are found to be supported;
- The United States
- The UK
- Spain, etc.
Prodigy Finance Eligibility
It’s necessary to understand whether you are suitable for a loan before you apply, kindly find these three basic requirements to help you understand your eligibility.
1) You must be admitted into a school and program Prodigy Finance supports, Kindly find the list of schools supported by Prodigy Finance.
2) You must be looking to study abroad
3) You must reside in one of the countries supported by Prodigy Finance.
Prodigy Finance University list
There are over a thousand Universities supported by Prodigy Finance, here is a list of Universities supported by Prodigy Finance.
Prodigy finance proof of address
To confirm your residential information, you are required to provide one of the following documents,
- Utility or municipality bills that are strictly in your name
- Bank document
- Investment, current account, vehicle finance, or home loan statements
- A copy of the lease /rental agreement signed by yourself and the landlord, a letter from your property administrator
- An official tax return assessment, or statement from your country’s tax authority
- A telephone account for a physical landline
- Declaration letter from a family member
Is a credit score required for Prodigy Finance?
You don’t have to worry about this, Prodigy made it clear that most of their customers do not have good credit history, so it’s not a requirement for their loan.
How do I fill out a Prodigy finance?
- Kindly register your interest, and communicate more about your study plans
- Apply for funding, you’ll receive a customized quote
- Upload your documents
- Finalize your loan
- Sign on the dotted line
- Study first, and pay later.
How long does matching take in Prodigy Finance?
Applicants get matched to available funds every week, as soon as you get matched you will receive an email notification, and will be able to accept the match.
Funds will be reserved for you before your final loan agreement is prepared.
What is the maximum loan on Prodigy?
The minimum loan amount is $15,000, maximum loan amount is 80% to 100% cost of attendance.
Conclusion on Prodigy Finance documents required
The Prodigy finance documents required include but are not limited to; proof of identity, proof of address, a letter from the school, a job offer, details of savings and contribution, a credit report even though it’s not a criterion, and a letter of sponsorship for those on scholarship.