Prodigy finance interest rate

This article will give you an indication of the factors you would need to consider when understanding the interest on your loan during repayment. The interest rate is made up of two components: • The fixed margin is also known as the static interest rate that Prodigy Finance offers you. This amount is provided to you in your Loan Agreement and is dependent on the variables provided in your application. • The benchmark (variable base rate) is a floating rate that is determined by a leading financial institution and will change throughout the life of your loan. We currently use the 3- month benchmark as the variable base rate for the currency of your loan. Prodigy Finance has no influence on this rate. The two types of interest we charge: Prodigy Finance has two types of interest that are applied to our loans. Depending on the agreement applicable to your loan, interest will be calculated as either one of the below: 1. Compound Interest Compound interest is the addition of interest to the principal sum of a loan or deposit. This means that interest is charged based on the outstanding balance every billing cycle. The formula for compound interest is: Interest = outstanding balance x (margin rate + base rate)/12 2. Simple Interest Simple interest is calculated daily and charged monthly, on the principal balance only. • With simple interest loans, the interest charged during grace is capitalized on the first day of the cycle that the borrower enters repayment. • Capitalization ...

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace. How Does LendingTree Get Paid? Prodigy Finance Student Loan Review Lender rating: 2.6 out of 5 Borrow up to your entire cost of attendance Administration fee applies to loans With many private student loan lenders, eligibility is limited to U.S. citizens and permanent residents; international students are usually not eligible unless they have a qualifying cosigner. Prodigy Finance student loans were launched to address this problem. Prodigy offers private student loans for international students pursuing master’s degrees, and it doesn’t require cosigners or collateral. Instead, its model looks at students’ career potential to determine their loan eligibility. What to like: What to keep in mind: Prodigy student loans review Since Prodigy Finance’s launch, it has issued over $1 billion in student loans and served over 20,000 students. Prodigy Finance allows you to borrow up to 100% of the school-certified cost of attendance, and you have up to 20 years to repay your loan. The loans are specifically designed for international graduate school students who are studying abroad. Prodigy Finance student loans are a good fit for international students pursuing a master’s degree in another country. If you’re an APRs • Variable-rate l...

• Prodigy Finance is a U.K.-based lender that funds graduate degrees for people studying at one of 850 schools in 18 countries. • Prodigy Finance was founded in 2007 by three former MBA students. • Most of Prodigy Finance's borrowers choose to study in the United States and are the first person in their families to attend grad school. • Prodigy Finance uses a different funding model in which it raises money on an annual basis to offer loans, meaning that you may need to wait to be matched with available funding. Pulling together enough funding to get a graduate degree abroad is already a monumental task for most students, and that's even before you start classes. Prodigy Finance specializes in just these types of loans, however. It was founded in 2007 by three former MBA students studying at INSEAD, the Institut Européen d'Administration des Affaires. Prodigy Finance differentiates itself by serving international students who may not come from families with deep pockets. It's available for students studying abroad in 18 countries and most U.S. states and territories. Funding is limited to grad students in certain programs with an • Year Founded 2007 • Official Website www.prodigyfinance.com • Loans Offered International graduate student loans • Costumer Service By phone: Global: (+44) 20-3900-3535 US: (866) 533-3304 UK: 0800-368-8766 India: 000-800-9190-242 Brazil: 11-3197-8763 By mail: London Headquarters Hardy House 16-18 Beak Street W1F9RD London United Kingdom By webin...

However, Prodigy Finance should be used only for its primary purpose: fulfilling lending needs for international students. U.S. students have access to federal student loans and can get private loans with better terms and more beneficial repayment options from other lenders. If you're a U.S. citizen in search of a private student loan, you can compare lenders here . We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

What are all of these disclosures that come with my Loan Agreement? • Adequate explanations, which explains who will benefit from our loan product and the more strict terms of our loan agreement. • Pre-contractual information disclosure, which is a summary of the most important commercial and legal terms of the loan agreement. If you are applying from the US or going to study in the US, you will also receive the pre-contractual disclosure documents required by US federal law (under the Truth and Lending Act, regulation Z). How is my interest rate determined? Different loans and lenders use different methods to determine the interest due. Broadly speaking, there are two types of interest: • Fixed interest - this is a flat rate. The interest rate you pay won’t change over time; if it’s 10%, it’s always 10% until you’ve repaid your loan in full. • Variable interest - this interest changes over time, taking into account various market factors. What impacts the interest rate on my loan? Interest rates are typically determined on a few main factors. • The first is a government's financial arm, which sets the federal borrowing rate. That affects short-term and variable interest rates. • The second factor is investor demand for government notes and bonds. That affects long-term and fixed interest rates. • The third factor is often the banking industry within the country as it offers loans and mortgages and can change interest rates depending on business needs. Interest rates contr...

Prodigy Finance's interest rate uses the simple interest formula, meaning that the interest rate does not compound throughout the life of the loan* . The interest rate is variable, and is made up of two components: • a fixed margin, determined by Prodigy Finance • a variable base rate How is the admin fee charged? In addition to the interest rate, there is an admin fee for each loan we issue. The admin fee is 5% of the total loan amount. This fee is added to your loan amount when the loan is issued and spread across your monthly payments- you're never required to pay this fee upfront. Example of how the admin fee is charged: For example, if you take a loan for USD 40,000, the maximum admin fee will be USD 2,000. The USD 40,000 will be sent to your school and the USD 2,000. will be added to your loan when calculating your opening balance. Once your repayment period begins, the interest accumulated during your grace period is added to your balance, and any new interest is then calculated on this new balance. *With simple interest loans, the If you want any information related to the Prodigy Finance supported schools before you make your decision, or if the question is simply, “ What loans am I eligible for? ”, simply check out one of our Support pages or visit our Study Centre to read more about how Prodigy Finance can help you in the next stage of your career journey. Also, if you have some questions about Prodigy Finance charging any hidden fees, whether your full cost of ...