Prodigy Commercial Lending is a loan and Investment Company located in London. It was formed in 2007 to aid international students to fund their higher education in overseas universities and colleges. It is hinged on the philosophy that funding should not be a barrier to education.
Three MBA students discovered in 2007 that traditional banks do not offer loans for students to access international institutions of higher learning and thus saw it necessary to redefine the student loan market. They did this by renegotiating and easing the application process and doing away with such requirements as collateral, co-signors or documentation that most students simply don’t have.
Prospective students are assessed according to their future potential and credit history and not just their current circumstances. Apart from student education financing, Prodigy Commercial Lending is also a premier investment company. It draws strong investors across all borders to invest in their company and earn financial and social returns.
This article will concentrate on student lending and not the investment function of the company.
Prodigy boasts of a wide, experienced and diverse team that functions efficiently and effectively to deliver individual needs to all its students’ applicants. This comes in handy while interpreting different country’s immigration laws and even translating contracts and deals to languages the students understand and relate to.
From the thirteen years since its inception, this company has been able to fund over nineteen thousand students, 80% of which are from emerging market countries. This is proof that Prodigy is a solid, trustworthy and reliable partner for overseas higher education funding.
Student Loan Application Process
Prodigy offers its loans at affordable rates according to every applicant’s capability. The loan rates can be of a fixed margin or of a base rate. A fixed margin is translated according to the individual’s ability to pay back while the base rate depends on the international floating rate and will change throughout the student’s loan paying period
For a student to get a loan their eligibility is first assessed. This is factored upon the students plan to study abroad and whether he/she wants to study in an institution or country that is supported by the company. If so, the student is automatically eligible.
The student then proceeds to choose the particular course he/she prefers. Afterward, they proceed to register in the school and get the free quote. The student then forwards the supporting documents required for the application of the loan as required by the lending company.
After the company carefully goes through the uploaded documents and certifies their authenticity, they proceed to offer the loan to the student. This is captured through the signing of a law agreement to binding both parties in the contract.
The money is then remitted to the bank account details that the applicant forwarded prior and the student is now free to commence his/her higher education abroad.
Prodigy, therefore, comes across as a highly recommended lending partner for students seeking higher education abroad and thus all aspiring candidates are encouraged to apply.
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