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$7,000
Max. Loan Amount
Up to 35.99%
APR
Product Name | Transform Credit personal loans |
---|---|
Min. Loan Amount | $3,100 |
Max. Loan Amount | $7,000 |
APR | Up to 35.99% |
Interest Rate Type | Fixed |
Loan Term | 3 to 5 years |
Turnaround Time | 1 business day |
Review by
Kathryn Pomroy was a writer for Finder, specializing in loans. She has written for dozens of major publications, small businesses and many well-known personal finance companies, including LendingTree, Money Crashers, Quickbooks/Intuit, BankRate, LendEDU and more. Kathryn holds a BA in Journalism and drinks super bold coffee while eating peanut butter and honey toast.
As long as you have an eligible cosigner, you can potentially qualify for a personal loan with Transform Credit — even if you have poor or no credit. Loan amounts are capped at $7,000, which is relatively low compared to other lenders out there. While it doesn’t charge any fees, interest rates can also run high — with a maximum APR of 35.99%.
Having no or poor credit usually means getting stuck with short-term loan options, but Transform Credit provides terms up to five years. However, even with a cosigner, all loans are subject to credit history and underwriting approval. And it only works with borrowers who live in Georgia or Utah.
Outside of Transform Credit’s footprint or not sure it’s for you? Check out these loans from other reputable providers.
Transform Credit doesn't charge any fees. However, interest rates are high — up to 35.99%. And if you fail to make your loan payments on time, your cosigner will be on the hook for them.
You can use our monthly payment calculator below to see how different loan amounts, rates and terms will affect how much you pay each month.
Fill out the form and click on “Calculate” to see your estimated monthly payment.
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You'll first have to fill out an application on Transform Credit's website. After that, a link to the application is sent to your cosigner, who will need to provide their Social Security number and debit card details. They also need to log in to their online bank account to let Transform Credit access their account statements.
There's no minimum credit score for you to apply since all loans are based on the credit history of your cosigner. If your cosigner only has a fair credit score, you'll likely get stuck with a higher interest rate. But if they have excellent credit, you’ll likely qualify for a much lower rate.
You need to meet the following requirements at a minimum to qualify for a personal loan through Transform Credit:
Transform Credit also requires your cosigner to meet the following criteria:
As the borrower, you need to provide your:
From a link sent to your cosigner via text or email, your cosigner must provide their:
Yes, Transform Credit is a legit lender. When you apply for a loan, it provides you with a notice describing its privacy policies and how it uses your information. It also uses encryption to protect any information you and your cosigner submit during the online application.
BBB accredited | No |
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BBB rating | A+ |
BBB customer reviews | 1.44 out of 5 stars, based on 9 customer reviews |
Trustpilot score | 4.1 out of 5 stars, based on 159 customer reviews |
Customer reviews verified as of | 12 October 2020 |
Transform Credit receives only a few mixed reviews as of June 2020. While several customers praise the lender’s customer service team, others report issues with their payments being debited from their cosigner’s account rather than their own and long wait times.
Given its small service footprint, it makes sense that Transform Credit doesn't have as many customer reviews as larger lenders. Because there are so few reviews, you may want to weigh other factors more heavily when comparing it.
Transform Credit has a short online application for borrowers. To apply, follow these steps:
Transform Credit sends the application directly to your cosigner via a link in a text or email. Your cosigner will need to log in to their online banking account and allow Transform Credit to access their bank statements.
Transform Credit will let you know how much you qualify for after it confirms your cosigner’s information and credit score. If approved, Transform Credit will deposit your funds into your cosigner’s bank account in as little as one business day.
Monthly payments will be outlined in your loan agreement. If Transform Credit doesn't receive your payment on the due date, it collects the payment from your cosigner. If you don’t think you'll be able to pay, contact customer service right away to discuss your options.
Not sure about Transform Credit? Check outother companies offering personal loans for bad credit.