Personal loans from Transform Credit are designed for applicants with poor or no credit history who wish to borrow up to $7,000 with a cosigner. Its cosigner policy makes it ideal for individuals who want to improve their credit and have a relative or friend with outstanding credit willing to vouch for them.
Transform Credit’s utmost APR is 35.99%, in contrast to installment and payday lenders who charge up to 300% or more. This makes it a more manageable option for debtors with poor credit who are frequently forced to pay exorbitant interest rates or fees because they are ineligible for other personal loans.
However, in order to obtain a loan from Transform Credit, your cosigner must have a minimum score of 750. Additionally, Transform Credit loans are restricted to a small number of states. In addition, the company has a Better Business Bureau (BBB) alert for a pattern of customer complaints, despite the fact that many customers like it.
Best for: borrowers with poor credit who have a cosigner with outstanding credit.
Pros
- Borrowers with poor credit may qualify.
- The maximum rate is a relatively low 35.99%.
- Less expensive than payday and installment loans.
- There is no prepayment fee.
Cons
- Cosigner must have a credit score of at least 750.
- This product is exclusive to the states of California, Georgia, Idaho, Illinois, New Hampshire, Oregon, South Dakota, Utah, and Wisconsin.
- Numerous consumer complaints on the Better Business Bureau website.
What is Transform Credit best for?
Transform Credit best for poor-credit borrowers looking to improve their credit rating by responsibly paying back their loan. It may particularly appeal to young people who need funds to establish themselves and have a parent willing to cosign.
But if you can’t repay the loan, your cosigner will be on the hook for your payments. Because of this, it’s important to make sure your cosigner agrees to help you before you submit their name on your application — as their credit score will drop by a few points.
What makes Transform Credit shine
Transform Credit stands out for its maximum APR of 35.99%, which is much lower than what you’d pay with a short-term installment loan or a payday loan that typically carries rates in the triple digits. The company also gets high marks from customers on Trustpilot, who praise its smooth processes and professional customer service.
Where Transform Credit falls short
While many customers give Transform Credit positive reviews online, the company currently has a BBB alert for a pattern of complaints. The complaints mention loan approvals without submitting an application — indicating fraud — and cosigners having hard credit checks performed without their consent.
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It appears that applicants can name a cosigner without the cosigner knowing that their credit is being checked. And service can be lacking, too. If you’re not an active customer, you must leave a message and wait for a call back, sometimes over 48 hours.
Transform Credit loan details
| Minimum credit score/credit range | Cosigner must have a minimum credit score of 750 |
| APR | Up to 35.99% |
| Loan amounts | Up to $7,000 |
| Terms | 24 to 60 months |
| Approval turnaround | As fast as 24 hours |
| Availability | California, Georgia, Idaho, Illinois, New Hampshire, Oregon, South Dakota, Utah, Wisconsin |
| Fees |
|
| Other fees | Not stated |
FAQ
What credit score do you need for transform credit?
Transform Credit doesn’t have a minimum credit score requirement because all loans are based on the credit background of your cosigner. But in order to help you get a loan, your cosigner must have a credit score of at least 750.
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What is transform credit on cash App?
Transform Credit Builder is a loan tool that makes building your credit score simple and easy. As part of your deal with Transform Credit Builder, we report each payment you make to the credit bureaus. Each time you make a payment on time and it shows up on your credit report, it could help build your credit score.
How fast does transform credit pay?
Every loan is paid off by Transform Credit within 24 hours of the cosigner being approved. If you and your cosigner fill out the application online and all the checks go well, we could give you the money faster.
Does transform credit require a cosigner?
Transform Credit is a company that gives out cosigner loans. This means that all of our customers must have a cosigner for us to give them a loan. Even if you have bad credit, a cosigner is a great sign that someone else trusts you and that we should too. If the borrower doesn’t pay back the money, it’s the cosigner’s job to do so.
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