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  Transform Credit Personal Loans
Transform Credit Personal Loans
in Personal Loans from Transform Credit Inc
Claimed

Transform Credit Personal Loans

Claimed
in Personal Loans from Transform Credit Inc
SuperMoney Net Recommendation Score -5  

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -5, equating to 2.9 on a 5 point rating scale.

-5

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Mostly not recommended

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Highlights
Community Rating Mostly not recommended
APR  (Fixed APR) 35.99%
(Verified 11/09/2023)
Loan Amount $3,100 - $7,000
Loan Term (Months) 12 - 60 months
Number of Reviews 19

Transform Credit Personal Loans Review

Transform Credit Personal Loans is offered by Transform Credit Inc, a direct lender founded in 2018 and based in Chicago, IL. Transform Credit are available in 9 states across the USA.

Key Takeaways

  • APRs starting at 35.99%. Personal loan interest rates typically range between 5% and 36%. The starting rates for Transform Credit Personal Loans are on the higher end of the spectrum.
  • Fast access to funds. If approved, you can sometimes get your money within 1 business day*.
  • Strongly recommended. 9 out of 19 SuperMoney community members recommended Transform Credit Personal Loans.
  • No origination fee. Transform Credit Personal Loans does not charge a loan origination fee.
  • Cosigner applications accepted. Applying for Transform Credit Personal Loans with a cosigner can improve your chances of approval and help you qualify for lower interest rates.

Transform Credit Pros & Cons

Pros Cons
  • $0 prepayment fee.
  • Loan options with $0 origination fee.
  • Funding available within 1 business day.
  • Cosigners accepted.
  • APRs as high as 35.99%.
  • Does not offer pre-approval with soft credit pull.
  • Charges a late fee

Transform Credit FAQ

What interest rates and personal loan terms does Transform Credit offer?

Transform Credit has higher than average interest rates for lenders reviewed on SuperMoney.

What interest rates does Transform Credit offer?

Transform Credit offers a fixed APR personal loan product of 35.99%.

How much can you borrow via Transform Credit?

Personal loan amounts start at $3,100and go up to $7,000

What is the maximum loan term you can get with Transform Credit?

Transform Credit offers loans with terms of up to 60 months.

Transform Credit Interest Rates & Loan Terms
Personal Loan Amount $3100 - $7000
Loan Term 12 - 60 months
APR 35.99%

What fees does Transform Credit charge?

Does Transform Credit charge an origination fee?

Transform Credit does not charge a personal loan origination fee.

A personal loan origination fee is what some lenders charge for processing, underwriting, and funding a personal loan. Typically origination fees range from 0.5% to 5% of the personal loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does Transform Credit charge a late fee?

No, Transform Credit will not charge you a late fee if you miss one of the monthly payments.

Does Transform Credit charge prepayment fees?

No, Transform Credit does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.

Transform Credit Fees
Origination Fee No
Prepayment Fee No
Late Payment Fee No

What do you need to qualify for Transform Credit Personal Loans?

Transform Credit Personal Loans does not require a minimum credit score, the borrower can have any credit score. However, borrowers must have a co-signer that is willing to make payments if they dont pay. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Transform Credit Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. Transform Credit Personal Loans will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Transform Credit Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Transform Credit Personal Loans.

To qualify, applicants may need to provide the following documentation:

  • Driver's license
Transform Credit Eligibility Criteria
Minimum Age 18
Bank Account Required? No
Application Types Accepted
  • Cosigners
Credit Score N/A

What is the estimated funding time for a personal loan via Transform Credit?

Transform Credit will typically provide a credit approval decision in less than an hour and fund the loan within 1 business day.

Does Transform Credit Personal Loans report your account activity to credit bureaus?

Yes, Transform Credit Personal Loans reports your account activity to the following credit reporting agencies:

  • Experian

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

Are Transform Credit Personal Loans legit?

Transform Credit Personal Loans was founded in 2018. It is an established company with approximately 50 employees that has been in business for 5 years. Transform Credit Personal Loans are mostly not recommended by SuperMoney community users.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Transform Credit

Transform Credit Personal Loans is offered by Transform Credit Inc, a direct lender founded in 2018 and based in Chicago, IL. Transform Credit are available in 9 states across the USA. Most lenders look at your credit history to decide whether you can borrow from them, Transform Credit base their decision on trust, 99% of applicants are approved for a loan. We don't believe computerized credit scores tell us the whole story. So we asked the question: is there any other way to judge whether a person will pay back a loan? And then we introduced a new concept: trust. If you have someone who trusts you enough to cosign to guarantee your loan, we will lend you. Simple really.

Contact

Hours of Operation

  • Sunday Closed
  • Monday 8:00am - 8:00pm
  • Tuesday 8:00am - 8:00pm
  • Wednesday 8:00am - 8:00pm
  • Thursday 8:00am - 8:00pm
  • Friday 8:00am - 8:00pm
  • Saturday Closed

About Transform Credit Personal Loans

Availability

  Available in 9 states
  • California
  • Georgia
  • Idaho
  • Illinois
  • New Hampshire
  • Oregon
  • South Dakota
  • Utah
  • Wisconsin

Feature Breakdown

No Origination Fee
No Prepayment Fee
(Verified 11/09/2023)
Origination Fee ($) $0
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Joint Loan Applications Accepted
  • Cosigner
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Cash
  • 1099 Misc. Income
  • Tax Returns
Verification Documents Required
  • Requires a Cosigner
  • Driver License (or other photo ID)
Approval Speed 0 hours
Credit Bureau Reporting Experian
Customizable Payment Dates
Funding Time Range 1 day
Payment Options
  • Automatic Payments
  • Credit/Debit Card
APR Type Fixed APR
Loan Amount $3,100 - $7,000
APR (Fixed APR) 35.99%
(Verified 11/09/2023)
Loan Term 12 - 60 months

Transform Credit Personal Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -5, equating to 2.9 on a 5 point rating scale.

-5

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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