Questions and Answers

Find the answers to the most common questions, if you still need help then just get in touch

Most Common FAQs

What is a cosigner?

A cosigner is a friend or a family member who knows you (the borrower) and trusts that it is a good idea for you to borrow money. Your cosigner vouches that you can and will comply with the monthly payments on your loan. If for any reason you do not pay, then it is very important that your cosigner understands that they will have to pay. If we have not received the monthly payment by one full day after it's due date, we will collect the money from your cosigner.

The cosigner signs a legally binding contract with us, so it is a serious responsibility.

If you want to read more about cosigners, take a look here:

Cosigner Guide

Should I say yes to being a cosigner?
How long does it take to get my loan?

We will always do everything we can to make sure your loan is paid out as quickly as possible.

We aim to pay out every loan within 24 hours of the cosigner being accepted. If you and your cosigner complete the application online and all checks are completed without issue, we could get the money to you sooner.

When both you and your cosigner have signed the online agreement, we will review your application and let you know if there is anything else we need. We'll always let you know when we can pay out your loan.

A couple of things that could slow your application down are:

1. If we're not able to get hold of your cosigner when we try to contact them.

2. You've applied over weekend, in which case we'll process your application as soon as we're back in the office.

If you have an application with us and want to check your status click here.

Can I get a loan without a cosigner?

Transform Credit is a cosigner loan provider; all of our customers must have a cosigner for us to lend to them. A cosigner is a great sign to us that someone trusts you and that we should too, no matter what your credit history!

A cosigner's responsibility is to make the loan repayments if the borrower does not.

A suitable cosigner is someone who is aged 18-80, has a good credit history with no trouble paying bills in the past, and who can afford to make the monthly payments if you don't.

Which states does Transform Credit lend in?

You're able to borrow from Transform Credit as long as you live in one of the following states: Georgia, Utah, Winsconsin, California, Idaho, Oregon, South Dakota, Illinois or New Hampshire

Your cosigner can live in any state in the US.

Does it matter which state my cosigner is from?

It does not matter which state your cosigner is from - they can live in any state in the USA.

You just need to make sure your cosigner has a credit score of more than 650 and a good history of paying their bills on time. Homeowners are much more likely to be approved.

Can I get a loan even if I have a bad credit score?

A bad credit score is part of your history. It tells us something about what has happened in the past.

We do not judge you on your past. All that matters to us is that you can afford the monthly loan repayments and have a suitable cosigner who trusts you and will support your application.

What will you ask my cosigner?

We've made our loan process as simple and stress-free as possible for both you and your cosigner. Once you've completed our five minute application, we'll give you a link for your cosigner so they can complete their part.

Your cosigner will be asked to complete a simple online application. This will cover their personal details, contact information and monthly income so we can work out if they would be suitable to make payments if they ever did need to step in.

We also ask your cosigner for their payment and banking information. This is so we can transfer them money to them (to prevent fraud) when the loan has been approved and so we can collect money from them if the borrower ever fails to pay.

When your cosigner has done this, we will review your application to check we have all we need, and arrange paying out the loan.

Why was my cosigner declined?

Don't worry if your cosigner has been declined - the most important thing is we've already accepted your application and want to help you get the money you need.

You just need to find someone else to be your cosigner instead. As soon as you've found someone new, we'll check that the payments are affordable for you both and will then arrange paying out the loan.

If someone is a cosigner, it will be up to them to make the loan payments if you did not.

By looking at their credit history, it allows us to see if they've kept up with their own bills in the past. This helps us to decide if they would be a suitable cosigner.

  • A credit score of more than 650
  • A good history of paying their bills on time
How do I make a repayment or settle my loan?

We do everything we can to make repaying your loan simple and stress free.

When you apply with us, you provide us with your card information. We'll use that information to automatically collect your repayments on the due date you've selected.

If you want to make additional payments (which will make the loan cheaper!) then you can do that anytime via your online payments page

What if I can't pay?

If for any reason you can't pay, you need to contact us so we can discuss it. If your payment is not received on the due date you selected, we will notify both you and your cosigner as soon as we are aware.

We'll always try to come to a resolution with you first. However, if we're unable to do this, we'll let your cosigner know and attempt payment from them to bring the account up to date.

We'll only ever ask your cosigner to pay in line with their agreement and in the best interests of you both. Doing so helps prevent any negative implications of the account remaining behind, such as the arrears increasing and the loan term extending.

Cosigners have the option to make as many payments towards the loan whenever they wish. They also have to option to become the primary payer on the account if they wanted to make the regular monthly payments on behalf of the borrower.

Borrowers

What are the borrower criteria?

At Transform Credit, we don’t judge you based on your past and how you have handled money earlier in your life. We believe everyone deserves fair and honest credit.

Therefore, all we require is that our borrowers are US residents, aged 18-80 and able to comfortably afford the repayments on their chosen loans.

You will also need a friend or family member who trusts you to be your cosigner. If your friends and family members trust you, then we do too.

Can I live at the same address as my cosigner?

You can live at the same address as your cosigner, as long as they have a credit score of more than 650 and a good history of paying their bills on time. Of course, they must be able to make the monthly payments if you don't. You should also remember that cosigners who own their own home (not tenants) are much more likely to be accepted.

However, if you and your cosigner have shared finance and income, we need to be sure that this loan wouldn't put either of you under any financial strain when making repayments on the loan, and make sure that neither of you have had trouble paying bills in the past.

Can I get a loan if I live outside the US?

At the moment, Transform Credit only offers loans to people who live in the United States. This is because different countries have different rules on lending.

How do I know if I'll be accepted?

As long as you're aged 18-80 and can afford the loan repayments – we could accept you.

How do I see my loan agreement?

Once you have signed your loan agreement online we will send you a copy via encrypted email. We will also store a copy of your agreement in our system, which you can request access to at anytime should you need it. Just send us an email!

Requesting a copy of your loan agreement

We are happy to send you a copy of your credit agreement by email, free of charge. Just Contact Us

Do I have to be employed?

No, you don't have to be employed. But you do need to demonstrate that you can afford to repay the loan without putting yourself under financial pressure. So you need an income of some type. You will of course also need your cosigner.

How much can I borrow?

We offer loans of 3000 to $7,000 over 3 - 5 years.

Your cosigner will also need to be in a position to afford the repayments (in case they ever need to cover the monthly repayment for you) so remember to make sure that the loan amount fits into their financial situation too.

How do I change my payment date?

You can change your payment date when you log in online to your account or use our mobile application.

If you're having trouble, then you can always contact us and we'll be happy to help.

Before you change your payment date, there's a few rules that you should be aware of.

  • You can't move the date of your first payment. It will be the date you selected when you applied.
  • No date changes can take place if you're behind on your payments.
  • You need to make the change at least 5 days before your next payment is due.
  • You can only change your payment date once in any 2 month period.

Cosigners

How long until my cosigner is contacted about my missed payment?

If your payment is not received on the due date, we will notify both you and your cosigner immediately. We will then need to talk to you so you can make the payment to bring the repayments up to date.

If we're unable to come to a resolution we will let your cosigner know and attempt payment from them the next day. This prevents the account from falling further behind, the arrears increasing and the loan term extending. We'll only ever ask your cosigner to pay in line with their agreement and in the best interests of you both.

Does my cosigner have to be a homeowner?

No, your cosigner does not need to be a homeowner - however homeowner cosigners are more likely to be accepted.

A suitable cosigner is someone who has a credit score of more than 650 and a strong history of paying their bills on time. Of course they must be able to afford the monthly repayment if for any reason you don't make them.

Can a cosigner get a loan for themselves?

If you're cosigner on a loan with Transform Credit, then you won't be able to take out a loan from us. You can only be involved in one Transform Credit loan at a time, either as a borrower or as a cosigner.

When the loan has been paid back on time and in full, then you are more than welcome to apply for a loan with us.

Why do you have to take bank details for my cosigner?

We do this for 3 reasons.

1. Payment details form part of our ID checks and help prevent your cosigner from being a victim of fraud.

2. When we approve your loan we pay it into the cosigners bank account for them to transfer it to you. This is so there is also to prevent fraud and makes sure your cosigner is fully aware of their responsibility.

3. If the borrower misses a payment we will contact the cosigner and ask them to pay. Therefore it is really important that the cosigner keeps their card details updated so we can keep the account up-to-date at all times.

Can I change my cosigner?

If your loan has not yet been paid out then you can change your cosigner - just contact us and we will sort it out.

Once you have received your loan you can only change your cosigner by repaying your current loan in full and then applying for a new loan with a new cosigner.

Why is the loan paid out to my cosigner's bank account?

We pay the money into the cosigner's bank account to protect them against fraud. This way we can make sure they're aware of the loan.

Your cosigner can then either transfer the money to you, or withdraw the funds for you as cash.

Should I be a cosigner?

Being a cosigner is a serious commitment, so it's important that you think about all the responsibilities and come to the right decision.

  • Do you trust that the borrower plans on paying the monthly installments on the loan?
  • Do you trust that the borrower can actually afford the monthly installments?
  • If for some reason the borrower can't (or won't) pay the monthly installments, are you prepared to do it? Can you afford it?
  • Do you understand that you'll be responsible for repaying the loan if for some reason the borrower doesn't?
  • Do you understand that if the loan isn't repaid on time, there will be serious consequences for both you and the borrower: we'll pass the case onto debt collection, which means that you'll have to repay the entire loan amount at once. Your credit score will also be negatively affected, which will make it very difficult for you to borrow in the future.
  • It sounds like you know the borrower really well and trust them. You want to support your friend in their loan application, and that is also a great thing to help with - as long as you are safe.

If you can answer 'YES' to all the questions:

It sounds like you know the borrower really well and trust them. You want to support your friend in their loan application, and that is also a great thing to help with - as long as you are safe.

If you can answer 'NO' to one or more of the questions:

Then you should not be a cosigner this time.

For more information check out our Cosigner Responsibility article.

Can my partner or a family member be my cosigner?

Yes, but if you have shared finance, we need to be extra sure that having this loan wouldn't put either of you under any financial strain, and that you haven't had any problems paying bills in the past.

If you and your partner don't have shared finance, then the normal rules apply and we can accept them as long as they meet our criteria.

A suitable cosigner is someone who has a credit score of 650 or more and a strong history of paying their bills on time. They must be able to afford the monthly repayments if you do not make them. Additionally, homeowners (not tenants) are much more likely to be approved.

Can I use a cosigner from outside of U.S?

Your cosigner must live in the U.S.

How does my cosigner sign the forms?

After you have signed your agreement form, we will text and email you a link to give to your cosigner.

They can follow this link to fill in their details and sign the agreement form online.

Why is the cosigner contacted directly?

We contact the cosigner directly so that we can be sure they understand their responsibilities as a cosigner.

The cosigner will have to pay the loan back if the borrower doesn't, so it's important they can afford the monthly payments as well as having enough money to live their normal life.

Will you credit check the cosigner?

We will look at the cosigners credit file to make sure that they are financially stable and haven't had trouble paying back their bills in the past.

How do I stop being a cosigner?

You can change your mind about being a cosigner any time before the money is paid out by contacting us.

If you change your mind before you pay any money to the borrower, you can pay us the full loan amount back, plus any interest accrued, to close the account. Once you have given the money to the borrower, if you wanted to stop being cosigner, you would have to repay the loan in full with any accrued interest, or wait until the loan is settled by the borrower.

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Will this be secured against the cosigner's home?

The loan is not secured against the cosigner's home.

Can a cosigner be self employed?

A suitable cosigner is someone who has a credit score of 650 or more and a strong history of paying their bills on time. Cosigners who own their own home (not tenants) are much more likely to be accepted.

The cosigner will have to pay the loan back if the borrower doesn't, so they must be able to afford the monthly payments and still have enough money to live their normal life.

What if my cosigner can't pay?

Before we pay out any loans, we run a number of checks on you and your cosigner. We do this to make sure both of you can comfortably afford to repay the loan. We also ask you both to confirm to us that this is the case.

However, sometimes things happen - and we understand that.

If neither of you can keep your promise and make the repayments, then you need to contact us immediately.

We'll need to understand why you're unable to pay and we‘ll then try to find a solution together.

If, however, you're still unable to bring the account up to date, then further action will be taken.

Who can be my cosigner?

A cosigner needs to be someone who knows you well and trusts you.

They need to have a good history of paying their bills on time. A cosigner who owns their own house has a better chance of being accepted.

Many customers choose to ask a friend or a family member, because they’re their closets relationships, but there are many other options. It could be a neighbour, colleague, boss or someone else, who is willing to sign the loan agreement with you. The most important thing is that they understand their responsibilities and trust that you’re going to make your loan repayments on time and in full - because if you don’t, they’ll have to.

Remember, your cosigner needs to:

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  • A credit score of more than 650
  • A good history of paying their bills on time
  • Have a good history of paying their bills on time
What will you ask my cosigner?

We've made our loan process as simple and stress-free as possible for both you and your cosigner. Once you've completed our five minute application, we'll give you a link for your cosigner so they can complete their part.

Your cosigner will be asked to complete a simple online application. This will cover their personal details, contact information and monthly income so we can work out if they would be suitable to make payments if they ever did need to step in.

We also ask your cosigner for their payment and banking information. This is so we can transfer them money to them (to prevent fraud) when the loan has been approved and so we can collect money from them if the borrower ever fails to pay.

When your cosigner has done this, we will review your application to check we have all we need, and arrange paying out the loan.

What is the cosigner process?

Before signing up to be a cosigner, fully read the terms and conditions to make sure you're happy with how the loan works. Once we receive a signed application from a cosigner, we'll check that they haven't had any trouble paying bills in the past. As part of the cosigner application, we make sure they understand their responsibilities as cosigner and that they can afford to make payments to the loan if the borrower doesn't.

We pay the loan out into the cosigner's bank account, not the borrower's. We do this to protect against fraud and ensure the cosigner is aware the loan has been paid out. The cosigner can either transfer it to the borrower or give them the cash. After the loan has been paid out, we will keep the cosigner up-to-date with statements so they can see the repayments being made.

If the borrower misses their payment date, we will notify both the borrower and cosigner immediately. If the borrower is not able to bring the account up to date then we will attempt to collect the payment from the cosigner.

How do I find a cosigner?

Our cosigner loans are based on an old-fashioned idea of trust. We don't like to judge people on their credit score because we feel this is sometimes an unfair judgment of character.

So instead we lend on the basis of trust. If you can find someone who trusts you enough to be your cosigner and you can both afford the monthly repayments, then we'll trust you too.

A suitable cosigner is someone who has a credit score of 650 or more and a strong history of paying their bills on time. They must be able to afford the monthly repayments if you do not make them. Remember - homeowners (not tenants) are much more likely to be accepted.

Why was my cosigner declined?

Don't worry if your cosigner has been declined - the most important thing is we've already accepted your application and want to help you get the money you need.

You just need to find someone else to be your cosigner instead. As soon as you've found someone new, we'll check that the payments are affordable for you both and will then arrange paying out the loan.

There are a few reasons why we're unable to accept someone as a cosigner, but the most common is if they have had negative credit in the past and so don't meet our criteria.

If someone is a cosigner, it will be up to them to make the loan payments if you did not. By looking at their credit history, it allows us to see if they've kept up with their own bills in the past. This helps us to decide if they would be a suitable cosigner. A good cosigner has:

  • A credit score of more than 650
  • A good history of paying their bills on time
  • Homeowners (not tenants) are more likely to be accepted
What are the cosigner's responsibilities?

A coisgner's responsibility is to make loan payments if the borrower doesn't.

We'll only ever ask the cosigner to pay in line with their agreement and in the best interests of both the borrower and cosigner. Doing so helps prevent any negative implications of the account remaining behind, such as the arrears increasing and the loan term extending.

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What is a cosigner?

A cosigner is a friend or a family member who knows you (the borrower) and trusts that it is a good idea for you to borrow money. Your cosigner vouches that you can and will comply with the monthly payments on your loan. If for any reason you do not pay, then it is very important that your cosigner understands that they will have to pay. If we have not received the monthly payment by one full day after it's due date, we will collect the money from your cosigner.

The cosigner signs a legally binding contract with us, so it is a serious responsibility.

If you want to read more about cosigners, take a look here:

Cosigner Guide

Should I say yes to being a cosigner?
How do I send you my bank statements?

As part of our checks, we might as you to send us your bank statements. It's important that your full name and address is printed on the statement and it must cover today's date, going back 60 days.

Here's a guide to help you with this:

1) Log into your online bank. If you haven't got online banking, see bottom of this page.

2) When you've logged on, find and select your main account/salary account. (It needs to be the account where you receive your monthly income and have the most activity on)

3) The period needs to be adjusted. This is done in the middle of the screen, so it covers today's date and goes back 60 days.

4) Press the little printer icon on the screen, this can often be found in the top right corner. This lets you save the bank statements as a PDF-file. Just press the button "shift" which can be found to the right of "destination".

5) Save the PDF-file on the desktop (so it's easy to find again).

6) When the PDF-file has been saved, you can attach it to an email and send it to hello@transform-credit.com. Make sure you put a reference in the email, so we know it's from you.

7) If you can't save the file as a PDF, then you can take pictures.

8) Send your bank statements to hello@transform-credit.com and we'll add them to your application. It's safe and secure.

If you don't have online banking, then you can contact your bank, so they can send the bank statements directly to you. Afterwards you can forward them to us.

Payments

Who makes the monthly payments?

The borrower is expected to make the monthly payments. However, If we don't receive payment from the borrower, we'll ask the cosigner to pay.

We'll only ever ask your cosigner to pay in line with their agreement and in the best interests of you both. Doing so helps prevent any negative implications of the account remaining behind, such as the arrears increasing and the loan term extending.

Cosigner have the option to make as many payments towards the loan whenever they wish. They also have to option to become the primary payer on the account if they wanted to make the regular monthly payments on behalf of the borrower.

Can I take a payment break?

We do not offer payment breaks.

Can I make extra payments?

Yes - you can choose to make extra payments at any time through our online payment portal.

Our interest is calculated daily, so any additional payment could save you money in the long run. We recommend all of our customers pay as much as they can afford.

Can I make a smaller monthly payment?

You canot make a smaller monthly payment.

It is important that payments are made in full and on time each month, as this is our contractual agreement and it could help build your credit rating. If you can't pay then we will ask your cosigner to make the payments as agreed.

What happens when a payment fails?

If your payment fails we will notify both you and your cosigner as soon as we are aware.

If we aren't able to collect payment, we will try to come to a resolution with you first. If we are unable to do this we will attempt to collect payment from your cosigner.

Why is the loan paid out to my cosigner's bank account?

We pay the money into the cosigner's bank account to protect them against fraud. This way we can make sure they're aware of the loan.

Your cosigner can then either transfer the money to you, or withdraw the funds for you as cash.

Can I pay early?

Yes, you can make your payments before your selected due date and there is no cost for doing so.

What are the different ways I can pay you?

There are a number if different ways you can make a payment to us.

1) Your normal monthly repayment will be collected automatically from the card you have provided us. You will be sent a reminder prior to your payment date to make sure you are always kept informed about repayments and stay on track.

2) You can always make payments via our website's online payment online payments service.

Other

Can I print my forms or documents?

Of course. At the initial application stage, we'll email you a copy of the pre-contract information, and the Terms and Conditions.

When the loan is paid out, you will get a copy of the signed Agreement, Terms and Conditions, and confirmation of the loan having been paid out.

How will you appear on my bank statement?

We will show up on your bank statement as Transform Credit

Why is your interest so high?

Like anything, it depends what you're comparing us to and how you use it. Our loans are more expensive than bank loans, but unlike banks, we charge no fees at all. Since our interest is calculated daily, a lot of our borrowers take advantage of this and choose to pay off their loan early.

Q66-A2

Q66-A3

Are the loans safe & secure?

Yes, the personal data we collect during the application process is only used to work out if you and your cosigner are eligible for the loan and the bank details are taken in order to pay back the loan amount over the period of time selected. All the legalities and contract information of the loan for you and your cosigner are disclosed during the application process.

Update on my application

Thank you so much for applying with us.

We will review your application as soon as possible and get in touch with you via email and SMS to make sure you are kept updated and informed.

If we need anything else then we will be in touch and we hope to approve your loan really soon.

To find out the current status of your application, click here.

How long do you take to reply?

Nothing is more important to us than making sure our customers have all the information and answers they need. So when you get in touch we do everything we can to get back to you as soon as possible.

We are ALWAYS working on improving this - and will always do everything we can to get you what you need.

If you are waiting for a reply from us, trust us that we will be in touch soon and thank you for your patience.

How do I cancel my application?

We understand that things change and you might decide you want to cancel your application with us.

You can cancel your application at any point before the loan is paid out.

This can be done easily online by clicking here.

We are checking your information. Please be patient.