Simplifying Terms

It is vital that you understand our terms and conditions. It's our responsibility to make sure that you know what we mean at all times, so we do everything we can to communicate in plain english wherever we can. We don't use financial terms and industry jargon unless we absolutely have to. To help as much as we can, we have picked out some of the most important parts of our product, just so you don't miss anything.

You can access example documents here and key policies here:

Let's take a look at some of the key terms below in clear English. We'll go through the stuff we think you'd really like to know about:

Keeping your data safe is a responsibility that we take very seriously.

When you apply for a loan with us, you enter bits of your personal information onto our website.

All this information is only ever used for the primary reason you gave it to us; to see if we can offer you a loan.

Your information is always looked after and members of the team at Tranform Credit can only see the information that is required for them to be able to do their job.

If you have further questions about data then you can read more in our privacy policy.

When your loan is approved we transfer the money to the cosigners bank account. We do this to make sure that the cosigner isn't a victim of identity fraud.

The cosigner then needs to pass the money onto the borrower.

We only do this as a way of looking out for the cosigner - there's no other reason.

We have a very open and fair policy when it comes to "changing your mind"

If, at any point, after we lend you the money you change your mind and don't want the loan anymore, we completely understand. All you have to do is pay back the total amount outstanding and we will close the account. There are NO additional fees, early settlement payments or charges for clearing your loan.

There's also the fact that we calculate interest on a daily basis - which means the faster you pay your loan back the cheaper it will be for you. You will only ever pay for the time you have the loan. Simple.

And if you change your mind immediately, then you can just send the money straight back at no extra cost.

We love open communication and think it's super important. So we'll stay in touch with you over the lifetime of your loan.

We'll remind you of your monthly repayments before they're due and we'll tell you (if you want us to) about new things we've added to the app or website that could make managing your loan more simple.

If things go wrong we'll get in touch immediately and work with you to find a way to bring the account up to date as soon as possible.

Whatever we are contacting you about, you can be sure that we'll always stick to our customer promises.

Your monthly repayments will be made by automatic debit card payments, just like with online music or TV streaming services.

We do this to keep it super simple.

If you ever have a problem with your card (like losing it) then you can always pay securely via bank transfer from your online account.

When you enter your debit card information onto our website, a few things happen:

  • 1) You give us permission to use your card for the monthly loan installments. These will of course always be in line with our agreement with you.
  • 2) You confirm that you have permission to use the card you give us.
  • 3) Transform Credit never saves your card details, we pass them immediately to a specialist card processing company who have the highest level of card encryption and security.

If, at any point, you want us to remove a card from our records then we're happy to do so. We'll just need the details of a new card for your monthly loan payments.

Check out our common questions if you want more information.

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