Our aim is to give everyone a second chance. Maybe you’ve made some mistakes in the past that have hurt your credit score or you simply don’t have any credit history at all. In fact, you probably found us after being declined for a loan somewhere else.

The good news is that almost anyone can be approved for a Transform Credit loan.

All that we require is that our borrower is

  • At least 18 years old
  • Not in the process of declaring bankruptcy
  • Able to afford the monthly repayments

There is no credit score minimum to apply. We’re able to lend to you when others can’t because our loans are based on trust. If your cosigner trusts you to make your repayments on time, then we can trust you, too.

As long as they meet our cosigner criteria, you could ask anyone to cosign your loan, whether that’s a family member, friend, work colleague, or neighbor.

Your cosigner must be:

1. At least 18 years old

2. A homeowner with a credit score of at least 600 OR a non-homeowner with a credit score of at least 700

3. Able to afford, and agree to make, the loan repayments if you are unable to make them yourself

4. Financially independent from you - e.g. does not share a bank account or credit card

Unlike banks, we base our lending decision on trust, not your credit score. If you have a qualified cosigner who can guarantee your loan, that’s a good sign to us that someone trusts you and that we should, too. Asking you to provide a cosigner means that you have access to the ‘good credit score’ interest rate loan you deserve. Without a cosigner, our loans wouldn’t be possible.

It is important that the cosigner fills out their application because we need the information provided on their application to be as accurate as possible. This is why we send the application directly to the cosigner. In fact, it is considered fraudulent for someone else to fill out the application on behalf of your cosigner.

The cosigner must use the link we send via text/email to complete their application by providing their social security number. They will then need to provide bank account and debit card details. Additionally, they will need to log into their online banking account to allow us to access their bank statements. We use this information to verify their identity and to protect them against fraud. We use a third party service to do this securely. Please click the link if you would like additional information on this service.

We also contact your cosigner by phone to confirm the details of the loan, tomake sure they understand that they are responsible for the loan repayments and agree to pay if you don’t.

Being a cosigner is actually pretty easy. For the most part, the cosigner shouldn’t need to do anything once your loan is paid out. A person should only become a cosigner on a loan if they trust you to make your repayments on time.

However, if you do miss a payment, we will attempt to collect from your secondary payment method. If this fails, we will collect the payment from the cosigner. This ensures that the account keeps running smoothly until you are able to resume making payments. Please remember that if you stop making payments, the cosigner becomes solely responsible for each repayment until the loan is completed. This is why our cosigner application process focuses on making sure that they understand their responsibilities and are willing and able to make payments on your behalf if something goes wrong.

We pay the money into the cosigner’s bank account to protect them from fraud and to make sure they are aware of the loan. Your cosigner can then transfer the money to you in whichever manner is most convenient for both of you.

There are several reasons why we’re unable to accept someone as a cosigner. The most common reason is that their credit score doesn’t meet our criteria. If your cosigner is a homeowner, they must have a credit score of at least 600. If they do not own their own home, they must have a credit score of at least 700. By looking at their credit score, it allows us to see whether they’ve kept up with their own bills in the past. This will help us decide if they would make a good cosigner.

Other reasons your cosigner may have been declined include:

  • If they are not financially independent from you - e.g. share a bank account or credit card
  • If they aren’t 18 years or older
  • If they’re already a borrower or cosigner on another loan with us

However, don’t worry if your cosigner has been declined. We should still be able to help you get the money you need. You just need to find another cosigner for your loan. Once they’ve completed their application, we’ll check that your new cosigner meets our criteria and will arrange paying out the loan once they are approved.

We aim to pay out every loan within 24 hours of the cosigner being accepted. If your cosigner is a homeowner, we are usually able to process their application faster.

Some things that could slow your application down are:

  • If we’re not able to speak to your cosigner when we call. We must speak with your cosigner to confirm they are aware of their responsibilities and that they are willing and able to make your repayments if you don’t.
  • You’ve applied over a public holiday or weekend. We’ll process your application as soon as we’re back in the office.
  • We need additional information from you, like proof of ID or a different bank statement.

It is important to make your payments in full and on time each month. This is your contractual agreement and missing payments may damage your credit rating.

If we don’t receive your payment on it’s due date, we will collect the payment from your cosigner, in line with their agreement.

If you don’t think you will be able to pay us on time, please contact our team on