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Our application process explained

A Transform Credit loan is fast and easy!

The first step is to fill in and sign online our 5 minute registration form. After accepting the notification, we will send a link for the guarantor. The guarantor then fills in and signs his or her part of the application.

The borrower and the guarantor are also asked to complete a simple online form regarding income and monthly expenses. It helps us to make sure that both people will be able to pay off loan installments.

Step two is a short telephone conversation with the borrower and the guarantor, in order to confirm the details and make sure that both parties understand their duties. We try to pay out loans within 48 hours of the approval of the guarantor. The money is paid into the bank account of the guarantor who transfers it to the borrower.

What is the borrowers criteria?

At Transform Credit, we do not judge you based on your credit score.

All we require is that our borrowers are aged 18 and over. The borrower may not be in the process of declaring consumer bankruptcy and must be able to afford the monthly installments.

99.5% of our borrowers who apply for a loan get approved!

Remember, you will also need a friend or family member who agrees to be your guarantor for your loan.

How do I fill out the guarantor part of the application?

Once the borrower has filled out their part of the application, we will send them a link to forward on to their guarantor, where they will fill in basic information about themselves.

As part of our checks before paying out the loan, we look to make sure the guarantor is financially stable and hasn’t had trouble paying back their bills in the past.

We will also have a telephone conversation with the guarantor to make sure they understand their responsibilities and they can afford to make payments to the loan if the borrower doesn't.

Can I get a loan without a guarantor?

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

A guarantor's responsibility is to make the loan repayments if the borrower does not. A suitable guarantor is someone who is aged 18 or over, 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.

Although they do not have to be a homeowner, it may increase the possibility of us accepting them as your guarantor if they do own their own home.

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 guarantor being accepted. If you and your guarantor complete the application online, and all checks are completed without issue, we could get the money to you sooner.

When your guarantor has signed the online agreement and submitted their bank statements, you'll need to give us a quick call so we can check your details and arrange paying out the money. We'll also need to speak with your guarantor before we can finalise everything. We'll always let you know when we can pay out your loan.

Some things that could slow your application down are:

1. If we're not able to speak to your guarantor when we call.

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

3. We need something additional from you like proof of ID or a different bank statement.

How long until my guarantor is contacted about a missed payment?

If your payment is not received on the due date, we will try to resolve the situation by attempting to collect the payment from your secondary payment method the same day. If we are unable to collect the payment, we will collect payment from your guarantor as agreed.

We will always keep both you and your guarantor updated along the way to make sure everyone is aware of the state of the account.

Why is the money paid into the guarantor's account?

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

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

Who can be my guarantor?

A guarantor is someone who trusts you to make your loan payments, and is also happy to make any you do not.

Many customers use a friend or family member, as they tend to know you best, but a guarantor could be anyone. Just to give you an idea, we see neighbours, work colleagues and employers guaranteeing loans, too.

Remember, your guarantor needs to:

  • Be able to afford the loan repayments if the borrower doesn’t pay
  • Be aged 18 or older
  • Have a good credit history e.g. paying your bills on time etc
  • Be a US homeowner, or have a very strong credit history (a homeowner is more likely to be accepted)
What is the guarantor's responsibility?

A guarantor’s responsibility is to make loan payments if the borrower doesn't. This is why we run through an affordability assessment; we want to make sure that the guarantor is able to take on this sort of commitment.

If the borrower goes bankrupt, stops paying or passes away, then the guarantor becomes solely responsible for each monthly repayment until the loan is completed.

However, wherever possible, we will always work with the borrower first and come to an arrangement, before asking a guarantor to pay. We will also inform the guarantor of any arrangements made with the borrower.

When considering if you should be a guarantor, we recommend you ask yourself the following questions:

  • Do you trust this person to make all the payments on time every month?
  • Is the monthly repayment something they can afford?
  • Are you comfortable with making these payments on their behalf should anything go wrong?

If you are comfortable with the guarantor responsibilities, meet the criteria above and trust the borrower, then we will too.

Can I make a late payment?

It is important that payments are made in full and on time each month, as that is our contractual agreement and this could help build your credit rating.

If you don't think you will be able to pay us on time, call us on 470-435-6300, so we can work out what's gone wrong and see if we can come to a reasonable resolution with you.

If your payment is late, we will notify both you and your guarantor as soon as we know, but we will always try and work with you first to bring the account back up to date. If we're unable to do this, or if we can't get hold of you, we'll let your guarantor know and then collect payment from them.

Getting a loan with Transform Credit

Can I make extra payments or settle the loan early?

The most important thing to know about our guarantor loans is that you only pay interest for the time you have the loan, because we calculate our interest daily.

For example, if you borrow $5000 over 36 months but decide to repay the loan in 24 months, you’d only pay interest for those 24 months.

There are no charges for early settlement or for making extra payments, so it is free to make as many extra payments, alongside your set monthly repayments, as you like. To make extra payments towards your loan or to pay off your loan early please call us at 470-435-6300 .

What is DirectID and why have I been asked to verify my bank information?

We use DirectID to verify the identity of our applicants to carry out regulatory and compliance checks. It means we can verify your information quickly and securely to speed up the application process. If DirectID is not completed in the online application we have to request scanned documents for verification as an alternative method.

What proof is needed that my guarantor is a homeowner?

If we ask your guarantor to send in proof that your guarantor is a homeowner, the following documents are acceptable:

  • The Deeds
  • Mortgage statement within the last 12 months
  • The land registry document
Can I get a loan if I am not a Georgia or Illinois resident?

At the moment we are just lending in the States of Georgia and Illinois. Please note that only the borrower needs to be a Georgia or Illinois resident, the guarantor can reside anywhere in the US. We will very soon be lending in other US states.

How can I get my loan quicker?

We will always do everything we can to make sure your loan is paid out as quickly as possible. If you and your guarantor complete the application online, and all checks are completed without any problems, then we could pay out your loan within 24 hours. Most loans are paid out within 48 hours.

Some things that could slow your application down are:

  • If we’re not able to speak to you or your guarantor when we call
  • If there are any discrepancies on your or your guarantors application
  • If you or your guarantor do not complete the DirectID bank verification online
  • If we need additional checks and require proof of ID or a bank statement.
  • If you applied over a bank holiday or weekend it may take a little longer to process your application.

We are checking your information. Please be patient.