You’ve probably heard of personal loans before. What you may not realize is that they’re not all created equal. The main thing in common that personal loans have is that they are typically “unsecured”, meaning there is no collateral, like a house or car, should you default on your loan. Besides that, there can be significant differences in the qualifications required and terms of personal loan lenders.
Transform Credit offers a unique kind of personal loan. Our loan is designed for borrowers who may have less than perfect credit, but have someone (a cosigner) who trusts them. The cosigner steps in to make payments if you can’t. Because of this, we’re able to offer larger loan amounts and lower rates than some personal loans for bad credit.
A personal loan, sometimes also referred to as a “signature loan” or “unsecured loan”, unusually a term installment loan. This means that the loan has a specific due date and, most commonly, you’ll make a payment of approximately the same amount each month.
Comparing different types of personal loan offers is pretty straightforward. There are a number of key attributes you should pay attention to when deciding what personal loan is right for you.
Yes - Transform Credit is a unique type of personal loan. Loans from Transform Credit are designed for applicants that may have a poor or little credit history and have been declined by banks or other lenders. Transform Credit can approve almost anyone for a personal loan up to $7,000 at 35.99% APR with a qualifying cosigner. A cosigner is someone, usually a close friend or family, who agrees to make payments if you’re unable to.
Who you choose as a cosigner is a critical part of a successful Transform Credit personal loan application. A cosigner is more likely to be approved if they own their own home, have a stable source of employment or other source of income, and have an excellent credit history. Your cosigner should also be financially separate from you -- meaning you don’t share credit accounts or bank accounts.