Transform Credit Review

Sara Rumlow

February 18, 2024

Quick funding on loans with APRs set at 35.99% and below — but you will need to find a creditworthy co-signer to get approved.

• Best for: Best for borrowers who have no or bad credit who need a personal loan to consolidate their debt and have a co-signer willing to vouch. 
• What to watch out for: Watch out for the hard credit check on the cosigner’s credit report.

Transform Credit features

The standout features of Transform Credit include:

• Loan amount – $3,000 to $7,000
• Loan term (min and max) – 24, 36, or 46 months
• APR – Capped at 35.99%
• Fees – No origination or prepayment fees
• Which states they’re available in –  California, Georgia, Idaho, Illinois, New Hampshire, Oregon, South Dakota, Utah, and Wisconsin.

Product details

• Credit score range for approval – Not stated for the borrower but the co-signer has to be 750 and up
• Turnaround time – As little as 24 hours during business hours 
• Requirements – 18 years old, have an active checking account, have proof of employment, and have a co-signer with a minimum credit score or 750
• Income and job status’ accepted – Past bankruptcies accepted, welfare-recipients accepted as long as you can prove you can afford the loan. For cosigners, homeowners are more likely to be accepted, and they have to prove they can pay the loan if the borrower defaults. 
• Loan security – Unsecured, co-signer loan
• Fees – No origination, application, or prepayment fees. Monthly service fee and late penalty fees not listed. If you pick the Credit Builder account, there’s a $5.00 monthly fee. 

What are the benefits of Transform Credit?

Unlike some payday lenders, Transform Credit has lower interest rates and several benefits that come with using them. These benefits include: 

• Capped 35.99% maximum APR
• No prepayment penalty 
• Funding in 24 hours or less

What to watch out for

There are a few pitfalls with  using Transform Credit, and they include but are not limited to: 

• Co-signer’s credit score minimum is 750
• Only available in a few states
• Hard inquiry on the co-signer’s credit report

Is Transform Credit legit? 

Transform Credit is a legit lender that offers unsecured, personal loans for people with bad or now credit, as long as they can find a cosigner with a credit score of 750 and above. Even though they have a capped interest rate, there is a pattern of complaints, especially regarding getting in touch with customer service. TrustPilot rates them a 4.7/5 stars, but if you look at the complaints you see:

Transform Credit also isn’t BBB accredited, and they have a current star ranking of 1.64/5 with an F grade. There are over 220 complaints in the last three years with 112 in the past year, and many of them claim that the company signed the clients up for a credit builder account that deducts $5 per month from their bank accounts without permission. 

Redditors also touched on how difficult it was to find a cosigner to meet the company’s credit score requirements, including: 

Am I eligible?

The eligibility requirements are slightly more lenient than other lenders because you’ll need to find a cosigner, but to be eligible, you have to:

• Be 18 years old
• Live in one of the applicable states
• Prove you can pay the loan without a financial hardship
• Have a cosigner with a 750+ credit score 
  • Cosigners need a solid history of paying bills on time
  • Homeowners more likely to be accepted

How do I apply for a loan with Transform Credit?

You have to apply online for your loan through River Valley Loans, but they make the process easy. Once you go their website and click “apply,” you’ll input: 

1. You have to apply online for a loan through Transform Credit, and your co-signer will also have to fill out part of an application. To apply, you’ll: 
2. Go to the Transform Credit website
3. Click “Get My Loan” and fill in:
   1. Loan amount
   2. Term
   3. Full name
   4. Address
   5. Birthday
   6. Phone number
   7. Email
   8. Social security number
   9. Accept the terms
4. Click Get My Loan
5. Confirm your loan amount
6. Confirm if you’re married or unmarried (varies by state)
7. Fill in the bank account details
8. Set up your account by inputting
   1. Type of income
   2. Amount per month after taxes
   3. Who pays the bills and bill amount
   4. Accept the budget plan declaration 
9. Validate your phone number
10. Read and consent to the terms
11. Fill in the co-signer’s contact information
    1. Transform Credit will send them a link to fill out the application with their information 
12. Wait for an approval/denial 

What documents do I need to apply?

You won’t need a lot to apply, but you will have to prove some expenses if they approve the loan, including: 

• Monthly utility bills
• Rent payment
• Income (check stubs, bank statements)
• Driver’s license or government-issued ID for proof of identity

What are other loans like Transform Credit? 

If you’re having trouble finding a co-signer, there are other options available for people with bad or no credit, and they include: 

• Opploans – This online lender has loans up to $4,000, and you can get them by the next business day. However, the interest rate can hit 160%. 
• Creditninja – For borrowers with bad credit, Creditninja has payday-style loans up to $5,000. They have quick funding and a fast application process. 
• Badcreditloans.com – This is an online marketplace where you input your information and you’ll get several loan offers from different companies. It makes it easy to compare your choices and secure a loan up to $10,000. 

Bottom line

Transform Credit stands out for requiring a co-signer with good credit, making it easier for those with poor credit to get loans. It offers reasonable APRs and no origination or early repayment fees, but availability is limited to certain states, and finding a qualified co-signer is necessary.

This option is particularly suitable for debt consolidation or urgent financial needs, provided borrowers understand the terms

FAQs

Even though this is a legit lender, it operates a bit differently than a lot of online lenders, and this leads to questions, including: