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Is Transform Credit Legit?

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Is Transform Credit Legit?

Looking for a personal loan but your credit isn’t great? It can be tough to find a lender willing to provide a personal loan. While you can find several lenders, you don’t always know which ones are the best. Transform Credit could be the answer for you. But first, you want to know, “Is Transform Credit legit?” We’ve done the research to help you find out if Transform Credit is legit, plus more information about how it works.

What is Transform Credit?

Searching for the best personal loan provider? You can give Transform Credit a look. The company caters to those with less-than-perfect credit by extending credit to those who can find a co-signer for a loan. You can extend a loan for up to five years with Transform Credit. You can also expect a high APR. Transform Credit sets its APR at 35.99%, a rate higher than most credit cards. It also has a minimum of two years with a loan.

Transform Credit Features

Transform Credit sets itself apart from other lenders by saying it bases its loans on trust, not your credit history. You will need a co-signer for a loan and they’ll have to have a credit history worthy of extending a loan to. The company also has Transform Credit Builder, which allows people to build their credit with low repayment amounts. Each payment gets reported to credit bureaus so you can improve your credit score.

  • Requires a co-signer
  • Credit Builder
  • Fast access to funds: Some can see funds within 24 hours after approval
  • No origination fee: Transform Credit does not have loan origination fees

Transform Credit Pros and Cons

Transform Credit has advantages for those in need of a personal loan but lack the type of credit history needed to obtain a loan through a traditional lender. It also extends the opportunity to build credit and it makes applying for a loan easy. There are some disadvantages to Transform Credit. It still has a limited footprint and isn’t available in every state. As a non-traditional lender it also has higher APR percentages that will give pause for some.


  • Easy to use: The application is straight-forward and those who qualify can see their loan as quick as 24 hours later.
  • Can build credit score: Transform Credit’s Credit Builder helps those with poor credit or no credit history establish a credit history.
  • Has terms up to 60 months


  • Limited availability: Only residents in: CA, GA, ID, IL, NH, OR, SD, UT, and WI can use Transform Credit
  • High APR: Transform Credit loans come with an APR of 35.99%
  • Limits loans to $7,000 maximum

Things to Know About Transform Credit

is transform credit legit logo image

It’s important to carefully consider how using Transform Credit can impact your credit and the credit of your co-signer before you apply for a personal loan. One of the best budgeting apps can help you rein in your spending. If you need help in addition to curbing your spending, make sure you know what you’re getting into when applying for a loan with Transform Credit.

High Interest Rates

The 35.99% APR with Transform Credit far exceeds that of rates with conventional lenders. It also surpasses typical rates you see with credit cards. The high rate means you’ll pay more to borrow money and you’ll have plenty of interest to pay in addition to the original loan amount. That’s not to say you can’t pay the loan off early though.

Credit Builder Automatically Deducts $5 a month

The nice thing about Transform Credit’s Credit Builder is it can help you build your credit if you have none or need to rebuild your credit. The bad part is it will automatically deduct $5 from your bank each month in order to do so. The $5 a month fee has caused confusion for some people who have used the service, but Transform Credit explains how it works on its Credit Builder page.

Can Impact Co-Signer’s Credit Score

Anytime you co-sign for a loan, you put yourself at risk of having your credit score impacted should the borrower default on the loan. Transform Credit will perform a credit check on a co-signer, too, which will also impact their credit history.

Transform Credit Reviews

Transform Credit holds a 4.8-star rating with Trustpilot after more than 2,000 online reviews. Those who left favorable reviews enjoy the ease of the site and application process. They also like the responsiveness of Transform Credit and accessing the funds quickly.

Those who left poor reviews have complained about getting charged $5 a month without their knowledge. Their dispute stems from a misinterpretation of how Credit Builder works. The company deducts the monthly fee and reports it to credit checking companies to help build their credit. Other complaints involved poor customer service and a lack of transparency.

Trusted Company Reviews Evaluation

Transform Credit makes getting a personal loan quick and easy despite credit history issues. The company makes the application process straightforward if you have a qualified co-signer for a loan.

Transform Credit could benefit from outlining the qualifications for co-signers better to curb complaints about loan denials. Co-signers need a credit score of at least 750 for loan approval. The company can also improve its communication on how its Credit Builder program works since a majority of complaints revolve around people getting $5 a month deducted from their bank account automatically.

Is Transform Credit Legit?

Transform Credit is a legit business for personal loans. It does charge higher rates for loans but it serves those who can’t turn to banks for conventional loans. It is a registered business that operates in nine states. It is bound to financial rules and regulations.

Is Transform Credit Worth It?

Transform Credit can be worth it for certain individuals. Those with poor credit history or no credit history can turn to the company to build their credit. Using Transform Credit comes at a cost with its high interest rates. If you can afford the rates and need to build your credit, Transform Credit can be worth it.

Who is Transform Credit Best For?

Transform Credit is best for those with poor credit who cannot access conventional loans. Those interested in a personal loan through the company need a qualified co-signer to get a loan approved.

Transform Credit can also be an option for those who need to build their credit. The Credit Builder program helps people establish and build their credit by charging monthly fees that get reported to credit history companies. The monthly fee isn’t ideal, but when you don’t have credit available to you, it’s an option.

Transform Credit Alternatives

Credible: Credible ranks high on our list of excellent financial tool providers. The online market platform works with numerous lenders to ensure you find one right for your needs.
Upstart: Upstart ranked No. 2 on our list of Best Personal Loans. It has no minimum credit score and you can borrow up to $50,000. You can also receive funds within 24 hours.
Lendingtree: Lendingtree landed at No. 3 on our list of Best Personal Loans. It requires a minimum credit score of 600 and you need to pre-qualify. It also has home equity loans available.
LendingClub: We ranked LendingClub No. 4 on our list of personal loan companies. It offers loans up to $50,000 and you can see lower rates if you have a co-signer.
OneMain Financial: OneMain Financial specializes in auto and personal loans. It also has brick-and-mortar locations and makes quick decisions. Some can see money as fast an hour after loan closing.
Avant: Features fixed interest rates and you can borrow up to $35,000. Avant has emergency, home improvement, and debt consolidation loans available.
Prosper: Prosper is a peer-to-peer personal loan service that provides debt consolidation, home improvement loans, healthcare financing, household expenses, auto loans, and more. You can borrow up to $50,000 and see funds as soon as one business day.


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About Author

Dr. Ali
Nick Gerhardt is a distinguished authority in the field of home improvement, bringing over five years of writing experience and a strong journalistic background to As a trusted contributor, Nick specializes in creating unbiased, well-researched reviews.
Dr. Ali

Nick Gerhardt

Last Updated: June 12, 2024

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