Together Loans

Together Loans: cosigned personal loans based on trust

Together Loans is a financial technology company that offers personal loans under the Together Loans brand. Its approach departs from the usual credit history criterion: loans are granted based on trust and the applicant's actual ability to repay, and the applicant must have a cosigner willing to back the loan. The company presents itself as an alternative for people who, despite being creditworthy, have been rejected by other lenders due to past problems.

Product and terms

Together Loans' catalog allows you to request amounts up to $10,000, with terms ranging from a minimum of 24 months to a maximum of 60 months. The advertised fixed interest rate is 35.99% and the maximum APR is also 35.99%. The company states that it does not charge additional fees. The representative example on the site shows a $5,000 loan over 36 months, with a monthly payment of $229.01 and a total repayable of $8,244.36. Another section offers an example of $5,000 over 36 months with a payment of $398.93 and a total of $14,361.48. The company warns that the full range of available amounts and rates varies by state.

The cosigner as the core of the model

A cosigner is someone who knows and trusts the applicant and who agrees to make the monthly payments if the applicant is unable to do so. Together Loans maintains that a cosigned loan is based on trust and on what the borrower can afford today, not on their past history. The company states that this type of loan can be up to ten times cheaper than short-term payday loans. The application process is completed online: once the borrower's application is accepted, the company generates a unique link for the cosigner to complete their registration; from there, Together Loans handles the rest.

Requirements and approval process

All loans are subject to identity verification and underwriting approval. Applicants cannot be in active bankruptcy and must provide a cosigner who meets the company's credit criteria. The borrower's credit history may be considered if they share finances with the cosigner. Regarding disbursement times, applications approved before 12:00 noon Eastern Time typically receive funds the same business day; those approved later are typically funded the next business day. Business days are Monday through Friday, excluding weekends and holidays.

Corporate structure and regulatory backing

Together Loans is a financial technology company, not a bank. The program's personal loans are issued through one of the following lending partners: Medallion Bank, Member FDIC; Transform Credit Inc. (NMLS ID: 1905055); or TL Financial Services LLC (NMLS ID: 2766355). Transform Credit Inc. and TL Financial Services LLC operate under the Together Loans brand. The company is listed as a BBB (Better Business Bureau) Accredited Business. For covered borrowers, a toll-free number is provided to hear the MAPR statement.

Customer service and support

The company offers phone support at (470) 435-6300, with hours from 8:00 a.m. to 8:00 p.m. Central Time, Monday through Friday. It is closed on weekends and holidays. The website organizes help by category: recent applicants, people who want to be cosigners, customers with an active loan, cancellations, and inquiries about $5 charges, among others. It also includes a consumer financial education program and a product called Credit Builder.