Pigeon allows for a wide range of loan possibilities, including flexibility when it comes to setting up your principal amount, term length, and interest rate.
Along with these configurations, you can further customize your loan by delaying repayments or even creating a custom repayment schedule for you and your loan partner.
To track or manage a loan on Pigeon, it must fit within these bounds:
Free Tier:
Minimum Principal Amount: $1 USD
Maximum Principal Amount: $5,000 USD
Minimum Term Length: 2 Months
Maximum Term Length: 12 Months
Minimum Interest Rate: 0%
Maximum Interest Rate: 35%
Premium Loans ($7.99/month per loan billed monthly or $4.99/month per loan, one-time billing):
Minimum Principal Amount: $1 USD
Maximum Principal Amount: Unlimited
Minimum Term Length: 2 Months
Maximum Term Length: 360 Months
Minimum Interest Rate: 0%
Maximum Interest Rate: 35%
Uses at least one of our premium features
For tips on selecting the right interest rate and avoiding potential usury troubles, read our blog post.