Pigeon allows for a wide range of loan configurations, with flexible bounds for loan details such as principal amount, term length, and interest rate.
To go 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: $10,000 USD - Minimum Term Length: 2 Months
Maximum Term Length: 18 Months - Minimum Interest Rate: 0%
Maximum Interest Rate: 35%
Premium Loans ($6/month per loan billed monthly or $3/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.